- The Australian Government needs to continue to putting in measures (such as the stimulus packages) so that our (Australia's) economy stays stable & we don't head towards a recession/depression.
- The Australian Government needs to have a meeting with the managers of all of the major banks, so that they can organise plans so that our money remains safe in banks (so we don't see scenes like we saw in England last year, when people stormed Northern Rock after reports that the bank was about to collapsed).
- Shops & major retailers need have major sales/clearances & promotions if people buy more so that people will be encouraged to buy heaps of things (in turn, boosting the Australian economy) & in turn, will buy more items to receive the promotional items/gifts.
A paragraph from our essay about the effects the Global Economic Crisis is having on Australia, which explains in more detail, different solutions to the crisis (including one idea not talked about above):
Firstly the government needs to keep doing everything in their power to avoid a
recession happening in Australia to continuing to boost the economy (with things
such as the cash hand-outs) & to continue to talk to banks, to make sure
that our banks can cope with the effects of a recession (if it happens in
Australia). Meanwhile, as explained before, with earlier cash hand-outs – people
are just not spending them. The Reserve Bank of Australia needs to cut interest
rates as much as they can, so that people who are on mortgages will not be so
worried to spend a bit more money then what they would if the interest rates
were higher. Finally, we can all do our bit to boost the economy by simply
shopping & buying a little bit more then what we normally would do –
basically our economy stays stable by people spending money, so if we continue
to spend money (& buying a little bit extra) then our economy should be able
to fight off an recession threat.
