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

The partnership’s lending decisions will not be made by politicians. There is an independent board which will use guidelines, which will use best practice. That is exactly what will happen. The honourable member opposite knows that but he is seeking to do the big smear. Whether it is the Economic Security Strategy, our Nation Building and Jobs Plan, our bank guarantee or now this partnership, or the motor vehicle partnership, they cannot support one positive initiative to support employment and growth in the Australian economy. So it will be on their heads if this vehicle is not established and the consequence is that someone who would have been eligible for funding cannot get it because they would not support it in the Senate. It will be on their heads.

This government has the guts to take the tough decisions. We took a decision yesterday on executive pay, a decision they could not take in 12 years. We will take the hard decisions. We have taken the hard decision with the bank guarantee. The member opposite knows that if it were not for the bank guarantee we would not have any stability at all in our financial sector. We took that decision and we took it early. We took the hard decision to put forward an Economic Security Strategy last October when most countries around the world were not even acting. Again in February we got ahead of the curve when we brought down the Nation Building and Jobs Plan, well before many other countries in the Western world. We did it because we understand the nature of this challenge, which will be underlined by the IMF forecast which will come out overnight.

Our conscience is clear. We will do what is right by the nation, and what is right by the nation is the measures we have taken, and we have taken them on the best possible advice. Those opposite are only acting in their political self-interest. They are not acting in the national interest, and they should be condemned.

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