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

Could I reject the basic premise that is contained in that question. It is simply an assertion, not a fact. The primary challenge that the car finance companies face is raising funds from wholesale markets and using debentures and unsecured notes from retail investors. Due to the global financial crisis, they are having difficulty raising funds in wholesale markets and households are seeking to withdraw funds from investments when they mature. Car finance companies, just like other market linked investments, rely on investors rolling over their investments. The Leader of the Opposition claims that it is the government’s guarantee that is to blame for investors not rolling over their investments. But his actions tell a different story. He admitted that he and other people were withdrawing their funds because of declining values caused by the global financial crisis. So what we have is walking on one side of the street and acting on the other side. (Time expired)