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

I thank Senator Moore for that question. The Rudd government has taken decisive action with its $42 billion investment to support the economy and jobs. In the current economic climate there is an overwhelming case for the Nation Building and Jobs Plan. As I outlined yesterday, these are almost unprecedented economic times. There is a global recession and the outlook has deteriorated sharply in the last few months. We know that the IMF has cut its forecast for global growth three times in the last four months and is now forecasting a deep global recession. We know that, in all, six of Australia’s top 10 trading partners are now in recession. We know that the global recession has wiped $115 billion off government revenue and has imposed a deficit on the budget.

I am continually amazed that those opposite just do not quite yet understand how serious the economic emergency is, which must explain—it is the only rational and logical explanation—why they continue to play short-term political games rather than facing up to these challenges. Australia is better placed than most countries, but we cannot completely resist the pull of these international forces. That is why the Nation Building and Jobs Plan is so important. (Time expired)