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

The Reserve Bank of Australia, in its November Statement on monetary policy, stated:

The renewed financial turmoil which began in the second week of September materially altered the balance of risks and raised the prospect that global economic conditions could be significantly weaker than previously assumed.

The Reserve Bank has responded swiftly to the deterioration in global conditions, reducing the cash rate by 200 basis points in the last three meetings. The government has also taken early and decisive action to strengthen growth and to support households—unlike those opposite, who continue to just say: ‘No. Wait and see.’ Well, the Rudd government has taken early and decisive action, because that is what the Australian public want. (Time expired)