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

It is a very important and timely question, given the volatility and the general downward trend we have seen in the Australian markets over the last year. Of course, this is a consequence of the global financial crisis and its onflowing economic impacts. Whilst Australia is better placed than other countries, it is not immune to this crisis. As global conditions deteriorate, the task for the government becomes tougher and tougher. As the Prime Minister indicated yesterday, the global financial crisis continues to evolve in unpredictable ways. But the government will do everything in these difficult conditions to support our economy and our financial system. It requires strong leadership and decisive action to assist in restoring business and consumer confidence.

One of the vital areas in which to restore confidence is the area of the stock market; confidence in this area has been lacking in recent times. This has been a flow-on consequence of the US subprime crisis. There has been significant price volatility in the markets. There has been a significant debate around what is known as short selling. The government has acted. It has introduced legislation to close a regulatory gap that has existed since 2001 under the former government. The former Liberal government left a gap—