Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Hansard source

The advice I have, Senator Xenophon, is that it was not the intention of the government’s program of investing in residential mortgage backed securities to support major banks or their subsidiaries, whether partially or fully owned. My point is that I do not accept the premise of your question that the goalposts were shifted. The advice I have is that it was quite clear that it was ‘whether partially or fully owned’ and that has been the government’s consistent position. This is a matter in relation to the administration of the program, not in relation particularly to Aussie Home Loans, although I acknowledge that the effect of this on Aussie Home Loans has obviously been of some significance for them. It is a very important program. It injects funds into this sector, which is needed. (Time expired)