Chris Pearce (Aston, Liberal Party, Shadow Minister for Financial Services, Superannuation and Corporate Law) Share this | Hansard source

The honourable member for Dawson is yet another new member and I appreciate that he has not been here to see the behaviour of his side of politics over a long period of time.

It is amazing to think that we cannot get the Prime Minister to come into this chamber. I think I know what might be some sort of an incentive for the Prime Minister to come in here. If we were to relocate this chamber overseas, the Prime Minister would come in very swiftly. He would be very happy to address the parliament. I think the problem with this chamber is that it is in Australia. Because it is in Australia, the Prime Minister does not feel obliged to speak to the parliament at all, but if we were to transport the parliament to some foreign country I think you would find the Prime Minister would be delighted to address the parliament—because, as we know, the Prime Minister very much likes to address foreign entities wherever possible. I think the problem that we have is that our chamber is actually in Australia. It is fascinating to reflect on that point.

Since the government announced its policy in relation to this guarantee scheme, we have, as I mentioned earlier, been for weeks and weeks hearing from the government that there is no need to legislate—that everything will be okay. Yet, of course, we see this legislation before us today. What has also been fascinating to watch throughout this process is the way in which this government has sought to cut people out of the debate. We read various media reports about how the government has consulted with the big four banks, but I know for a fact, based on my consultation with the industry, that the government has not been consulting with a broad cross-section in the financial services community at all. As a matter of fact, it has deliberately cut out key players in the financial services industry. That is a major concern. It is a concern because as a result of this government’s policy there has been a huge dislocation in the Australian financial services sector.

The investments of around 300,000 Australians have been frozen as a result of this government’s policy. Government members may think that that is acceptable. Government members may think that introducing a policy to have 300,000 Australians’ investments frozen—Australians who need security and certainty about their investments—is appropriate. I think it is exceptionally inappropriate. Those Australians have been locked out of their savings. Senior Australian business leaders have stated that the government’s policy needs to change. Gail Kelly, the CEO of Westpac, has said publicly that the government’s policy needs to change. Consumer confidence is now at an all-time low. Business confidence is at an all-time low. Inflation is at a 13-year high.

We heard about the Prime Minister’s declaration of war on almost anything. It is fascinating to think about the Prime Minister’s war on inflation, which he declared in January this year in Perth. The member for Dawson might remember that five-point plan to fight inflation. It is interesting that, ever since the Prime Minister announced his war on inflation, inflation has increased every quarter.

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