Kim Carr (Victoria, Australian Labor Party, Minister for Innovation, Industry, Science and Research) Share this | Hansard source

What is apparent is that global economic events, such as the US subprime crisis, and the global economic turmoil are having an impact on consumer and business confidence around the world. Here in Australia what we have also seen is that there have been further influences as a result of the effects of rising petrol prices in recent times and of course the 12 interest rate rises that occurred as a result of the previous government’s failures to actually deal with its responsibilities with regard to the warnings that the Reserve Bank offered. Yesterday the Reserve Bank made changes to the interest rate regime in this country, and I have no doubt that those changes will have a very positive impact on business confidence and consumer confidence.