Annette Hurley (SA, Australian Labor Party) Share this | Hansard source

It is interesting to hear the opposition bleat about the pressures of price rises on working families when, through their Work Choices legislation, they were trying to squeeze down those wages and conditions. The Rudd government, on the other hand, not only has given people security in their working conditions but is trying to help families find a better deal at the bowser, at the checkout and at the bank, despite the opposition refusing to support some of those measures.

The government is also investing responsibly in nation building. It has laid the foundation for $40 billion worth of responsible investment in nation building and growth for the future. That includes the government’s commitment to invest $4.7 billion to facilitate the rollout of a high-speed national broadband network. It was a signal failure of the former government to sit back on the proceeds of the resources boom and play the blame game with the states rather than get in there and build the kind of infrastructure that was required to enable this country and this economy to go ahead. Our budget balanced the need to address inflation pressures with the need for vital investment in future growth. The Rudd government will ensure Australia’s long-term prosperity. It will not be content to sit on the benefits of a resources boom whose length we do not know. The government has been investing that money in the future and will continue to do so.

One of the other important factors in this is our financial services—how we sit in the region and how we perform in that regard. The Prime Minister and other ministers have indicated that they see Australia as a very significant financial services player. They have already taken measures to ensure our future in that area. We have implemented the Financial Stability Forum recommendations in full and are encouraging their implementation internationally. We have taken steps to support liquidity in the government bond market to ensure broader financial markets operate more effectively. We are strengthening protections for deposit holders in the unlikely event that any of our financial institutions get into trouble. We are improving transparency around covered short selling and reviewing the disclosure requirements around equity derivatives.