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

It is true that there are few countries with consistently encouraging signs on the economic front in terms of recovery as Australia. Australia has the fastest growth, the lowest debt, the lowest deficit and the second lowest unemployment of the major advanced economies. Indeed this month’s Westpac Melbourne Institute consumer sentiment index has risen to a two-year high. It has increased by 28 per cent in the past three months, which is the largest three-month jump in the survey’s 34-year history.

Of course much of the confidence that is being seen both in the business and in the general community is a consequence of the impact of the decisive actions taken by the Rudd Labor government to cushion the Australian economy from the world’s worst financial and economic recession in the last 75 years. It is now indisputable that the two stimulus packages delivered by the Rudd Labor government have helped to cushion the economy, boost jobs and boost confidence—unfortunately opposed by the Liberal-National Party coalition. There is no doubt also that the Reserve Bank’s 425-basis point reduction in interest rates has also played a major part. As a result of these types of measures, the Australian economy is growing at a faster rate than any other advanced economy. However, caution is needed. We do know that across the world the picture is much bleaker. World economic growth will be significantly negative this year, in marked contrast to that of Australia. (Time expired)