Australia’s Treasury Secretary, Steven Kennedy, said early steps have been taken towards the normalisation of economic policies, but it was important to gradually reduce economic support to avoid any negative ramifications. In his opening statement to the Senate Economics Committee, Kennedy said the sensible tapering of government support was important to achieving the goal of full employment. The unemployment rate in December fell to a 13-year low of 4.2 percent and the Treasury expects that number to fall further, either settling in the “low fours” or falling further to a figure “with a three in front of it.” “Australia has not been this close to this opportunity since 2008 and before that, prior to the shocks of the 1970s,” he told senators on Feb. 16. “While nothing is assured, let us hope that we can seize this opportunity in the period ahead.” Australia’s underlying economy proved to be stronger than …