Nick Sherry (Tasmania, Australian Labor Party, Minister for Superannuation and Corporate Law) Share this | Hansard source

I am just trying to be helpful to Senator Joyce. I understand he has not got the detailed response. I am not going to go through all of the countries. There is a lot of detail there; you asked for the detail. It has been an issue of debate. It has been an issue of discussion this morning, and I am giving you some of that detail now. Senator Joyce has claimed that I should look at the US stock market and at what has happened as a result of their stimulus package going through the US Congress. Senator Joyce, with respect, I think you are confusing the stimulus package with the bailout package. I do look at Bloomberg and CNN; I do look at the commentary. I have done that not just today but over the last year, in this financial and economic crisis. The observations made with respect to the current market response reflect the disappointment and the lack of detail in the bailout package, not the stimulus package. The bailout package, for people who are not aware, is hundreds of billions of US dollars being passed over and paid to a range of American financial institutions. That should not be confused with the stimulus package. I want to make the point that I am trying to provide detailed information, as asked for at the Senate committee hearing—and which was not available at the time—in response to Senator Joyce’s question.

Distinguishing between a bailout package and a stimulus package leads me to a couple of issues on the guarantee that Senator Macdonald raised. I firstly would make the point, Senator Macdonald, that it is not a guarantee simply for the four big banks. It is a guarantee for all APRA regulated deposit-taking institutions. That includes all banks, credit unions and building societies.