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

The shadow Treasurer has had a lot to say about this, and I welcome the opportunity to correct the record. This government has a proud record of reform in the banking system and most particularly a proud record of reform in making that system more competitive. Those opposite do have a very selective memory. We put in place the financial claims scheme, and those opposite had not had the wit to do that over 12 long years. A financial claims scheme, now the deposits guarantee, was the very foundation of our surviving the global recession. Of course that was of greatest benefit to people who were involved with smaller financial institutions, the smaller banks and the credit unions.

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