Malcolm Turnbull (Wentworth, Liberal Party, Leader of the Opposition) Share this | Hansard source

My question is to the Acting Treasurer and Minister for Finance and Deregulation. I refer the Acting Treasurer to the Prime Minister’s announcement on 12 October of a government guarantee of wholesale funding of Australian incorporated banks and other authorised deposit-taking institutions, which, from the moment of its announcement, the opposition has called upon the government to make the subject of legislation. Does the Acting Treasurer accept that the Prime Minister’s stubborn and indecisive refusal to present legislation ensuring that payment on the guarantee is, in the words of Standard and Poor’s, ‘unconditional, irrevocable and timely’ is going to undermine the entire objective of enabling Australian institutions to raise wholesale funds overseas, depriving banks of much if not all of its benefit? Doesn’t this mean that if the banks do not benefit—

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