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PM warns crisis is 'far from over'

Date Published : Wednesday, September 17, 2008

Prime minister Kevin Rudd has warned the country that the global financial crisis still has a long way to go before it is over, it has emerged.

Mr Rudd told parliament that the government was undertaking concrete measures in order to safeguard the country against the global economic crisis, which yesterday saw the collapse of US investment banking giant Lehman Brothers.

The recent events in the US have demonstrated the there is a "long way to run yet" before the crisis is over, he said.

Citing the leader, the Australian newspaper claimed the state was supporting greater transparency in the world's financial markets as the lack of lucidity was one of the main reasons for the current economic climate.

As a result, the prime minister is also quoted as saying that his government has expanded its bond market in an attempt to increase liquidity.

"These are concrete measures we have taken in response to the advice provided to us from Treasury and others in the first six months of this year because upon taking office we were acutely conscience that this global financial crisis was not over, it had a long way to run," Mr Rudd added.

The prime minister assured consumers that Australia is in a strong set of circumstances and the government has a responsible policy of economic management that will help the country through these "challenging economic times".

Earlier this week the Reserve Bank of Australia injected $1.3 billion into the country's financial system to calm nervous investors.

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