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Wednesday, 15 October 2008
Page: 9189

Mr TURNBULL (2:14 PM) —My question is again addressed to the Prime Minister. Given the Prime Minister said last night that he is ‘levelling’ with the Australian people, will the Prime Minister release immediately the economic advice that is the basis for the $10.4 billion package?

Mr RUDD (Prime Minister) —The basis of the economic advice lies in the IMF public report on the state of the global economy and the growth projections for the major developed countries going forward. And, if the Leader of the Opposition had paid attention to its contents, he would see downward revisions of growth in the world’s leading economies by one per cent worldwide and in the industrial economies by a figure close to two per cent. It was a prudent course of action—given the downwards revision of global growth, the downwards revision in growth in the major industrial economies, a two per cent downwards revision of China’s economic growth, together with the downwards forward projections for commodity prices, and what is happening with the business and consumer confidence indicators around the country—to act and to act decisively. This government did so. We stand by the package.