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Picture of Nick Sherry

Nick Sherry

Minister for Superannuation and Corporate Law

3 December 2007 - 8 June 2009

Media Release of 20/02/2009


Joint Media Release with
Jodie Campbell MP
Federal Labor Member for Bass

Senator for Tasmania and Federal Member for Bass
Host Economic Roundtable

Senator Nick Sherry, Minister for Superannuation and Corporate Law and Senator for Tasmania, and Jodie Campbell, Federal Member for Bass, today hosted an Economic Roundtable to hear firsthand about the impact of the global financial crisis on business and the community across Northern Tasmania.

"The global financial crisis is having an impact right across Northern Tasmania. It is affecting many businesses, groups and individuals," Minister Sherry said.

"It's vital for our region that government, business and welfare groups communicate effectively to ensure Northern Tasmania is as well placed as possible to handle these difficult times. It is also important that we provide the necessary support for those affected in our community," Minister Sherry said.

"The Rudd Government's $42 billion Nation Building and Jobs Plan will aid local efforts by supporting economic growth and jobs," Ms Campbell said.

"The plan will deliver $28.7 billion in direct investments in schools, housing, roads and other essential infrastructure. It will also provide $12.2 billion in direct payments to low and middle income earners and an additional $2.7 billion temporary tax break for businesses that acquire new assets, to encourage private sector investment," Ms Campbell said.

"In Bass, this means every one of the region's 27 primary schools will have capital funding provided for essential new buildings and upgrades; and eligible families will be able to install insulation in the family home worth up to $1600 for free or apply for a rebate of up to $1600 for solar hot water," Ms Campbell said.

In addition, many locals will receive targeted bonuses to provide an immediate stimulus to the economy and support jobs.

"In Bass, some 7790 Back to School Bonus payments of $950 will be made to families to assist with the costs of children returning to school. And, more than 20 farmers and small businesses affected by drought will receive a hardship payment of $950," Minister Sherry said.

This adds to measures that benefited Northern Tasmania announced in last year's $10.4 billion Economic Security Strategy.

"In particular, 9264 families receiving Family Tax Benefit Part A received immediate financial support through the strategy with a one-off payment of $1000 for each eligible child in their care. Further, all people receiving the Carer's Allowance received $1000 for each eligible person being cared for," Ms Campbell said.

Pensioners got a down payment of $1400 for singles and $2100 for couples.

"This is was about delivering real support for the people who needed it most in challenging economic times, including pensioners, carers and families," Minister Sherry said.

At the roundtable, representatives from business, welfare sectors, government and community groups discussed a range of issues relating to the global recession and the Rudd Government's response to the challenges it presents.

Attendees included Professor Daryl Le Grew, University of Tasmania Vice Chancellor; Ivan James, ACL Bearings Chairman; David Adams, Tasmanian Social Inclusion Commissioner; Lou Clark from the Launceston Chamber of Commerce and Wayne Cuthbertson from the North East Chamber of Commerce.

"This was an opportunity to hear from some of the region's largest employers about the effects of the global financial crisis. It was also an opportunity to convey to key stakeholders the range of initiatives which the Rudd Government has implemented to stimulate the economy," Ms Campbell said.

"The Rudd Government is committed to taking the necessary steps to protect the economy and I am committed to assisting employers, workers and welfare groups across Northern Tasmania in any way I can to cope with the effects of the worsening global financial crisis," Minister Sherry said.

20 February, 2009