John Murphy (Lowe, Australian Labor Party) Share this | Hansard source

In response to my friend and colleague the member for Paterson, I ask the House what the member for Paterson would have said to his constituents were we not to have injected our two stimulus packages into the economy last year and the previous year to deal with the global financial crisis, and the consequences that would have had for small businesses in his electorate and the concomitant loss of jobs and increased unemployment in his electorate. What would have been his answer to his constituents were we not to have put those stimulus packages into the economy? That has been borne out by the judgment of other people, not only in our own country but internationally, that we survived the global financial crisis and were at the apex of successful economies in the OECD. It is very convenient for the member for Paterson to come in here and slam the government for borrowing, but good economic policy in tough times that we have just experienced dictates that the government lends a hand and supports families, supports small businesses and supports jobs.

I am very happy to rise today to support Appropriation Bill (No. 3) 2009-2010 and Appropriation Bill (No. 4) 2009-2010, otherwise termed the additional estimates appropriation bills. These bills seek additional expenditure of money from the consolidated revenue fund to meet the requirement of the government decisions included in and made since the Mid-Year Economic and Fiscal Outlook. The total additional appropriation being sought this year is approximately $1.68 billion in bill No. 3 and $522 million in bill No. 4. In total, a little over $2 billion is proposed for requirements that have arisen since the last budget. The Rudd government is investing in Australia’s future and continues to monitor the needs of our society in an ever-changing global context. It is important to reflect on the important stimulus packages the Rudd government delivered during the period of global economic uncertainty that I have referred to. There can be no doubt that the prompt and appropriate action taken by the government assisted Australia in avoiding a technical recession. I did not hear anything from the member for Paterson, as I have just said, in relation to that.

The growth in the economy and the Reserve Bank’s decision this week to maintain the current interest rate reveals that the opposition’s call for the withdrawal of fiscal stimulus is wrong and would have been disastrous for our economy. The Rudd government will continue to work in the best interests of Australia, and the Mid-Year Economic and Fiscal Outlook delivered positive news. The forecasts show low unemployment, higher growth, lower deficits and lower debt than expected at budget. The figures underscore Australia’s position as the strongest performing advanced economy in the world. The stimulus packages provided the necessary injection of funding to our economy, saving thousands of jobs and simultaneously providing long-term benefits to our local communities. Why hasn’t the member for Paterson acknowledged that?

The requirements contained in the additional estimates appropriation bills reflect the changes that arise in program expenditure estimates, reclassifications, policy decisions, program uptake forecasts and variations in the timing of payments.

A division having been called in the House of Representatives—

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