Careful spending: Australia’s central bank urges restraint

SYDNEY: Australia’s central bank governor Glenn Stevens Saturday urged politicians to work together to address the growing gap between fiscal spending and revenue, as the government battles to push through massive budget cuts. In a rare newspaper interview, Stevens told The Australian “financial markets might not be so forgiving as they are now” if the country did not start to manage its budget “in a measured way”. The Reserve Bank governor’s comments followed a chaotic week in Australia’s upper house that saw the conservative government’s attempt to repeal a carbon tax fail when a minor party withdrew its support.

Published in The Express Tribune, July 13^th, 2014.

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