Stephen Conroy (Victoria, Australian Labor Party, Deputy Leader of the Government in the Senate) Share this | Hansard source

It is written right there. Around the world today governments are dealing with the most challenging global economic conditions since the early 1990s. The global credit crunch and spiking higher oil prices have buffeted confidence and share markets all around the world. Global share markets have fallen by an average of around 20 per cent in developed economies since the global turmoil began. Countries such as Japan, France, Italy and Canada have all recorded negative growth in their most recently reported quarters, and consumer confidence across the OECD nations has fallen to its lowest point in 30 years. We must recognise that Australia is not immune to these global developments. (Time expired)