Kevin Rudd (Griffith, Australian Labor Party, Prime Minister) Share this | Hansard source

Following the decision of the Liberal Party and the National Party and one Independent in the Senate to defeat the government’s $42 billion Nation Building and Jobs Plan, the government has resolved to reintroduce legislation into the House this afternoon because these measures are urgent and in the national economic interest.

The world is currently wracked by a global financial crisis which has become a global economic recession which is becoming a global employment crisis, and this crisis now affects Australia fundamentally. The government has resolved to introduce a nation-building plan and a jobs plan to reduce the impact of this global economic recession on Australia. The International Monetary Fund has concluded that we need to act with fiscal stimulus. That is the view of the Reserve Bank of Australia; it is the view of the Australian Treasury; it is the view of the Business Council of Australia, the Australian Chamber of Commerce and Industry and the Australian Industry Group. It is the view of mainstream economists and economic analysts across Australia. It is also the view of the Australian government. That is why the government has decided to act.

Because of the global economic crisis, this government will not be deterred from taking whatever action is necessary in the national economic interest to underpin this country’s and our people’s economic wellbeing. For those reasons, I formally notify the House that later today legislation will be reintroduced to advance this nation’s national economic interest at a time of global economic crisis.

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