Steven Ciobo (Moncrieff, Liberal Party) Share this | Hansard source

I am pleased to rise to speak on the Banking Amendment (Covered Bonds) Bill 2011. In particular, when we review this bill it is important to consider how we got here. Recently the Treasurer was given the international Euromoney magazine finance minister of the year award. Those on this side of the chamber scratched their heads more than a little at the notion that of all people Wayne Swan, the member for Lilley, received the award and yet Peter Costello, the former member for Higgins, did not receive the award. The current Treasurer took this country from a net surplus of $60 or $70 billion in assets and a budget surplus of around $22 billion to a country encumbered with $107 billion worth of debt and running a budget deficit of approximately $47 billion. The notion that the Treasurer who presided over that turnaround in Australia's fortunes was the international finance minister of the year while the Treasurer who brought about 10 surplus budgets, built up $70 billion in assets and built a budget surplus of $22 billion was not entitled to receive that award had many of us scratching our heads.

But there are other policy aspects that this Treasurer has looked at and reforms that this government has made which have led a number of us to query the policy focus and, indeed, the lack of savvy of the government. When it comes to banking policy, one of the most crucial reforms, which in my view was made in error, was the decision to initially provide an unlimited bank deposits guarantee. I am aware, Mr Deputy Speaker, that you have an itchy trigger finger when it comes to dealing with the substance of this matter.

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