Kim Carr (Victoria, Australian Labor Party, Minister for Innovation, Industry, Science and Research) Share this | Hansard source

Thank you, Senator Marshall. When Lehman Brothers collapsed a year ago, the world stared into an abyss. This government has pulled Australia back from that abyss. It is too early to sound the all clear, especially when so many countries are in deep recession, yet there is no doubt that the government’s response has shielded Australia from the worst effects of the global downturn. Our first action was to stabilise domestic financial markets. The next step was to launch a three-stage fiscal stimulus strategy focusing, first, on cash transfers to underpin short-term demand; second, on small-scale shovel-ready infrastructure to support jobs and business; and, third, on long-term investment in nation-building infrastructure. Education has been the focus of the government’s stimulus strategy since day one. In September last year, the government announced that it would speed up the implementation of its three nation-building funds, including the Education Investment Fund. In December, we provided an extra $1.1 billion—