Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Hansard source

We on this side understand what the global financial crisis has done to many economies around the world. We understand also how important it was that the government and business acted in the way that we did during the GFC. We all know about the devastating effects of the GFC—the worst global downturn since the Great Depression—notwithstanding the desire of those opposite to gloss over it and wave it away.

The International Monetary Fund recognises Australia as one of only a small handful of advanced countries to have avoided a recession and it commended the government response. It commented on the government's 'adept handling of the fallout from the GFC, prudent economic management and strong supervision of the financial sector, which has kept Australia on the dwindling list of AAA-rated countries.'