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

I thank Senator Wortley for the question. I think most are aware that the world faces the worst financial system and economic crisis since the Great Depression and, of course, Australia is not immune from the impact of the various fallouts that we have seen right around the world. The federal Labor government has acted decisively to protect Australia’s economic interests. If we look at the range of actions that have been taken around the world that, in many cases, are coordinated internationally they relate to improving the regulatory and financial services system and, in some cases, particularly in the US and Europe, they relate to bailouts of financial institutions, although, fortunately, not in Australia’s case. Also there are a range of stimulus packages to cushion the economy and to underpin jobs in this very difficult period.

In the Australian government’s case we have announced the $42 billion Nation Building and Jobs Plan, which is to help stimulate the Australian economy and protect all Australians from the impacts of the global financial and economic crisis. It is not unintentional that the word ‘jobs’ is in the title of this plan. The Rudd Labor government is moving forward decisively in a number of areas in order to cushion and underpin the economy and jobs in the economy. Regrettably the Liberal-National Party of those opposite have taken the very negative approach of opposing almost every measure at this time of global recession. We know the global recession is causing massive job losses all around the world. It is estimated that up to eight million jobs will be lost over the next two years across many economies. (Time expired)