Chris Evans (WA, Australian Labor Party, Leader of the Government in the Senate) Share this | Hansard source

I thank the senator for his question. The Rudd government has acted swiftly to protect the national interest during this difficult economic period. The government’s $42 million nation-building plan will stimulate Australia’s economy and cushion Australians from the worst impacts of the global financial crisis by building the infrastructure we are going to need for tomorrow. Almost 70 per cent of the funds appropriated for economic stimulus is being spent on infrastructure. That is money being spent on our schools, rails, roads and ports—things that the former government failed to invest in.

I think we can be confident about our nation’s  future, despite the worst global recession in 75 years. We are weathering the storm better than most other advanced economies. Our GDP rose by 0.4 per cent in the March quarter and is 0.4 per cent higher over the year. During the same period, the G7 economies collectively contracted by 2.1 per cent. Australia now has the fastest economic growth, the lowest deficit and the lowest debt of all major advanced economies in the world. I think it is worth repeating: we have the fastest economic growth, the lowest deficit and the lowest debt of all major advanced economies in the world. Whilst those opposite want to talk down the Australian economy and be negative about these things, there is clear evidence that the government’s efforts to stimulate the economy are working to support Australian jobs and growth in the economy. We made the hard decisions in this year’s budget that have helped weather this international recession and we have taken decisive action on a range of fronts to invest in the success of the economy, to provide the stimulus needed that will help Australians through this turbulent time and to assist them to ensure we come out the other end in a much better condition than we otherwise would have. (Time expired)