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

Thank you for the question. This is the first parliamentary sitting since the release of the latest national accounts. It is important to highlight that the Australian economy grew by 0.6 per cent in the June quarter and 0.6 per cent for the year. The Australian economy is the best performing advanced economy in the world. It is the only one to record positive growth over the past year. There is no doubt that the Rudd government’s swift and decisive action, including the stimulus package, played a critical part.

Let’s contrast Australia with the rest of the world. In the US, the economy shrunk—it went backwards by 3.9 per cent; in the Euro area, 4.7 per cent; in the UK, 5.5 per cent; and in Japan, 6.4 per cent. If we look at the latest unemployment figures released just a few days ago in the United States, their jobless rate has increased to 9.7 per cent—that is, some 14.9 million people out of work—the highest level in 26 years. It has increased by seven million since the recession hit late in 2007. Australia has avoided this recession, but unfortunately most of the world has not.

The G20 countries—I might say, including many right-of-centre political governments—met in London and they have called for the fiscal stimulus to continue until the job is done. The German finance minister is well known as a particularly conservative finance minister from a right-wing government. He said:

Everyone is convinced that we have to support the financial markets by all measures and stimulus packages which are necessary ...

The Australian government agrees. (Time expired)