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

We have a strong banking system thanks to the decisive action of the Labor government. But we are still seeing issues around margin lending and lack of appropriate supervision, which this Labor government has had to act on and which the former Liberal government did nothing about for that decade.

This package is very important in these times of economic weakness, the gathering recession in other parts of the world, and increasing unemployment. There is need now for a decisive package that will underpin the strength of the Australian economy, Australian business and Australian jobs. I would urge the Senate, after lengthy consideration of this particular package, to pass this package. We should not go down during this very difficult economic period in Australian and world history as the only parliament in the world that cannot pass a fiscal stimulus package.