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AUSTRALIAN PM WON'T SAY WHETHER ECONOMY SLOWING TOO QUCKLY.
CANBERRA, Aug 1 Asia Pulse - Prime Minister Kevin Rudd has refused to say whether Australia's economy was slowing too rapidly.
Economic data showing a slump in housing approvals, weak retail spending, and consumer and business pessimism have led to calls for a cut in interest rates, presently at 12-year highs.
Asked whether the economy was slowing too quickly, Mr Rudd told ABC Radio: "We believe that when it comes to budget policy, we have done the right thing, it is the right course of action.
"And as I said, a $A22 billion ($US20.69 billion) surplus is the best way you can position this economy going forward. It gives you a buffer for the future."
Monetary policy remained the preserve of the central bank, Mr Rudd said.
"If you start to have governments preaching to the Reserve Bank about particular levels of monetary policy at particular times, it is not a good recipe for the long-term future, because then you have the monetary authorities subject to day-to-day political pressure."
Australia was well placed to deal with difficult global economic conditions.
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Source: HighBeam Research, AUSTRALIAN PM WON'T SAY WHETHER ECONOMY SLOWING TOO QUCKLY.