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

Firstly, the government acted nationally through the measures I have just referred to—providing guarantees for deposit holders, providing guarantees for interbank lending and proposed interventions of the type described in the Australian Business Investment Partnership. Secondly, and critically, the government acted multilaterally through the G20 and through the raft of reforms to financial markets which are currently being considered by the Financial Stability Board. Australia is actively engaged in all of this. I would have thought the honourable member would understand that capital is globally mobile, and for there to be an effective regulatory environment you need a global set of regulations to underpin it. The member asked what actions we are taking—we are active on this range of fronts and we will continue to be active on them into the future.

See this speech in context