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SYDNEY (AFP) ?Boom in Asia and bust in the United States are buffeting Australia's economy Herren Pharrell x Adidas NMD Human Race Grün Schwarz Schweiz , Prime Minister Kevin Rudd warned Monday as he outlined plans to rein in inflation.

In his first major speech on the economy since his Labor party swept John Howard's conservatives out of office in November, Rudd pledged to slash government spending to produce a huge budget surplus.

The target would be a surplus of 1.5 percent of gross domestic product in the financial year to June 2009, he said -- about 18 billion dollars (15.8 billion US dollars).

At the same time, the government has vowed to honour election pledges for 31 billion dollars in tax cuts.

Rudd told business leaders at a breakfast meeting in Perth that Australia faced "conflicting economic currents."

These were: "A global economy (led by the United States) which appears to be slowing. An ongoing terms of trade boom driven by Asia Pacific economies. And significant domestic inflationary pressures at home."

Accusing the outgoing government of having allowed these pressures to build Pharrell x adidas NMD Human Race Schwarz Gelb Schweiz , Rudd said his five-point plan included incentives to encourage private savings while tackling skills shortages and infrastructure bottlenecks.

Rudd, who described himself as a fiscal conservative during the election campaign, said producing the budget surplus -- up from the 1.0 percent target of the previous government -- would require discipline.

"That will require a determined, disciplined approach to spending and a hardline-approach to savings Pharrell x adidas NMD Human Race Orange Schwarz Schweiz ," adding that his "razor gang" would cut wasteful spending.

Inflation is expected to exceed the Reserve Bank of Australia's target range of 2-3 percent this year, raising the prospect of further interest rate rises by the central bank.

Rates are at an 11-year high of 6.75 percent after two 25 basis point increases last year, and the effect on mortgage-belt voters is believed to have played a part in the ouster of the previous government.

Rudd noted that the downturn in the economic outlook in the US, Europe and Japan comes as strong growth in the Asia-Pacific region is continuing to drive demand for Australia's rich mineral and energy resources.

"Over coming years Herren Pharrell x adidas NMD Human Race Schwarz Weiß Schweiz , developments in China will increasingly shape both global and Australian economic conditions," he said.

"The Indian economy has become one of our fastest growing export markets and is expected to continue to post impressive rates of economic growth.

"Combined, China and India accounted for around 40 percent of Australia's export value growth in 2006-07."

This economic expansion in the region had heightened the need for careful management of the domestic economy, he said.

"And the most pressing economic challenge domestically is inflation."

Source: http:afp.googlearticleALeqM5hiE_OyQf0kugnDjywo0gVUEnQc9QAuthor's Resource Box

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File photo of US first lady Michelle Obama. [Photo: Agencies] US First Lady Michelle Obama poses for photos with students at Yu Ying Public Charter School Herren Pharrell x adidas NMD Hu Minions Gelb Lila Schweiz , a chinese-immersion, International Baccalaureate, elementary school, before traveling to China Herren Pharrell x adidas NMD Human Race Weiß Colorful Schweiz , in Washington D.C., US, on March 4, 2014.
US first lady Michelle Obama on Tuesday visited Yu Ying Public Charter School in Washington as a part of preparations for her first trip to China later this month Herren Pharrell x adidas NMD Human Race Body Earth Braun Gelb Schweiz , according to China News Service.
Michelle Obama on Tuesday visited Yu Ying Public Charter School in Washington as a part of preparations for her first trip to China Michelle Obama on Tuesday visited Yu Ying Public Charter School in Washington as a part of preparations for her first trip to China Michelle Obama on Tuesday visited Yu Ying Public Charter School in Washington as a part of preparations for her first trip to China Michelle Obama on Tuesday visited Yu Ying Public Charter School in Washington as a part of preparations for her first trip to China Michelle Obama on Tuesday visited Yu Ying Public Charter School in Washington as a part of preparations for her first trip to China Michelle Obama on Tuesday visited Yu Ying Public Charter School in Washington as a part of preparations for her first trip to China
Altogether 29 sixth-graders at the school, which is famous for its Mandarin teaching, shared their travel experiences in China last year.



The first lady also learned how to say "hello," "goodbye" and "thank you" in Chinese Herren BBC x Adidas NMD Hu Heart Mind Weiß Rot Schweiz , and laughed at a boy's suggestion to learn how to ask where the bathroom is.

On hearing about Chinese dishes such as jellyfish mixed with sauce, chicken feet and fish heads, she said they sounded good and that she likes to try new food.

Students also told the first lady that Chinese students like to play table tennis, basketball and badminton.

The first lady said she wanted to help American students learn about Chinese culture and history Herren Pharrell x Adidas NMD Human Race Weiß Schwarz Schweiz , and find out what makes young people in China work and study so hard.

The education-themed trip of Michelle Obama includes visiting a university and high schools in Beijing and Chengdu, according to the agenda released by the White House.

The first lady encouraged students across the country to follow her China trip on a daily blog.

A wind turbine is seen at Yandun Wind Power Base in Hami, northwest China's Xinjiang Uygur Autonomous Region, Sept. 20 Mastermind X Adidas NMD C2 Suede Pack Olive Grün Schweiz , 2017. (XinhuaCai Zengle)





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