Mark Bishop (WA, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Assistant Treasurer, Senator Sherry. Over the last year we have seen a wave of unprecedented economic turmoil stemming from the subprime crisis in the United States, the global credit crunch, the global financial crisis, the worst global recession in 75 years and the combined challenges these have presented to the international and Australian economies. Can the Assistant Treasurer update the Senate on what actions the Rudd government has taken, and continues to take, to step in to fill the gap left by the private sector to stimulate the economy, to support jobs and to protect working families from the effects of global recession? I would particularly appreciate the Assistant Treasurer outlining how these decisive actions, such as the nation-building plan, will allow Australians to be confident about our nation’s future, will support jobs now, will invest in our critical infrastructure for the future and will ensure that our economy is well placed to make the most of the global recovery. Also, how will the largest modernisation of the nation’s schools—(Time expired)

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

I thank Senator Bishop for that very detailed and effective question. The senator is quite correct—the Rudd government has been acting swiftly and decisively to deal with the global financial and economic crisis and to cushion the Australian economy against the impact of the global downturn and underpin jobs. Let me repeat: decisive action has been needed and has been taken by this Rudd Labor government. The government has had to step in to fill the gap left by the private sector during this global recession. I note, of course, that Australia is not in a technical recession—we had 0.4 per cent growth in the March quarter, unlike almost every other advanced economy in the world.

In the 2009-10 budget, the Rudd government made some tough choices, including some unpopular ones. These are tough choices that are necessary to make during this time of unprecedented global financial and economic crisis. Let me list just some of the decisive actions we have taken. We have put in place the $42 billion Nation Building Economic Stimulus Plan. That includes $14.7 million to Building the Education Revolution. We put in place a $10.4 billion Economic Security Strategy. We put in place a $22 billion nation-building infrastructure plan to invest in infrastructure, which was so badly neglected by the former Liberal-National Party government. We put in place a bank deposit and wholesale funding guarantee. We put in place a state debt guarantee. We boosted and extended the First Home Owner Grant scheme. We put in place a $1.5 billion jobs and training compact. We have delivered on promised tax cuts. We have supported the ban of the dangerous naked short selling. And we have moved to regulate credit agencies. (Time expired)

Mark Bishop (WA, Australian Labor Party) Share this | Link to this | Hansard source

Mr President, I ask a supplementary question. The Assistant Treasurer highlighted in his response the many ways in which the Rudd government has supported the Australian economy and supported jobs, including immediate and decisive stimulus, nation-building infrastructure and the biggest school modernisation program in Australian history. Can the Assistant Treasurer also inform the Senate, in light of these actions—plus a range of other steps, such as the Rudd government’s historic investment in road, rail, ports, hospitals and a national broadband network—whether the level of business confidence has been impacted and, if so, what does that mean for Australia? Also, is the Assistant Treasurer able to update the Senate on how small business confidence has responded to the comprehensive actions of the Rudd government to support small businesses across Australia through the $141 million small business tax break, to help small businesses invest in new capital, the establishment of the small business support line— (Time expired)

Judith Troeth (Victoria, Liberal Party) Share this | Link to this | Hansard source

I rise on a point of order, Mr President. I realise that the senator’s time has just expired, but I understand that when asking questions one does not make a statement; one asks a question. I ask you to rule on this, regarding Senator Bishop.

Government Senators:

Government senators interjecting—

John Hogg (President) Share this | Link to this | Hansard source

Order! Senator Troeth, in fairness to you, I did not hear the last part, because there was disorder on my right. What was the last part of your point?

Judith Troeth (Victoria, Liberal Party) Share this | Link to this | Hansard source

Mr President, I said that asking a question is simply supposed to be that, rather than a statement such as Senator Bishop has just made, and I ask you to rule on that.

Chris Evans (WA, Australian Labor Party, Leader of the Government in the Senate) Share this | Link to this | Hansard source

On the point of order, Mr President, I think Senator Bishop was well within the precedent and rules in terms of asking the question. But the point Senator Troeth is making about statements and questions is one I have made previously, and if the opposition wish to have a discussion about that I would be happy to, because we will make sure that the opposition observe those rules if that is your ruling.

John Hogg (President) Share this | Link to this | Hansard source

Order, your time has expired. The question was in order. I do remind senators in the chamber that there should not be statements in the question. It is question time, so the question should be put to the appropriate minister.

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

Thank you, Mr President. Senator Bishop was quite rightly asking about the considerable range of very effective programs the Rudd Labor government has been putting in place to tackle decisively the world financial and economic crisis and to cushion the Australian economy against that crisis. Most of these programs have been opposed by those opposite in the Liberal-National Party. The Liberal-National Party do nothing, sit on their hands and wait and see; whilst this Rudd Labor government is taking decisive action. The specific question referred to the importance of small business in these times of financial and economic crisis around the world. We have put in place important measures to help small business during these difficult times. The Sensis business index for small and medium enterprises shows that small and medium business confidence has increased strongly in the last quarter and that net perceptions of the economy have improved for the first time since—(Time expired)

Mark Bishop (WA, Australian Labor Party) Share this | Link to this | Hansard source

Respecting your guidelines, Mr President, I ask a further supplementary question. Assistant Treasurer, is it true that the Rudd government’s decisive and comprehensive actions have resulted in significantly increased business confidence, including one of the highest increases in consumer confidence in the last 22 years? While the Rudd government’s early actions have provided assistance to the economy, where the private sector has been unable to do so, can the Assistant Treasurer update the Senate on any threats to this continued upward trend? In particular, can the Assistant Treasurer point to any alternative strategy and can he confirm that one such strategy amounts to doing nothing today—despite the world’s worst global recession in 75 years—but waiting and seeing what might befall our economy? Assistant Treasurer, who is on the public record as having such a strategy? Why is this the worst possible way to respond to current economic events? What risk would the Australian people face if those who believe in this strategy were ever able to implement such a strategy?

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

I have outlined a range of the very effective measures that the Rudd Labor government has taken in order to cushion the Australian economy from the worst of the global financial and economic turmoil we have seen. I have referred to the 0.4 per cent economic growth in the March quarter. That is, of course, in marked contrast to the average 2.2 per cent—I think it is—negative growth of every comparable economy. The Liberal-National Party has adopted an alternative strategy—that is, basically, saying no to everything the Labor government would suggest. Say no, sit on your hands, wait and see, wait for the wave to hit us, wave around false and fake e-mails—

Eric Abetz (Tasmania, Liberal Party, Deputy Leader of the Opposition in the Senate) Share this | Link to this | Hansard source

I would be very careful talking about false documents if I were you, Senator Sherry! Be very careful.

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

That is the extent of the contribution you get from the Liberal-National Party on this urgent international financial economic crisis. They have no positive suggestions and nothing constructive to add—it is just wait and see, sit on your hands and do nothing. (Time expired)