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

Unlike those opposite, the Rudd government is not willing to stand by and do nothing while commercial property prices tumble and jobs are wiped out by developments in global financial markets. The opposition say, as evidenced by Senator Coonan’s question in this place yesterday, that no commercial property projects or jobs are at risk. That is the contention from those opposite. However, foreign banks have been unable to give the Treasury a commitment that they will maintain their current exposures to the Australian economy in general, including commercial property, and there have been reports from the Property Council and others that up to 24 foreign banks may be reducing their lending to the commercial property sector. ABIP is a contingency measure being put in place with a number of safeguards. (Time expired)