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

What we are doing about it is that we are working with the various industry organisations to find solutions. There are no instantaneous solutions to investments in the market linked sector. They are not banks. They are not subject to the guarantee. People have made those investments and there are now adverse market outcomes, which we recognise. If you want to attribute all the blame for that to the government, go ahead. But the truth is there is a bigger problem out there which needs to be solved, and this government is working with our regulators—whether it is car finance, cash management trusts or mortgage trusts—on a sectoral basis to find solutions. There have been some practical solutions so far and I hope to see further progress as we go through. But, if those on that side of the House want to pretend there is some magic wand a government can wave and suddenly the whole impact of the global financial crisis is simply washed away in terms of these market linked investments, they are living in cloud-cuckoo-land.

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