Fed: Lack of leadership in govt hurting the economy - Turnbull

AAP General News (Australia)
08-06-2008
Fed: Lack of leadership in govt hurting the economy - Turnbull

CANBERRA, Aug 6 AAP - Opposition Treasury spokesman Malcolm Turnbull says there is
a crisis of leadership in Canberra, but that it is within Labor ranks not the Liberals.

Mr Turnbull, who has been linked to leadership squabbles in his own party, says the
blame for the current economic slowdown in Australia lays squarely at the feet of the
prime minister and treasurer.

Pessimism about the state of the economy stems from a lack of leadership from the Rudd
government, Mr Turnbull said today.

"There is real anxiety about the future of our economy here in Australia and that anxiety
is due to the lack of leadership from the Rudd government," he told ABC Radio.

Mr Turnbull concedes a slowdown in the domestic economy was in large part due to fallout
from the US sub-prime mortgage crisis, but says comments from Prime Minister Kevin Rudd
and Treasurer Wayne Swan had made the problem worse.

"I pointed to the sub-prime crisis as a gathering storm right at the very beginning
of the year, and that's why I begged Wayne Swan to stop talking up inflation and stop
talking down the economy."

Mr Turnbull said the treasurer should be mindful that his statements had an enormous
influence on the economy.

"The treasurer is like the captain of a ship steering the economy.

"You cannot prevent storms occurring, but you have to be able to steer that ship wisely
and shrewdly and calmly, and what Wayne Swan did was set out to make things worse."

AAP kms/rl/jt/de

KEYWORD: ECONOMY TURNBULL

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