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

I thank the senator for his question. As I have already noted today, these are extraordinary times and they demand that all arms of policy be directed squarely at supporting jobs and growth in the Australian economy. Today we have seen decisive action from both the government and the Reserve Bank.

The Reserve Bank has just announced that it will be reducing the official cash rate by 100 basis points to 3.25 per cent. We join with families and businesses in welcoming this substantial rate relief. This is an absolutely essential rate cut from the Reserve Bank and it has been delivered at a time when all our joint efforts are directed towards strengthening the economy and protecting Australian jobs. The Rudd government and Australian families expect banks to pass it on in full and in a timely manner.

With this cut in official interest rates, and with today’s announcement of the Nation Building and Jobs Plan, monetary and fiscal policy are working together to support jobs and growth. This is providing immediate relief for families doing it tough and immediate support for growth and jobs in the face of the global recession. The Nation Building and Jobs Plan is also investing in our future by building the homes, schools, roads and communities we need for future growth because, in the face of the global recession— (Time expired)