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

The word which does not pass the lips of those opposite is the challenge we face because of the global economic recession, one which affects all the economies around the world simultaneously. We had overnight data released from Canada for the March quarter. Canadian real GDP fell by 1.4 per cent in the March quarter. This is the worst quarterly outcome for Canada since 1991. This is also the second consecutive quarterly contraction, confirming that Canada is in a technical recession. That means—and members should focus on this point—that every one of the major advanced economies around the world is now in recession. Secondly, 24 out of the 30 OECD economies are in recession, and 29 out of the 30 OECD economies have experienced at least one-quarter of negative economic growth.

Our strategy, as the Australian government, is not to stand idly by but to act, to intervene, to step up to the plate while the private sector is in retreat—for the government to make a difference. That is the responsible course of action being pursued by governments around the world. That is why we have invested some $77 billion in stimulus to support the Australian economy now when it needs it. Some $49 billion or about 70 per cent of our nation-building stimulus goes into nation-building infrastructure—rail, road, ports, high-speed broadband, other forms of physical infrastructure; $3.9 billion goes to support business, especially small business through the investment allowance and small business, as the minister advised me earlier today, are responding to this big time; $23 billion goes to providing immediate support to the economy during the darkest period of contraction through direct payments to families, pensioners, veterans, carers and others; and $1.6 billion goes to supporting training apprenticeships and employment. This represents an unprecedented response by the government to an unprecedented global economic challenge—the worst economic crisis in 75 years.

Can I say to those opposite that Australia is doing better than most other economies despite the challenge of the global recession, and those opposite constantly have something negative to say about this. We believe it is important to be positive about the Australian economy, positive about our performance relative to the rest of the world, rather than simply advance a negative political critique all the time. Average growth in the OECD—

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