Nick Sherry (Tasmania, Australian Labor Party, Assistant Treasurer) Share this | Hansard source

We know, against the background of the worst turmoil in financial and economic markets the world has seen in the last 75 years, the Rudd Labor government have acted decisively to protect Australia’s economic interests and the national interests. We have acted decisively in a range of ways to cushion the impact of the world recession, which has now become very, very deep. We have announced the $42 billion nation-building plan to stimulate Australia’s economy and protect all Australians from the impacts of this global financial and economic crisis. The government have stepped in to fill the gap left by the private sector during this global recession to stimulate the economy and support jobs. We make no apologies for this approach.

We already know, from the March national accounts, that the Australian economy has outperformed the other advanced economies in the March quarter. Let me repeat that for the opposition’s benefit: the Australian economy has outperformed every comparable economy right around the world. That is the record. In the clearest possible sign that the government’s efforts to stimulate the economy are working to support jobs and growth, gross domestic product rose by 0.4 per cent in the March quarter and was 0.4 per cent higher over the year. During the same time that the Australian economy grew, comparable economies—the G7—contracted. They reduced in size by some 2.1 per cent. Despite the worst global recession in 75 years, we are weathering this storm better than most countries, in the face of reckless opposition from the Liberal-National Party, who say no to everything. (Time expired)