Global Credit Crisis a Really Bad Blow, But IMF Says We’re Well Place: Rudd

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Prime Minister Kevin Rudd has in a press conference this afternoon conceded the global financial crisis will strike a “really bad” blow to Australian superannuation savings. “Let’s be absolutely clear about it. What is happening in the global economy and what people see daily on their television screens and the impact of stockmarkets affects people’s superannuation earnings, it really does.” The US Congressional Budget Office (CBO) today reported that stock market turmoil had wiped out roughly $2 trillion of US retirement savings over the past 15 months. That said, Mr. Rudd took the opportunity to highlight a recent World Economic Forum (WEF) report on the soundness of Australian banks. “Australia is ranked fourth out of 134, and to put that into context the UK ranks at number 44, the United States number 40 and Germany at number 39,” he said.

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