Wayne Swan (Lilley, Australian Labor Party, Treasurer) Share this | Hansard source

I thank the shadow Treasurer for her question. The government makes no apology whatsoever for putting in place a comprehensive guarantee on deposits and also a comprehensive guarantee for term funding. This comprehensive guarantee is not supported by those opposite. Let us be very clear: those opposite want a scheme which cuts out at $100,000, leaving 40 per cent of all deposits without a guarantee. They want that because they do not understand the magnitude of the challenge that flows from the global financial crisis. They do not understand the reasons why this was put in place. They certainly do not understand why the Reserve Bank supported the putting in place of this guarantee and why the Treasury supported it. They have been repudiated comprehensively in Senate estimates.

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