Legislative Assembly for the ACT: 2009 Week 04 Hansard (Wednesday, 25 March 2009) . . Page.. 1274 ..
It is happening now; that is what ACTCOSS is saying: “the financial crisis has”. What does the Treasurer say? “At the moment I would be surprised if anyone is feeling the impact of a technical recession.” ACTCOSS goes on to say—
Mr Seselja: It is very sensitive.
MR SMYTH: It is very sensitive, Mr Seselja. It is very sensitive for the Treasurer to say: “You’re not hurting. Trust me. I’m from the Jon Stanhope-Katy Gallagher Labor government. Nobody is hurting on this. There are no impacts. Nobody is suffering. Nobody is feeling the pain. There is no responsibility because we have got no ideas.”
ACTCOSS goes on:
ACOSS research shows that one in ten ACT residents are already suffering multiple deprivations and missing out on essential items for living.
And this is the important line in my mind:
Financial counselling services are already reporting an increase in demand on their services, as more people fall behind on their mortgages or rental payments and experience financial stress.
Katy Gallagher: “no-one”; “I would be surprised if anyone with respect to the community”; “there has not been a noticeable impact”. ACTCOSS: “Financial stress is happening.” They go on to say:
Financial stress can lead to a range of other health and mental health related conditions.
The submission goes on to say:
As a result of the financial crisis—
not “maybe”, not “possibly”, not “no-one”, not “in a technical sense”, but “As a result of the financial crisis”—
people and families who have not previously sought support in financial counselling, housing or crisis services are turning to community organisations as they find it more difficult to cope.
New people, people not seen before, are turning to these organisations. ACTCOSS goes on:
However many community organisations are reporting they are unable to meet the needs of their current clients, and have little capacity to increase service delivery to people feeling the effects of the economic crisis.
I would be surprised if anyone, in a technical recession sense, is feeling the impact …