The following is the full transcript of last night's television address by Premier Jennifer Smith.

Good evening.

Fellow Bermudians, residents, friends of Bermuda and all who are stakeholders in this country. Last Friday the Minister of Finance presented the 2002/2003 Budget to the House of Assembly and to the country. In this Budget Bermuda comes to terms with the realities of a world affected by the wrenching change following the September 11 terrorist attacks on America. The unspeakable horror of September 11 has had a profound and enduring impact not only on individual lives but also on the global economic system and on the world financial order. Bermuda, along with other countries of the world has suffered immediate and sustained setbacks on tourism.

In this context it is astonishing that a former minister of tourism in this country and the operator of a premium resort property in Bermuda and in Nevis should publicly declare that September 11 did not contribute to the drop in Bermuda's visitor count and in tourism revenue.

This is not a time for partisan political agendas to be given precedence over today's global realities and our country's consequential vulnerabilities and problems. Now, more than ever before, is a time for all in our country to pledge a personal contribution to a swift recovery and an early renaissance in Bermuda's vital tourism business.

Now, more than ever before is a time for every Bermudian every resident every stakeholder to join in the common cause by supporting our country, Bermuda. We should look to the example set by America when that country was struck by adversity last September the full spectrum of the American population spontaneously came together as one people, one nation united in a common cause and forging a closer union in the process. Even in Washington D.C. the political hotbed in the United States, political foes put aside their partisan politics to work together in the national interests. And around the globe Arab nations joined the American-led alliance with the United Kingdom in the forefront to engage in the fight against al-Qaeda and the Taliban terrorists.

Only through such solidarity could Operation Enduring freedom have so successfully carried out the first stage of this war on terrorism .

Bermudians, residents, stakeholders and friends of Bermuda, we in Bermuda need to exhibit this same character of solidarity. We need the loyalty of all our sons and daughters whether native born or adopted.

Bermuda needs in fact more examples like the one set by sportsman Patrick Singleton at last Friday's Winter Olympic games' opening ceremony in Salt Lake City, Utah. Although alone in the freezing temperatures of that mountaintop city, he proudly carried the Bermuda flag in the opening parade of athletes, wearing Bermuda shorts and long socks. Patrick Singleton's outstanding example of national pride caught the imagination of the world and his example should be an inspiration to every citizen, every resident and every stakeholder.

Now is the time for unity, not for polarisation, not for fragmentation. Let's face it, while local doomsday prophets drone on and on, non-Bermudian entities, with access to every jurisdiction in the world, are demonstrating new confidence in our country and proudly acclaiming Bermuda as their location of choice. We should all be encouraged by this manifest international investor confidence which has recently brought some $10 billion in new capital into our country. In a global economic system that is reeling from recession international companies have been defining Bermuda as the international financial jurisdiction of choice.

Capital inflow of such significance, particularly at this time, is a telling endorsement of the fiscal and economic policies of this government and a telling endorsement of the calibre and capability of the people responsible for the management of this country's affairs.

Those international companies with a physical presence in Bermuda are major contributors to our economy, generating over $1.2 billion in economic activity locally annually. It is estimated that the international companies business presence in Bermuda accounts for close to 15,000 direct and indirect jobs.

Our challenge is to translate our natural assets and our individual and collective enterprise into a similar success story for tourism.

To this end, the Bermuda Alliance for Tourism, or BAT, represents a coming together - a unification of the principal tourism stakeholders. However as unified as this group is, we need the support of all of the players in tourism including members of the Opposition in order to effect a turnaround and an enduring renaissance in Bermuda's tourism.

In boating terms, now is the time for all hands on deck. Now is the time for all who live on this island to play a part in providing the solutions.

Fellow Bermudians, residents and stakeholders, recognising tourism as a primary source of revenue and jobs the Government is putting significant investment into this sector. We are conscious of the need to reassert Bermuda's prominence in the field of tourism. That's why we've made meaningful provisions for the development of the physical infrastructure. The new ferries and equipment to upgrade airport security and passenger safety are examples of initiatives that are geared to tourism development.

The point of all of this is to re-establish Bermuda in the tourism arena by improving the standards that we offer to our visitors while enhancing the quality of life for all Bermudians.

More importantly, our Government continues to put human development first.That's why education and training, e-commerce and increased job opportunities and wellness and health care are among our highest priorities. To that end the improvement in our students' scholastic performance and the increased enrolment of Bermudian students in tertiary institutions are most gratifying indicators of the success of the education policies introduced by this Government.

Bermudians, residents and other stakeholders, Government is gratified at the positive and productive outcomes of our fiscal and economic policies and of our management of this country's affairs generally.

However, our dominant concern, while we move the country forward, is that no one should be left behind. It is in this context that the 2002/2003 Budget provides for the establishment of an Unemployment Insurance Fund.

Government has recognised the fact that we must discharge the obligations that every country owes to every individual whose labour contributes to the building of that country. Virtually every developed nation in the world has provision for relief for the unemployed.

Those who lose their jobs in times of adversity are deserving of temporary assistance until they can stand on their feet again.

The 2002/20003 Budget is an economic blueprint with a human face. This Budget calls for compassion as well as e-commerce and electronic government, engages hard realities with 21st century technology. And it aims at human development and social cohesion as imperatives for a prosperous advanced country like Bermuda.

Above all, this Budget is a platform for prosperity for all Bermudians. As we navigate the turbulent waters of the challenging global economic environment, I urge every Bermudian, every resident, every stakeholder to look within and make a personal pledge to support Bermuda. Whatever the challenges we face we will continue to progress and to prosper if we work together in support of our country. We have seen the power that unity brings. Once we all pledge to work together for the good of Bermuda, Bermuda's great potential and our aspirations for all who live and work here will be without boundaries. Bermuda needs all of us now, more than ever before.

Thank you. And may God bless us all