The alternatives [to the stimulus packages] were to do nothing or, worse, effectively replicate the Premiers' Plan of 1931 when governments cut expenditure, thereby compounding the problems created by a private sector already in retreat. The result, of course, was an economic rout, appalling unemployment and a decade of negligible growth through the 1930s

As you know, the Australian Labour Party is committed to turning the country into a republic. We've not stipulated a timeline for doing that. We are sensitive to the other priorities we've got as a nation and in the world, but in time the country will head in that direction.

Ladies and gentlemen, it is with great sadness that I announce that I will resign as Australia's Minister for Foreign Affairs. I am sad because I love this job. I'm totally dedicated to the work that we are doing in Australia's name around the world, and I believe that we have achieved many good results for Australia, and I'm proud of them.

I conclude where I began, I was elected by the people of Australia to do a job. I was not elected by the factional leaders of Australia, of the Australian Labor Party to do a job - though they may be seeking to do a job on me, that's a separate matter. The challenge therefore is to honour the mandate given to me by the Australian people.

Senator Obama's message of hope is not just for America's future, it is also a message of hope for the world as well. A world which is now in many respects fearful for its future.

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But Australia faces additional regional and global challenges also crucial to our nation's future - climate change, questions of energy and food security, the rise of China and the rise of India. And we need a strong system of global and regional relationships and institutions to underpin stability.