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

I thank the member for Mayo for his question. There is certainly a difficult situation for many out there who have investments in the non-deposit-taking institutions. Those are investments that were made by people looking for a higher return and they are investments in funds which are certainly very worthy funds—very worthy investments—but to attribute all of the impact on the non-ADI sector to the bank guarantee is simply wrong and inaccurate. It has certainly been a factor and it has had an influence, but to attribute problems to do with mortgage trusts and all the rest of it solely to the bank guarantee is just wrong and inaccurate. I do not know what the member is arguing but, if he is arguing that we should extend the guarantee to all of those non-deposit-taking institutions, that is not something the government can responsibly do.

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