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

The very first point I would make is that the government put in place the bank guarantee last October to ensure that credit was going to flow to the Australian economy, to households and to businesses. If it had not been for that decisive action then we would have experienced in this country a severe contraction of credit and the price of it would have increased dramatically. As a consequence of that action there has been a flow of credit in this economy virtually unlike in any other advanced economy. The point I want to make is that those opposite opposed the bank guarantee. They opposed our term funding guarantee that has enabled our banks to borrow almost $100 billion.

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