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

As I was just concluding on my initial points: further, the Rudd Labor government are accelerating the implementation of projects to be funded through our three nation-building funds.

We face the biggest financial crisis ever confronted by the modern postwar global economy. We know that some 25 banks have failed worldwide. They have either been bailed out or nationalised. The crisis is contributing to a serious global economic downturn, so the actions I have outlined are very significant. They are decisive, they are timely and they are necessary, and we are particularly pleased to see that the Financial Claims Scheme, which does represent unprecedented action to deal with developments in global financial markets, did pass the Senate this morning. That is necessary to ensure the stability to underwrite and assist the stability of the Australian financial system. It will enhance and strengthen Australia’s crisis management arrangements and will guarantee the deposits in Australian banks, building societies and credit unions for a period of three years—unprecedented action in times of great uncertainty. These sorts of times do require decisive action by government. The Rudd Labor government has acted on a range of fronts to deliver decisive action to help bolster our economy and to help us through this— (Time expired)