Senate debates

Thursday, 13 October 2011

Bills

Banking Amendment (Covered Bonds) Bill 2011; Second Reading

2:19 pm

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

It is unsurprising that the opposition is so sensitive to the fact that no eminent economist or non-eminent economist supports its policy. It is unsurprising that it is embarrassed about the fact that its policy does not add up. It is unsurprising that it is embarrassed about the fact that its policy is predicated on ensuring that the pension increases are wound back. It is unsurprising that the opposition is embarrassed by the fact that its economic team, of which I understand Senator Cormann is a member, has never got their costings right, never got their numbers right and has a $70 billion black hole. We have put out an extraordinary amount of modelling and an extraordinary amount of material. It shows we can grow our economy and cut pollution. (Time expired)

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