Bill Shorten (Maribyrnong, Australian Labor Party, Assistant Treasurer) Share this | Hansard source

It was embarrassing. That is what the member for Wentworth said about his shadow coalition Treasurer colleague privately, and he should say it here. What happens is, when you start to talk about tinkering and regulating bank interest rates through the intervention of government regulation, you send a terrible signal overseas; you send a terrible signal to mortgage holders. The Australian mortgage market is too important to be treated with some sort of populist stunt. By contrast, you will see that the Labor government have cracked down on unfair mortgage exit fees; we have provided a better deal for Australians with credit cards; we have ensured that we will decrease the interest withholding tax. But, as much as the opposition may bicker and moan about the comments of the coalition shadow Treasurer, let us be clear: the comments of the shadow Treasurer put pressure on mortgage rates. If the opposition were ever to form a government, I have no doubt that they would replace the coalition shadow Treasurer with someone who at least understands the markets. The real issue here is that, when you talk about regulating the rates through ham-fisted intervention, you endanger all Australian mortgage holders.

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