Australia's economy is headed for tough times and the Federal Government is prepared to intervene further to limit fall-out from the global financial crisis, Prime Minister Kevin Rudd told a summit of business leaders.
Mr Rudd said he would make a five-point proposal to the heads of the G20 nations, suggesting international reform ``in light of the financial crisis''.
The suggested reforms would include requiring financial institutions to make full disclosure of balance sheets and exposures; requiring them to use money made in good times as a buffer for the bad times; reviewing of executive remuneration packages within financial institutions; supervisory systems compatible with financial stability, and changes to the processes of the International Monetary Fund including providing early warnings of vulnerabilities.
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