Stephen Conroy (Victoria, Australian Labor Party, Deputy Leader of the Government in the Senate) Share this | Hansard source

I thank Senator McGauran for that question, which he got to belatedly. Senators in this chamber would be aware, because we have mentioned this occasionally in the last six months, not in the last few days, that this is a very difficult period for global financial markets. I know that it catches those opposite by surprise, because each day there is a movement they get caught on the different side of the argument. We have seen the fourth largest investment bank in the US go bankrupt and the third largest bought out by the Bank of America. We have seen the world’s largest insurer requiring an $85 million lifeline from the US Federal Reserve. We saw share markets last week fall significantly, although we have seen some recovery. So each day as things go up and down the opposition keeps getting caught on the wrong side of the argument. They do not have any economic policy that is responsible. They are engaging in cheap shots on a daily basis and it does not matter if they become contradictory.

Earlier I heard an interjection about how well qualified the member for Wentworth is to make commentary on these issues. The member for Wentworth helped bring us the HIH and FAI. He brought the insurance industry in this country to its knees with his own personal performance, and he is engaged in litigation with the HIH inquiry—