In 2008, as the Global Financial Crisis cascaded into the Great Recession it became clear this was no ordinary financial crisis. The newly elected Labor Government realised we were staring into the economic abyss of another Great Depression.
As Treasurer, I and every other member of the Federal Labor Party, was willing to do whatever it took to spare the wider community from the horrors of a Depression.
In that sense, there is no event or action that defines our modern Labor Party’s values and motivations more than our internationally acclaimed response to the Great Recession (or the Global Financial Crisis).
On this page you'll find a number of resources explaining how and why Labor responded in the way we did.
Video - The Collapse of Lehman Brothers
Video - Interview With the Labor Herald About Labor's Stimulus
The Way Forward
Other useful resources:
- Australia and the Great Recession by Chris Barrett
- Beyond the GFC (Speech) by Wayne Swan
- Making Australia Great: Inside Our Longest Boom by George Megalogenis
- Launch of the Chifley Research Institute Inclusive Prosperity Report.