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September 8, 2008 5:56:27 AM CDT

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Rudd Inherits Red-Hot Economy

Posted Nov 26, 07 2:57 PM CST in Business,  World 

(Newser) – New Aussie PM Kevin Rudd inherits a booming economy, but that doesn't mean it's going to be an easy ride for his center-left government, the Wall Street Journal warns. Demand for Australia's natural resources is feverish and inflation is already uncomfortably high. Rudd has vowed to pump about $48 billion into benefits and tax cuts for Australians, which could seriously overheat the already torrid economy.

He will also face challenges in maintaining the nation's traditionally close ties with the US while distancing himself from some of President Bush's positions; he has said he will withdraw Australia's 550 troops from Iraq and ratify the Kyoto Protocol. A fluent speaker of Mandarin Chinese, Rudd is expected to seek closer ties with China.

Source Wall Street Journal

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Supporters play with a balloon before Australia's new Prime Minister Kevin Rudd delivers his acceptance speech following his victory in the 2007 federal election, in Brisbane, Australia, Saturday, Nov....   (Associated Press)
Australia's newly-elected Prime Minister Kevin Rudd gestures during a press conference after winning the federal election in Brisbane, Australia, Sunday, Nov. 25, 2007. (AP Photo/Rob Griffith)   (Associated Press)
Australia's outgoing Prime Minister John Howard waves as he exits the stage after his concession speech following the federal election Saturday, Nov. 24, 2007. Labor Party leader Kevin Rudd swept to power...   (Associated Press)
Australia's newly-elected Prime Minister Kevin Rudd reacts to a question from the media during a press conference after winning the federal election in Brisbane, Australia, Sunday, Nov. 25, 2007. (AP...   (Associated Press)
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Australia  • Kevin Rudd  • Kyoto Protocol  • John Howard  • Australian Labor Party


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