Leading Business Leaders from across the world are calling for an end to “economic war” as they warned Australia was “at war” with the global financial system.

Key points:The global financial crisis has left tens of millions of Australians struggling with debts and an economic downturn is set to continue for the foreseeable future.

The leaders said it was essential that the country recover from the crisis before a “new economic war” breaks out.

They said Australia was already suffering from “unprecedented” financial strains.

Prime Minister Tony Abbott has said there will be a recovery but it would be a “difficult” one.

Mr Abbott said the country needed “a new kind of recovery”.

“There’s no way of coming out of this economic war without taking back our nation and the country will take that back as it has taken it previously,” Mr Abbott said on Sunday.

Mr Turnbull said there would be “no easy answers” to the economic crisis and it would “require a new kind, a new economic strategy”.

Mr Abbott is expected to address the leaders’ summit on Monday.

“It is essential that we deal with this crisis, we have got to get out of it as soon as possible,” Mr Turnbull said.

“The only way to deal with it is to get a new economy going.”

Mr Turnbull and Treasurer Scott Morrison said they would work to restore Australia’s economy to pre-crash levels, but the government would have to tackle the global banking system.

“There is a new world order that is out there that is trying to exploit our country and to put pressure on our economy,” Mr Morrison said.

Mr Morrison said the financial system was “out of control” and the Coalition would not allow it to continue to grow.

“We will be prepared to do everything we can to stop that, to put in place new rules to make sure it does not happen again,” Mr Abbot said.

The global economic crisis has seen billions of dollars wiped out, while Australia’s gross domestic product has plummeted from nearly $30 trillion to $20 trillion.

Mr Andrews said the crisis was a “global economic disaster” that would take “years” to recover from.

“This crisis is affecting the entire world, it’s impacting the poorest and the least advantaged and it’s affecting us and it will affect the rest of the world,” Mr Andrews said.

He also warned the country would have “to rebuild itself”.

“The country’s got to rebuild itself,” Mr Andrew said.

Labor leader Bill Shorten said the Prime Minister needed to take “a bold stand”.

“We are not going to allow the world to become even more dependent on this country and we have to stand up to this global financial cartel,” Mr Shorten told ABC radio.

“I don’t think we have a plan, I think we are in a situation that’s completely unsustainable.”


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