Nick Sherry (Tasmania, Australian Labor Party, Assistant Treasurer) Share this | Hansard source

It is a lot more reliable, Senator Macdonald, than the Australian. This is what the report says:

Vigorous government actions to stabilise financial markets and raise aggregate demand appear to have prevented the financial crisis from developing into a depression, but have not been adequate to prevent a severe recession in most OECD countries.

‘Vigorous government actions’? Let’s see: they would be the fiscal stimulus and the bank guarantee. These are the very things that the Liberal and National parties have continued to criticise, attack and oppose.

The OECD singles out the Australian government stimulus as having been particularly effective in supporting employment. While the OECD states that most fiscal packages generally have not had a strong effect in cushioning the initial decline in employment, there is one exception—that is, Australia. Australia is a notable exception. The OECD estimates that Australia’s stimulus will lead to employment being 1.4 to 1.9 per cent higher in 2010 than would otherwise have been the case. That is 160,000 to 210,000 Australian workers whose jobs have been saved by decisive action, and in part the stimulus package has made a significant contribution. Those opposite have vigorously opposed and vigorously criticised the stimulus package that has saved more than 200,000 jobs. (Time expired)