Kevin Rudd (Griffith, Australian Labor Party, Prime Minister) Share this | Hansard source

In response to the state of the auto industry and the auto supplies industry, wherever they are located across the country, the fact is that it is a consequence of what is happening in private credit markets. We are acting to stabilise those private credit markets, because they in turn affect the ability of consumers to buy and to access finance. On that particular note, I would draw the House’s attention to a further measure taken by the government to assist with the motor vehicle financing industry—problems brought about by the withdrawal of up to 40 per cent from the market as a consequence of the withdrawal back to the United States of various auto finance firms. Again those opposite would argue, by their interjections: do nothing about the withdrawal of those historical participants in the auto finance industry. This government is prepared to have a go, to step up to the plate and to try, to the extent possible, to fill the gap left by the withdrawal of private participants within that sector of the finance industry. That measure, plus a $6.1 billion new car plan to provide certainty out to 2020 and, on top of that, the underpinning measures contained in the Nation Building and Jobs Plan in its various stages since the end of last year: that is what we have done. Each step of the way, without virtual exception, we have been attacked by those opposite.

I note the look of glee on the face of the new Manager of Opposition Business as he and so many of his colleagues seem to take great political delight in the challenge of unemployment which now descends on the Australian economy as a consequence of the global economic crisis. We are putting forward solutions. You are simply contenting yourselves with politically opportunistic criticism.

See this speech in context