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

That is due to the performance of the opposition that the kids had to watch. The MYEFO figures indicate weaker employment growth, with the unemployment rate expected to rise to five per cent by the June quarter 2009, up slightly from the 4¾ per cent expected at budget. But the unemployment rate is expected to rise to 5¾ per cent by the June quarter 2010.

We know that the global financial crisis has delivered a global recession and budget deficits all around the world. That is why the Rudd government makes no apologies for taking early, responsible and decisive action to protect the Australian economy from global events which are affecting every continent around the world. We have injected $10.4 billion as part of the Economic Security Strategy to stimulate economic activity and protect vulnerable groups in our society, especially pensioners, carers, disabled people and low-income families. We have taken steps to guarantee the bank deposits of all Australians and we have taken a number of additional steps to address the impacts of the global financial crisis on our financial system. (Time expired)