The UK, EU and the US have received their ideas on how to correct the global financial crisis from Australia. It was the Australian government that first allocated money for banks to give them funds to issue loans. Then Gordon Brown in the UK did the same claiming to own the maveric idea which then led on to the EU to follow.
What Gordon Brown and other countries now fail to do is to complete the package so as to provide a solution and not just a bandaid.
Australia had moved on to give a Christmas bonus to all Pensioners of $10 billion that was announced well in advance of issue so that the money would be wisely spent by pensioners.
Then the Australian Government met with 100 local councils to hear their innovative ideas to stimulate growth and spent $100 million supporting them.
For families with children they get $1000 per child as a one off payment o boost support.
Now on Nov 29th the Australian Government has announced a $15 Billion spend that will create 133,000 jobs. The Prime minister Kevin Rudd said “It will drive a reform agenda in health, education, as well as housing and businesses deregulation.”
These actions are yet another example of good leadership and how a small country can be an example to other countries worldwide. Latvia being a smaller country than Australia has a bigger opportunity to be an example for others with good leadership.
All sectors of the economy have to be targetted with sustained hits. I am sure there are more stimulating ideas soon to be deployed by the Austalian Government.