Bill Shorten (Maribyrnong, Australian Labor Party, Parliamentary Secretary for Disabilities and Children's Services) Share this | Hansard source

I thank the shadow minister for the offer of his notes but, as I did not agree with anything he said, his notes would hardly enhance my case. Global financial markets have experienced substantial difficulties in recent times. Every country has been touched by the tough economic conditions at the moment. Although we are better placed than many other countries in the world, we are not immune to this crisis. We are suffering its impacts now and will be mauled by its impacts long into the future. So the challenges ahead remain great and there are many tests that lie before us.

The Rudd government is taking decisive and early action to protect the interests of Australian working families. Globally banks have failed or been bailed out, the latest being the largest bank in the world—Citibank—and there are countries in recession. There are no easy solutions or quick fixes to this global financial crisis. This will be a long, drawn-out crisis which will have a real impact on Australia. For the world to drag itself out of the crisis requires strong action by governments and a lift in business and individual confidence. It is to be hoped that the recent election of Barack Obama as US President will assist, as well as the actions taken in recent days by the Chinese government and past and future decisions by the G20, at whose meetings Prime Minister Rudd has been present.

The Rudd government has injected $10.4 billion—

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