Graham Perrett (Moreton, Australian Labor Party) Share this | Link to this | Hansard source

Today Access Economics released its latest quarterly business outlook. It was interesting to go through it and look back on the year that was and to see how much and how rapidly the economy has changed from one year ago. If we go back one year, Mr Speaker, I think you will also remember another event that occurred, which was the publication of my book. You were involved in that. Not that I am at a loose end when it comes to writing, but it was a little bit interesting that, when word got around that I was able to write, I was approached by the member for Wentworth to start ghostwriting his biography.

Opposition Members:

Opposition members interjecting—

Graham Perrett (Moreton, Australian Labor Party) Share this | Link to this | Hansard source

Come in, Spinner. We do not know the release date for it, obviously. He wanted to get a few words down. We did not know whether it was going to be coming out in five days, five weeks, five months or five years. But we have a tentative title: ‘My way then the highway’. We wanted to kick around the year that has been—what has taken place over the last year.

It is interesting to look at the Access Economics report to see what things have happened over the last year in economic terms. The global financial crisis is significant. I can remember that, in 1982, there was 0.9 per cent growth. They were very tough times. I do remember that. In 1991, there was 1.5 per cent growth. When we look at the initial 2009 prediction, we see that it was for negative 1.4 per cent growth.

Opposition Members:

Opposition members interjecting—

Graham Perrett (Moreton, Australian Labor Party) Share this | Link to this | Hansard source

I will take some of the interjections from those opposite. They still do not get what we have come through. They talk about it quite flippantly. I am reminded of the rabbits in Watership Down. I have not seen the movie but I have read the book. The rabbits go on their journey and end up in a place called Cowslip’s warren, where there are all these prosperous and pampered rabbits that have an artificial view of the world. They have plenty of food and protection from predators but they do not realise that when they go outside they will be caught and eaten by humans.

What did we do? We did not vote ‘no’ to every one of the economic stimulus strategies which kicked off a year ago last Wednesday. What did those opposite do? They voted ‘no’. We look at all of the strategies: they voted against them time and time again. They obviously do not understand the role of government, the difference between a guiding hand and a dead hand. It may be more appropriate to talk about a fist because their policies would have been like a fist to workers. They would have bludgeoned workers. We would have had much higher unemployment rates. I remember, when we were looking at the predictions of unemployment rates going up to 10 per cent, those opposite were licking their lips at the thought. But because of the government activities, we see the Access Economic report today predicting the current 5.7 per cent unemployment rising maybe to a gentle peak of 6.8 per cent by 2010 and hopefully a little less if we continue with some of the good economic stimulus activities.

The Access Economics report out today forecasts the economy will expand by 1.9 per cent this financial year, rather than the budget forecast for a contraction of 0.5 per cent—miraculous when compared with the rest of the world. The report’s author, Chris Richardson, said:

Australia has dodged the bullet of a deeper downturn and that is a grand achievement.

We have the only advanced economy to do that, I say to the bunnies opposite. We need to remember that over 70 per cent of the economic stimulus is going into infrastructure. Why? Because we inherited a government which had a productivity of zero. We know how to invest in ports, in infrastructure, in computers, in schools and in broadband, things which will develop our productivity in the years to come, rather than the short-sighted approach of the rabbits in Watership Down in Cowslip’s Warren. (Time expired)