Beginning in 2008, many nations of the world enacted fiscal stimulus plans in response to the Great Recession. These nations used different combinations of government spending and tax cuts to boost their sagging economies. Most of these plans were based on the Keynesian theory that deficit spending by governments can replace some of the demand lost during a recession and prevent the waste of economic resources idled by a lack of demand. The International Monetary Fund recommended that countries implement fiscal stimulus measures equal to 2% of their GDP to help offset the global contraction. In subsequent years, fiscal consolidation measures were implemented by some countries in an effort to reduce debt and deficit levels while at the same time stimulating economic recovery.
- ⭐ Core Definition: National fiscal policy response to the Great Recession
- National fiscal policy response to the Great Recession in the context of Kevin Rudd
National fiscal policy response to the Great Recession in the context of Kevin Rudd
Kevin Michael Rudd (born 21 September 1957) is an Australian diplomat and former politician who served as the 26th prime minister of Australia from 2007 to 2010 and in 2013. He held office as the leader of the Labor Party from 2006 to 2010, with a brief return to the leadership in 2013. Since 2023, Rudd has served as the 23rd ambassador of Australia to the United States.
Born in Nambour, Queensland, Rudd graduated from the Australian National University with honours in Chinese studies, and is fluent in Mandarin. Before politics, he worked as a diplomat and public servant for the Queensland state government of Wayne Goss. Rudd was elected to the Australian House of Representatives at the 1998 federal election for the Queensland division of Griffith. He was promoted to the shadow cabinet in 2001 as Shadow Minister for Foreign Affairs. He assumed leadership of the Labor Party in December 2006 by defeating Kim Beazley in a leadership spill, becoming leader of the opposition. Rudd led Labor to a landslide victory at the 2007 election; his government's earliest acts included ratifying the Kyoto Protocol on climate change and delivering the first national apology to Australia's Indigenous peoples for the Stolen Generations. His government responded to the 2008 financial crisis, implementing economic stimulus packages that resulted in Australia becoming one of the only developed countries to avoid the Great Recession. Rudd's government also oversaw the establishment of the National Broadband Network (NBN), the launch of the Digital Education Revolution and Building the Education Revolution programs, dismantling WorkChoices, and withdrew Australian troops from the Iraq War.
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