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

As I have already said, those opposite opposed the stimulus. They argued, ‘Wait and see’. Australia’s economy would have gone into recession and unemployment would have hit double-digit figures. That was their own prediction. We are proud as a government of having prevented Australia going into recession like so many other countries. We are proud of our economic stimulus. The biggest threat and the vandalism to this economy lie on the other side of this parliament. I acknowledge the support of the Greens and the crossbenches in terms of that stimulus. If we had withdrawn stimulus immediately, we would have had a recession. The national accounts figures I have just referred to show that a substantial part of the Australian growth in the economy over that March quarter flowed from the stimulus package, particularly in the construction sector—which those opposite opposed. They had no answers and no solutions for keeping the Australian economy strong.