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

I thank Senator Bishop for that very detailed and effective question. The senator is quite correct—the Rudd government has been acting swiftly and decisively to deal with the global financial and economic crisis and to cushion the Australian economy against the impact of the global downturn and underpin jobs. Let me repeat: decisive action has been needed and has been taken by this Rudd Labor government. The government has had to step in to fill the gap left by the private sector during this global recession. I note, of course, that Australia is not in a technical recession—we had 0.4 per cent growth in the March quarter, unlike almost every other advanced economy in the world.

In the 2009-10 budget, the Rudd government made some tough choices, including some unpopular ones. These are tough choices that are necessary to make during this time of unprecedented global financial and economic crisis. Let me list just some of the decisive actions we have taken. We have put in place the $42 billion Nation Building Economic Stimulus Plan. That includes $14.7 million to Building the Education Revolution. We put in place a $10.4 billion Economic Security Strategy. We put in place a $22 billion nation-building infrastructure plan to invest in infrastructure, which was so badly neglected by the former Liberal-National Party government. We put in place a bank deposit and wholesale funding guarantee. We put in place a state debt guarantee. We boosted and extended the First Home Owner Grant scheme. We put in place a $1.5 billion jobs and training compact. We have delivered on promised tax cuts. We have supported the ban of the dangerous naked short selling. And we have moved to regulate credit agencies. (Time expired)