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

Thank you, Senator Polley. The question is very good—not quite as good as the question I got from Senator Coonan, but nevertheless I have a response for you, Senator Polley, and I thank you for your interest in this very important issue. As I have noted a number of times in the Senate chamber, although unfortunately some members in the Liberal opposition do not yet seem to comprehend or understand the impact of the world financial and economic crisis, the Australian economy is not immune from the deep and widespread recession we have seen—the worst recession since the Great Depression. That is why the Rudd government has taken early and decisive measures—and I have mentioned some of these on occasion in the Senate—to cushion the Australian economy, to protect the Australian economy and to support jobs.

Indeed, I indicated earlier in the week that the latest Treasury estimates are that some 200,000 jobs have been protected in Australia as a consequence of the decisive actions of the Rudd Labor government—200,000 jobs that would otherwise have disappeared in the face of this global recession. Importantly, another decisive action that the Treasurer, Mr Swan, took was to over the weekend announce that all 144 retail banks, building societies and credit unions with a focus in the mortgage market have signed up to the government’s principles to assist borrowers who are experiencing financial difficulty as a result of the global depression. These principles will ensure that families finding it tough to pay off their mortgage in the face of the global recession will be treated more fairly by their bank, building society or credit union. There are a number of options available to borrowers in distress, including postponement for up to 12 months of the dates on which payments are due under a mortgage contract. (Time expired)