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

As I was just saying, the world’s advanced economies are expected to decline by four per cent this year in terms of output, according to the International Monetary Fund. The world still is a dangerous place, regrettably, and we are not isolated from the impact of these economic circumstances. As I have said many times, these are the worst circumstances in some 75 years. We will continue to see some good news in the year ahead but there will also be bad news before this crisis is behind us.

As I said earlier, it is particularly unfortunate that the Liberal opposition took a position to oppose our major stimulus package, which was very necessary and which is showing very clearly that it has worked and that it has cushioned the economy. Unlike in other countries, retail sales, construction, housing and the car industry have not fallen—(Time expired)