Former treasurer Peter Costello says the US congress must pass the US$700 billion Wall Street bail out package, when its voted on this week for a second time.
The Australian stock market rebounded today, after investor confidence was boosted by the prospect of a rescue package being passed.
Mr Costello has told 2GB Philip Clark the stability of the global financial market relies upon the deal.
"That package will have to go through, and I believe a package will go through, because if you were to let this go unaddressed then you could actually have some kind of very deep recession which would cost everybody their jobs."
"But I think the (US) Congress will insist on conditions."
Mr Costello has said our banks and institutions are doing extremely well weathering the storm, but he would still like to be in government to help out.
"I'd prefer to still be in government. It's a time of financial instability but as a treasurer that's the time you really get going."