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Monday, 22 September 2008
Page: 8081


Mrs MAY (3:20 PM) —My—

Opposition members interjecting—


The SPEAKER —Order! The member for McPherson has the call, and those behind her are denying her the call.


Mrs MAY —My question is to the Prime Minister. Has the Prime Minister requested or received advice on how many Australians have delayed or will delay their retirement as a result of the fall in superannuation and investment value resulting from the global financial crisis?


Mr RUDD (Prime Minister) —It follows from the global financial crisis that stock markets around the world have gone down. If you look at what has happened on the US stock exchange, the S&P, over the last 12 months, there has been virtually a 20 per cent reduction that has been reflected in various stock markets around the world. Obviously the impact of that flows through to those whose superannuation investments are in equities markets. That is one of the reasons why the government are determined, firstly, to prosecute a policy of responsible economic management and, secondly, to ensure that we, through our coordinated action with the Australian financial regulators—APRA, the Reserve Bank and ASIC—are responding appropriately to the financial crisis. Thirdly, we are doing so in concert with the international regulators. That is the best way—the best way by far—that we can look to the return of stability to global financial markets. On the question of the advices to which the honourable member refers, I am unaware of any such advice being requested. What is occurring on this matter in terms of other ministers and across the bureaucracy is of course a matter for them.