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4 Aug 2013
Australia calls general election for Sept 7
FXstreet.com (Barcelona) - Australian Prime Minister Kevin Rudd called the long-awaited general election for September 7, saying that it will be a tough fight over who can be trusted to re-stimulate the Australian economy as it faces an important re-balancing from a fading 'mining-boom'.
Rudd, who will officially start the five-week election campaign this Monday, said new sources of demand need to be found as Australia can no longer depend on Chinese industrial demand for iron ore and coal. Rudd had no problems to admit that this time around, his center-left Labor Party was the underdog.
The timeline to call for elections comes amid downgrades for the Australian economy, following the publication of the country's economic statement last Friday, in which the 2013/2014 budget deficit was projected at A$30.1 bln vs A$18 bln seen in May, with growth revised lower and the jobless rate seen ticking higher by next year.
The conservative Liberal Party Leader Mr. Abbott has vowed to “get the budget back under control,” with the elimination of the controversial carbon tax as one of his top electoral promises to voters if elected.
Key quotes from Prime Minister Kevin Rudd's election statement
"New challenges have to be confronted. The boom of course has fuelled so much of our nation's wealth. That boom is over. This election will also be about who the Australian people trust to steer our economy through the great economic transition that therefore lies ahead. If as a nation we fail to manage this transition well, it will hurt the jobs and living standards of all Australians. This election will be about who the Australian people best judge to get the balance right."
"On the economy, with the end of the China resources boom, we can no longer afford to have all our eggs just in one basket. For the future we must broaden the economic base, diversify the economy. This will be critical, for businesses and jobs and for managing cost of living pressures for families as well."
"We need to invigorate our manufacturing which I believe to be an industry of the future, not as some believe an industry just of the past. We need fresh investment in agribusiness, because there are rich opportunities for Australia in satisfying the new food demands of Asia. We also need the great new economic enabling power of the National Broadband Network to help lift our national competitiveness even further."
Rudd, who will officially start the five-week election campaign this Monday, said new sources of demand need to be found as Australia can no longer depend on Chinese industrial demand for iron ore and coal. Rudd had no problems to admit that this time around, his center-left Labor Party was the underdog.
The timeline to call for elections comes amid downgrades for the Australian economy, following the publication of the country's economic statement last Friday, in which the 2013/2014 budget deficit was projected at A$30.1 bln vs A$18 bln seen in May, with growth revised lower and the jobless rate seen ticking higher by next year.
The conservative Liberal Party Leader Mr. Abbott has vowed to “get the budget back under control,” with the elimination of the controversial carbon tax as one of his top electoral promises to voters if elected.
Key quotes from Prime Minister Kevin Rudd's election statement
"New challenges have to be confronted. The boom of course has fuelled so much of our nation's wealth. That boom is over. This election will also be about who the Australian people trust to steer our economy through the great economic transition that therefore lies ahead. If as a nation we fail to manage this transition well, it will hurt the jobs and living standards of all Australians. This election will be about who the Australian people best judge to get the balance right."
"On the economy, with the end of the China resources boom, we can no longer afford to have all our eggs just in one basket. For the future we must broaden the economic base, diversify the economy. This will be critical, for businesses and jobs and for managing cost of living pressures for families as well."
"We need to invigorate our manufacturing which I believe to be an industry of the future, not as some believe an industry just of the past. We need fresh investment in agribusiness, because there are rich opportunities for Australia in satisfying the new food demands of Asia. We also need the great new economic enabling power of the National Broadband Network to help lift our national competitiveness even further."