Joe Hockey (North Sydney, Liberal Party, Shadow Treasurer) Share this | Hansard source

by leave—I move:

That so much of the standing and sessional orders be suspended as would prevent the Member for North Sydney from moving the following motion forthwith: That this House notes with deep concern the release of 25 secret Treasury documents contradicting the Treasurer about the impact of its proposed banking package including:

(1)

claiming on 12 December 2010 that the package would “build up competition in our banking system” when the secret Treasury advice demonstrates that the absolute opposite is true;

(2)

claiming on 12 December 2010 that the banking package would “ensure that interest rates are lower over time” when in the secret Treasury advice again the absolute opposite is true;

(3)

for failing to heed the warnings of the Treasury that “there are a lots of risks and sensitivities associated with banning exit fees” including higher interest rates, higher bank fees and less transparency in banking;

(4)

for failing to heed the warnings of the Treasury that the Treasurer’s banking package “could disproportionately impact first home buyers”; and

(5)

for failing to heed the warnings of smaller financial services providers such as Aussie Home Loans, Bank of Queensland and Suncorp Metway that the banking package may reduce banking competition and lead to higher overall costs for consumers.

Everything this Treasurer touches turns to mud. No wonder he scurries away. He has no ticker to defend government policy. What he does is set up his so-called mates. He set up his so-called mate from Nambour with a mining tax that was a dud. He set up his so-called mate from Nambour with a war on inflation that never occurred. He set up his mate from Nambour with a program of spending that was, on an international scale, lauded as probably the biggest package in the world. He is now setting up his mate from—

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