Australian Federal Treasurer Joe Hockey
The Federal Government has given the Reserve Bank of Australia a $8.8 billion one-off grant to help it manage future economic crises.
The money will be added to a fund used to offset the central bank’s exposure to risky financial assets.
Federal Treasurer Joe Hockey says Australia’s economy continues to grow, but financial instability in the United States presents serious risks for global growth.
He says there is a looming threat of another debt-ceiling stand off in the United States.
“[The] United States has not resolved its structural issues,” he said.
“They’ve kicked the can along the road, closer to the mid-term elections. I don’t see a way forward out of that.
“And we’re not going to allow Australia to become in anyway as vulnerable as the United States and other jurisdictions may be over…
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