In December last year, the Finance Minister and I stood together in this building and delivered the mid-year economic and fiscal outlook. It followed the first balanced budget in 11 years, the largest legislated tax cuts in more than 20 years and welfare dependency was at a 30-year low. The Australian economy was growing and jobs growth was strong.

Today, we stand here in a very different world. Australia and the world are now experiencing the most severe economic crisis since the Great Depression.