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

Dear, oh dear! The global recession has led to deficits around the world. The IMF predicts that the deficits of advanced economies will rise to an average of seven per cent of GDP in 2009. The fact that those opposite still do not understand the severity of the global conditions and do not understand how that impacts on deficits in Australia is an indictment of those opposite, because it is very relevant to talk about world conditions when you are talking about how long Australia will be in deficit. That is why it is relevant to this answer. The fact that those opposite do not like that does not make it irrelevant to the question, because the state of the international economy bears directly on the length and the severity of the impact on the Australian economy. It goes to the heart of the question that those opposite are asking.

As I noted yesterday, government tax revenue has collapsed by $75 billion over the forward estimates since MYEFO and $115 billion since the budget. In the midst of this global recession, it would be irresponsible not to act swiftly and decisively to support jobs and invest in nation building. The reduction—