The stimulus saved us:PM

The Prime Minister Kevin Rudd strongly defended his government’s economic stimulus plan yesterday, on the first anniversary of its launch.

Speaking in Federal parliament, Mr Rudd said:”The nation-building economic stimulus plan is delivering on what it promised.

“Jobs for today, and infrastructure for tomorrow.”

The Prime Minister also said the $42 billion plan “represents the largest Commonwealth infrastructure project in our nation’s history.”

He said:”The government introduced the plan with two key goals:-

•    to protect Australia from the worst global recession in three-quarters of a century, and
•    to build Australia’s future with investment in long-term infrastructure.
“At the time, I said that this plan would support jobs and small businesses in the short term and build schools, energy efficient housing and transport,” Mr Rudd said.

He admitted that the Australian economy had also received support from the Reserve Bank’s emergency low interest rates ,over the past year.

Mr Rudd acknowledged, too, that Australia  had  been helped, too,  by strong  growth in the Chinese economy.

” But let me be absolutely clear,” he added.

“The difference between the strengthening growth in the Australian economy today—and being engulfed by the global recession like eight out of our top ten trading partners—is the government’s economic stimulus strategy.”