Kerry O'Brien (Tasmania, Australian Labor Party) Share this | Hansard source

If he knows so much more about the economy than I do, why has it taken him all this time to assimilate the information? Yet he comes out with a ridiculous proposition that we do not have a skills crisis. If he knows more than I do then, frankly, he is not demonstrating it with what he is saying. What he is saying is demonstrating that he probably does not. If we are to modernise our economy, we must do it in the face of increasing global uncertainty.

The severe downturn in the US housing market and the volatility of associated financial markets pose significant challenges for the global economy but, more importantly, our own economy. We are never immune to developments such as these, as Australian families who are now being hit with interest rate rises greater than the Reserve Bank rises know all too well. Acknowledging these challenges is the first step towards beating them, and that is what we are doing. Again, unfortunately, the opposition are not prepared to acknowledge these challenges and the part they played in creating them.

In terms of the proposition that we have before us, I am certain that Australians will look at the next budget with a critical eye. They will be looking at what the first budget of a new Labor government does. They will be looking at how it addresses the concerns they have and not at the political posturing of the opposition. That is what this motion is about. It is political posturing from this opposition. But, in fact, when the Treasurer announces the first budget of the Rudd Labor government in May, he will be announcing the implementation of measures designed to address the potential catastrophe that the former coalition government brought to bear on the Australian economy and its people. Australian families would expect no less from a responsible government.

We will not be deflected from the responsibilities of government by this politicking by the opposition. Frankly, it will not be very effective. The Australian people will see through it. They will be looking at the budget from the point of view of what it will mean for them over the next three years in terms of the interest rates burden they face, the opportunities to get better skills and better paid jobs, and getting the economy functioning better. They will be looking at the health and education initiatives that we have announced, and they will be looking at the budget from the point of view of wanting to live in a better, fairer nation governed by a government that has real regard for its economic responsibilities and the needs of the Australian people.