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

Thank you, Senator Bishop, for your interest. The OECD has released its Economic Outlook and it is an especially good report card for Australia, which is again at the head of the class on a global performance comparative. The report is further evidence that Australia is outperforming the rest of the advanced world with stronger growth, lower debt and lower deficits than the major advanced economies. Australia is one of only three member countries expected to record positive growth in 2009. Just three countries will have positive economic growth; Australia is one of them.

The forecasts for Australia’s growth are 0.8 per cent in 2009, 2.4 per cent in 2010 and 3.5 per cent in 2011. This compares with the OECD-wide forecast showing member economies will go backwards by an average of 3.5 per cent in 2009 before growing by 1.9 per cent in 2010. So they go backwards; Australia, at 0.8 per cent and 2.4 per cent, is well ahead of the average. The OECD expects unemployment in Australia to peak at 6.3 per cent—substantially lower than the average OECD performance of 9.1 per cent. I have reminded senators that unemployment in the United States has now reached 10.2 per cent. They are some of the reasons for Australia’s world leading performance.

The report notes Australia has been less affected by the crisis than other countries, with growth supported by expansive fiscal and monetary policy. Indeed, the Rudd Labor government stimulus package has protected jobs and positioned Australia as the best performing economy in the developed world. The package has saved some 200,000 jobs. Australians should be very proud of the way in which the entire Australian community, particularly the business community, has responded in these difficult times. There are many challenges. (Time expired)