Alcoa job cuts 'show stimulus is needed'

Federal Treasurer Wayne Swan says the 150 job losses at aluminium giant Alcoa is further proof the economic stimulus must be maintained. Alcoa Australia Rolled Products announced on Thursday it will sack 90 staff at its Geelong plant and 60 from Yennora in western Sydney. It is blaming the global financial crisis, rising costs and high foreign exchange rates for the sackings. Mr Swan told reporters that the impact of the global financial crisis and the global recession were still evident in the Australia economy. "I gather Alcoa have acknowledged the impact of the global financial crisis and the global recession on their company," Mr Swan said. "That's just yet another reason why we must maintain the stimulus, the support for employment which flows from that stimulus," he said.