Nick Sherry (Tasmania, Australian Labor Party, Minister Assisting the Minister for Tourism) Share this | Hansard source

Our rapid and decisive stimulus measures protected the Australian economy from the worst effects of the global financial crisis, and we avoided recession.

Senator Abetz interjecting—

I well remember—Senator Abetz is interjecting—the predictions of those on the other side, who opposed our stimulus measures. Mr Abbott, the opposition leader, predicted we could not protect the Australian economy from recession. Mr Hockey, the so-called shadow Treasurer—he would win an award for the worst shadow Treasurer in the world—predicted a million unemployed. That is what you predicted, and that is what we prevented. We prevented a million unemployed, and we kept this economy sheltered and protected by our effective stimulus measures.

Unfortunately, the IMF has pointed out that the world economy is again on the brink and, obviously, we are not immune from those impacts. The IMF's forecasts confirm that despite the Australian economy being strong—we do have strong fundamentals—we will be impacted by events occurring in North America and Europe

But we are better placed than any other advanced economy. We have an unemployment rate that is half that of the United States and Europe.

Opposition senators interjecting—