Update on the Australian Economy: Getting on with the Job

Kevin Rudd talks about the efforts to build the recovery in Australia as The World Bank, the International Monetary Fund and the OECD released reports about the Global Recession.

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Gidday. Last week was a very important week for Australia, and not because of the silly games and smear campaigns that went on in Canberra

but because last week we saw reports from The World Bank, International Monetary Fund and the OECD on the outlook for the world economy and for Australia.

These reports confirm the global financial crisis has plunged much of the world into a deep and long recession.

But they also confirm that Australia continues to weather the storm better than most other countries.

We have the strongest performing economy of all the major advanced economies.

We have the fastest growth, the lowest debt and the lowest deficit, and the second lowest unemployment.

With the stimulus strategy, we acted early and decisively, to cushion our economy from the worst impacts of the global recession.

Phase one; through cash payments to pensioners, veterans and carers to support the one and a half million Australians who work in the retail sector.

Phase two; through the biggest school building program the country has ever seen.

Phase three; long term infrastructure, like rail, road, ports and a national broadband network.

In fact, 70 per cent of our total stimulus strategy is invested in infrastructure.

Over the next 12 months, we'll have started 35,000 nation building projects across Australia.

Our plan, Nation Building for Recovery, to support jobs, small business and apprenticeships today, by investing in the nation building infrastructure we need for tomorrow.

And under no circumstances - under no circumstances - will we be distracted by the silly games, the smear campaigns and the fear campaigns of the last week.

We can be confident about Australia's future, provided we are all working together.

Because we are all in this together.

Together building the recovery and together laying the foundations for our economic future.

I thank you.

• Nation Building - Economic Stimulus Plan website