Wayne Swan (Lilley, Australian Labor Party, Treasurer) Share this | Hansard source

The economic stimulus that we put in place, responsibly, had its peak impact in the June quarter of this year. In each quarter after June it is withdrawn. For every quarter of next year it will subtract from growth. So the economic stimulus is being withdrawn. It was designed to have its maximum impact at the time that it was really required, in our hour of need, and of course that was in February this year, when those opposite walked into the parliament and voted against the Nation Building and Jobs Plan—one of the most effective economic stimuluses put in place by any government anywhere in the world. Following the advice of the International Monetary Fund and others, we said it would be timely, temporary and targeted. We designed it to be gradually withdrawn so that, as the private sector gradually recovered, the public sector would gradually withdraw.

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