Golobal financial crisis "failure of extreme capitalism": Rudd
Australia's PM Kevin Rudd blamed that the global economic crisis, a result of the "comprehensive failure of extreme capitalism."
By PTI |
MELBOURNE: Terming "executive greed" behind the financial sector collapse, Australia's Prime Minister Kevin Rudd on Wednesday blamed that the global economic crisis, a result of the "comprehensive failure of extreme capitalism."
Exorbitant executive salaries may get a trim under a Federal Government plan to deal with the "extreme capitalism" at the root of the global financial crisis, Rudd said.
The Labour Party leader today revealed the government will work with the Australian Prudential Regulatory Authority (APRA) to bring fat-cat pay packets under control and "rein in any executive greed."
The "failure of extreme capitalism" had forced governments to prevent the financial system's collapse, the Australian Premier said the National Press Club in Sydney.
"You've got to act at home and you've got to act abroad on this. This is not just a question of fairness and perceived fairness in the system, it goes actually to the kernel of the incentive structures around risk-taking," he said.
"Australia was in stronger position than comparable nations. The Australian financial system remains strong, the Australian economy remains strong," Rudd was quoted as saying by the daily, Sydney Morning Herald.
Rudd said that the weakening global economic forecast, a downward revision for growth in China and negative consumer business sentiment indexes forced the Government to act on Tuesday.
"We will be urging the G20 to commission an action agenda in collaboration with the International Monetary Fund."
The government would work with the Australian Prudential Regulatory Commission (APRA) to prevent executive greed and promote grater financial system stability, Mr Rudd said.
Exorbitant executive salaries may get a trim under a Federal Government plan to deal with the "extreme capitalism" at the root of the global financial crisis, Rudd said.
The Labour Party leader today revealed the government will work with the Australian Prudential Regulatory Authority (APRA) to bring fat-cat pay packets under control and "rein in any executive greed."
The "failure of extreme capitalism" had forced governments to prevent the financial system's collapse, the Australian Premier said the National Press Club in Sydney.
"You've got to act at home and you've got to act abroad on this. This is not just a question of fairness and perceived fairness in the system, it goes actually to the kernel of the incentive structures around risk-taking," he said.
"Australia was in stronger position than comparable nations. The Australian financial system remains strong, the Australian economy remains strong," Rudd was quoted as saying by the daily, Sydney Morning Herald.
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Rudd said that the weakening global economic forecast, a downward revision for growth in China and negative consumer business sentiment indexes forced the Government to act on Tuesday.
"We will be urging the G20 to commission an action agenda in collaboration with the International Monetary Fund."
The government would work with the Australian Prudential Regulatory Commission (APRA) to prevent executive greed and promote grater financial system stability, Mr Rudd said.
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