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A Current Affair -

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(generated from captions) on the global financial crisis. recorded this a short time ago The Opposition Leader at Parliament House in Canberra. from his office how a booming global economy many Australians have been asking in very stormy waters. suddenly found itself what this means for our country, We all want to know our families, our jobs. The financial crisis started of dollars of housing loans when banks in America made trillions could not afford to repay them. to people, far too many of whom going up, everyone was happy. so long as house prices kept these sub-prime loans went bad too. But when the bubble burst, hundreds of banks around the world, But by then, they had contaminated many of which went broke. much less affected than most. Our own banks were Thanks to good regulation, have been far more prudent. our lending practices But nobody is immune. and harder to obtain Money has become more expensive for banks and for their customers. With the benefit of hindsight, a lot earlier. governments should have acted Mr Rudd's Government Regrettably, at the beginning of the year missed the warning signs and consequently interest rates, and talked up inflation, at precisely the wrong time. to work in a bipartisan way Nonetheless, we have offered with the Government in responding to this crisis. Mr Rudd has rejected our offer. I am disappointed that our resolve to support But that does not lessen best interests what is in Australia's and build on the Coalition's record, to protect our economic security. guarantees for bank deposits, We have advocated increased additional payments to pensioners in the mortgage market. and further investment Mr Rudd take this action. We were pleased to see to economic management, When it comes Coalition's values are the same. in government or opposition, the Taxpayers' money is your money. and in the national interest. It must be managed responsibly our economy is slowing We recognise that and we've given support stimulus package. to the Government's $10 billion are careful But just as Australian families they manage their budgets, in the way that must take great care so the Australian Government not to squander the savings financial management. from a decade of responsible to share with the Australian people That's why we have asked Mr Rudd the economic advice he has received that the $10 billion package which convinced him was not larger than was needed of the Reserve Bank and will not reduce the ability to keep cutting interest rates. to ensure That's why we are concerned that safeguards are put in place offered to banks so that government guarantees picking up the tab for bank losses. do not result in taxpayers constructive proposals We will continue to make the economy to protect and strengthen through this crisis. to help all of us And above all, enterprise and the optimism we believe that the energy, of 21 million Australians we are in the midst of this storm, will ensure that while and will get wet, will not sink. Malcolm Turnbull. Liberal Party leader And it's heartening to see