Chris Bowen (Prospect, Australian Labor Party, Shadow Assistant Treasurer) Share this | Hansard source

The coms, as the member for Bruce says. You know this minister is really desperate. He is trying to cover his own incompetence and his backflip. I have to hand it to the Assistant Treasurer—he does get points from me—he has got gall. He has got front. He has got more front than Anthony Horderns, as we say in Sydney. He comes in here and tries to protect his reputation by saying that the Labor Party is under the thumb of the ACTU. I would be very surprised if the ACTU has a position on the withholding tax treatment of debentures in this country. I would be very surprised if the ACTU congress has spent a lot of time thinking about this.

I see the member for Moncrieff having a chuckle up the back. Well he might, because he would probably make a very good assistant treasurer—in comparison with this one. If we have to put up with a Liberal assistant treasurer for this nation, the member for Moncrieff might do a better job than this one. He might at least go out and consult with industry. The member for Moncrieff used to work in the finance industry. He might at least understand that these changes have dire ramifications and that they should not have been brought in here without consultation. They should not have been brought in here without first going to the banks and financiers and asking: ‘How do you think this will affect Australian industries’ chances of raising finance overseas? How do you think this will impact on our ability to build infrastructure in this nation? How do you think it will impact on our ability to attract foreign investment into this nation?’ These are all things that this government parades around the boardrooms of this country, with its rhetoric, and says it is in favour of, but it does nothing about.

The Treasurer of this nation and his sidekick, the Assistant Treasurer, have a reputation in industry of failing to consult. This has been shown yet again in today’s legislation. (Time expired)

Question agreed to.

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