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

I thank Senator Nash for that question. The world economy is facing one of the most significant upheavals in financial markets in recent history. The global financial crisis is impacting on confidence and stock markets around the world and is causing a significant slowdown in global growth. It is impacting on confidence and stock markets across the world. The IMF has said that the major advanced economies are either in or close to recession and has revised down its global growth forecasts. It expects advanced economies to grow by only half a percentage point in 2009.