SYDNEY, Oct 4: Australian Prime Minister Kevin Rudd said on Saturday that approval by the US Congress of a massive financial sector rescue package would help restore global stability.

“This is a positive step forward in restoring stability to the global banking system,” Rudd told reporters in Sydney.

“But there is still much, much more work to be done.

Rudd praised US politicians from both the Democratic and Republican parties for putting aside their differences and passing the package.

“Now the challenge is globally consistent financial regulations on transparency, on prudential standards and on corporate governance,” he said.—AFP