Nick Sherry (Tasmania, Australian Labor Party, Minister for Superannuation and Corporate Law) Share this | Hansard source

Thank you, Senator Sterle, for the question. Australia does face a number of long-term challenges on both the international and domestic fronts. This is a time of an uncertain international environment and that has resulted from a sharp downturn in the US housing market associated with what is commonly described as the subprime mortgage situation, which in turn has impacted on financial markets. We have seen that evidenced not just in Australia but also worldwide with the market volatility of recent times. The events of recent months have shown that Australia is not immune from such turbulence as has occurred in the United States. The Rudd Labor government remains alert to the impact of global credit market conditions on the Australian economy—