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

Oh, you have reversed your position. You are now going to support part of the package? The final elements of the package include funding for black spots, boom gates and community infrastructure. These are very important aspects of this nation building and jobs package.

Most comparable countries have adopted the approach of stimulus packages, and I note that yesterday the stimulus package was passed in the United States. Most comparable economies and governments have recognised the seriousness of the emerging fiscal and economic crisis. It is appropriate for the Labor government to provide decisive leadership to underpin and strengthen the Australian economy and underpin and strengthen jobs in this country. It is essential. It is only the Liberal-National Party that says, ‘Do nothing, wait and see.’ What an approach to an emerging economic crisis! It is not a responsible option to adopt that approach. It is certainly not the approach of this Labor government, which from day one, as the financial crisis started emerging, has acted decisively to minimise the impact. And thank goodness, because the impact in Australia has so far not been, and we expect it will not be, as significant. I mean, 600,000 jobs have been lost in one month in the United States. We know fiscal stimulus packages do work. We do not want to see the do-nothing approach that occurred when the Great Depression started in the late 1920s. We do not want to see a do-nothing approach; we have to be proactive to underpin our economy and do everything possible.

Unfortunately, the Liberal-National Party cannot see the positives of this approach. As I say, ‘do nothing, wait and see’ is their solution. But history tells us that to wait and see and do nothing will mean circumstances will be far worse. So I say to the crossbenches, to the minor parties and the Independents: this is decision time. Are we to be the only country in the world that has been debating a fiscal stimulus package and then rejects that package? Are we to be the only country to date that has been debating these issues and the importance of a fiscal stimulus package and rejects a critical stimulus package which is necessary to underpin our economy and jobs during this emerging world economic crisis? So there is a heavy responsibility on the crossbench parties and the Independents to support this package, and I would appeal to them. This is the hour. This is the decision making. Australia needs this stimulus package and I urge the Senate to support it. (Time expired)