Penny Wong (SA, Australian Labor Party, Minister for Climate Change and Water) Share this | Hansard source

It is the case, and I am sure those opposite would be aware of this, that we face extremely difficult economic times as a result of the global financial crisis and the potential impact on the real economy. Internationally, we have seen quite a number, I think 25, of financial institutions either bailed out or in significant financial trouble. We see revision downwards in growth estimates internationally in OECD economies. Senator Conroy, on behalf of the Treasurer, has outlined the most recent MYEFO figures, which do demonstrate that these are difficult economic times. The government has made it clear that it will approach these times responsibly. At the forefront of our mind obviously is ensuring responsible economic management. This is also a government that takes very seriously the issue of national security. (Time expired)