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

I will be getting to that in a moment, Senator Abetz—but it was certainly nothing that you have contributed to the debate or the policy picture. MYEFO paints a different and improved picture than was predicted at the time of the budget, with forecasts for stronger growth, lower unemployment and smaller deficits and debt. The Australian economy grew by one per cent in 2008-09 and will continue to be stronger than the other advanced economies, growing by 1½ per cent in 2009-10 and 2¾ per cent in 2011.

All other advanced economies are going backwards—in other words, their economies are shrinking in this calendar year—except for Australia. Unemployment in Australia is now expected to be 6¾ per cent by the middle of next year—substantially lower than the peak of 8½ per cent forecast at budget time. However, the jobs outlook in Australia does remain difficult, but it is especially grim in many other advanced economies. Just look at the jobless rate announced last week in the US—already 10.2 per cent, which I think approximates to some 15 million to 16 million unemployed. There is massive unemployment in the US and many other countries. But we are not immune from the rest of the world and the poor condition that it is in. The improved unemployment forecast for Australia largely reflects the impact of the Rudd government’s stimulus package. It has cushioned against the worst effects of this global recession. It has saved some 200,000 jobs. (Time expired)