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

I said the budget: MYEFO and the budget. As much as those opposite appear not to want to accept it, we are facing unprecedented uncertainty in the global economy. The rapid deterioration in the global economy has seen both the IMF and the OECD revise down their global growth forecasts in the past month. If global conditions continue to worsen, as they have been over the past month, I have already indicated to the Senate that there will be a further slowing of growth in the Australian economy.

The government will always be upfront with the Australian community about the global challenges we face and their impacts here. As the Prime Minister has said, the global financial crisis continues to evolve in unpredictable ways and it is impossible to predict the future with absolute precision. That is why we remain prepared to take whatever action is necessary to support growth and to support jobs. The Leader of the Opposition might be prepared to sacrifice Australian jobs to make a political point. He may be prepared to do that, but we on this side will never sit on our hands if action is necessary to protect local jobs from this global crisis and global recession. (Time expired)