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

I thank my good friend Senator Feeney for that question. We are facing the worst economic crisis since the Great Depression. It is worth focusing on just one fact that emerged from the blizzard of statistics at last week’s G20 finance ministers meeting in London, and that is that the advanced economies collectively contracted by seven per cent, annualised, in the December quarter. This just underscores the difficulties of the global environment we now face. The World Bank overnight cut its growth forecasts for China by one percentage point, to 6.5 per cent. This is a halving in China’s growth from its peak two years ago.

The Rudd government has taken decisive action to promote economic stability in Australia, to cushion us against the worst impacts and to protect Australian jobs. In October last year the government moved quickly and decisively to ensure confidence in the banking system through the guarantee of bank deposits. We also took decisive action to stimulate the economy and support jobs with our $10.4 billion Economic Security Strategy and our $42 billion Nation Building and Jobs Plan to support jobs and deliver important investments to strengthen the economy for the future. As I outlined yesterday, we have also taken action to promote economic stability and protect Australian jobs by proposing to establish the Australian Business Investment Partnership, or ABIP.