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On a slightly more frivolous note, the speech also bears the mark of Rudd’s own drafting. Note this riot of metaphors in the ‘Global Economy’ section:

Three years ago, when I first spoke at this podium, I spoke of the storm clouds gathering across the global economy.
It seemed as if we were in free fall as we all stared into the abyss – with the very real possibility of a second global depression in a century.
Through coordinated intervention in 2009, we broke the fall.
Yet three years on, the crisis in the global economy continues, still with a capacity to engulf us all.

To summarise: we were free-falling, perhaps into an abyss but certainly while looking into one. We did this while storm clouds gathered. Although we broke the fall, we are now in danger of being engulfed, though whether that’s by a tsunami or by flames is unclear at this point.