Stephen Conroy (Victoria, Australian Labor Party, Deputy Leader of the Government in the Senate) Share this | Hansard source

I thank Senator Kroger for her question. In answer to the last question, I mentioned some views put forward by private sector economists that I think are very relevant to the question now being asked. I quoted the Westpac chief economist, Bill Evans, when he said:

We’ve already seen a very laudable $10 billion stimulus coming from the government, but we need to see more of that, and we need to certainly accept that there’s nothing wrong, in fact it’s responsible to have a deficit in this environment.

ANZ chief economist Saul Eslake has said:

A temporary deficit is appropriate and responsible in these circumstances.

Those opposite and their leader completely fail to grasp the severity of the global financial crisis. Their leader thinks that the global financial crisis is overhyped. It is no wonder that their response to the global financial crisis and global recession is to sit on their hands and do absolutely nothing. You keep hearing the other side baying, ‘Just wait and see.’ If they had their way, we would not have had an economic security strategy. If they had their way, we would not have a guarantee of bank deposits and Australia would not have a government that is prepared, whatever it takes, to protect the jobs of Australians. (Time expired)