Australian Prime Minister Suggests Eurozone Economies do it “The Australian Way”

18 June 2012 01:00am - Phoebe Robinson

Australian Prime Minister Suggests Eurozone Economies do it “The Australian Way”

The Australian Prime Minister prior to the G20 meeting has announced her solution to the Eurozone crisis and elsewhere is the need to focus on growth.  Mrs Gillard has said, "It's now clear to more and more people that austerity measures -- measures which we freely acknowledge have been followed in response to well-grounded concerns about sovereign debt -- need to be accompanied by a commitment to growth which is equally urgent and strong."

Australia, unlike most of the developed world is showing strong growth. However a lot of its economic strength is in minerals and other profitably stable natural resources. However the country’s PM has also urged that Australia’s structural strengths such as its financial institutions are also what enable the country to keep her head above the water.  She declared, "I'll be urging my European friends this: Take note of the Australian way. A credible commitment to fiscally responsible growth is the only way forward. Australia has shown this is the way." 

At the G20 summit taking place in Los Cabos in Mexico the world leaders will look at ways to prevent the global economy from lapsing into the Eurozone crisis. The US president Barack Obama and the new French leader Francois Hollande have been among the leaders who support Mrs Gillard’s suggested approach to find ways to produce growth.