Seven Network (ASX:SEV) chairman Kerry Stokes said Seven is in good shape for the future, thanks in large part to the Rudd government’s economic stimulus and bank guarantee packages.
“With the advantage of hindsight I endorse their entire policy,” he told investors at the company’s annual general meeting. “Australia now stands in a unique position and is the envy of the world.”
The economy didn’t begin to turn around until the stimulus payments were made, Stokes added. “Some lay most of the credit with resource sales to China, but without the stimulus package, the overall economy would not have responded as quickly.”
The effects were very keenly felt by Seven, which counts its large pile of interest-generating cash reserves as among its biggest assets.
Stokes Said seven was in good shape, and well-placed to benefit from the upturn.