Peter Slipper (Fisher, Liberal Party) Share this | Hansard source

I am pleased to be able to join the debate in the Main Committee on the Bankruptcy Legislation Amendment (Debt Agreements) Bill 2007 and the Bankruptcy (Estate Charges) Amendment Bill 2007. As you mentioned, Madam Deputy Speaker, this is a cognate debate. The honourable member opposite referred to household debt. Obviously when people are falling into financial difficulty that is a matter of concern. I think we have to recognise, however, that we are a free society and people do have the opportunity, if they wish, to buy things. If they want to borrow to acquire possessions then that is a matter for them. You cannot have a situation where the government regulates everyone from the cradle to the grave. We do have free choice and we do have assistance for those who need guidance with respect to whether or not they should undertake certain debts, but it is wrong to say that it is the fault of the government that we have rising debt levels. The member opposite also mentioned home loan affordability. He referred to repossessions by mortgage companies—

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