Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Hansard source

Mr President, that is one—a very important one—amongst a number of uncertainties in the global outlook with which the government has to contend. It is the case that we have seen a lot of movement in the global economy and a lot of uncertainty. We have seen as a result of this and also the global financial crisis an impact particularly on government revenues; and, as the senator would know, growth in the nominal economy has been substantially less than its long-term average despite real GDP holding up, and that reflects in government revenues. So the economic question is: what in those circumstances is best for Australians and what is best for Australian jobs? I would make the point that under this government, as a result of the fiscal policy settings the government as put in place, the Reserve Bank has had the room to move and that interest rates are lower than they were under the Howard government. As a result, families with mortgages are certainly better off. (Time expired)