Chris Evans (WA, Australian Labor Party, Leader of the Government in the Senate) Share this | Hansard source

I thank Senator Lundy for the question. Senator Lundy raises the very important issue confronting Australia today, which is the impact of the global financial crisis on the Australian economy. What we are seeing throughout the world is an enormous downturn in the economies of the world. Six out of 10 of Australia’s top trading partners are already in recession. Six out of 10! That has already seen Commonwealth revenue revised downwards by $115 billion since November—$115 billion off the expected revenue to the Commonwealth revised since November.

These economic factors—these international factors—are beginning to bite very hard on the Australian economy. They are biting hard on Australian jobs, Australian businesses and Australian families. The Labor government’s Nation Building and Jobs Plan is designed to provide an immediate economic stimulus, to act decisively and urgently to try and protect the Australian economy from these impacts.

We have a well-targeted plan designed to provide two impacts. Firstly, we have a short-term boost to economic activity by stimulating consumption, to protect jobs and small business and to try and prop up confidence and, secondly, we have a long-term $28 billion investment in school, roads and housing that will provide job opportunities to Australians over the coming years but that will also build infrastructure to give our kids better facilities at schools, to provide roads in rural and regional Australia and to provide much needed housing. So there is a short-term strategy and a long-term strategy. It is all about providing support for the Australian economy and supporting jobs and business. It is urgent that the parliament support this initiative rather than put jobs at risk.