Bill Shorten (Maribyrnong, Australian Labor Party, Leader of the Opposition) Share this | Link to this | Hansard source

My question is to the Prime Minister. I refer to section 674 of the Corporations Act and Australian Stock Exchange listing rule 3.1, which require corporations to provide accurate updates to the Stock Exchange on matters which may affect their share price. Inconveniently, the figure that the banks have nominated that they will have to pay is less than the Prime Minister's budget forecast. So what is it, Prime Minister? Are the budget numbers wrong or are the banks lying?

Malcolm Turnbull (Wentworth, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

My old friend Neville Wran used to say, 'Anyone can go to jail if they get the right lawyer.' I think the banks must be regretting that they have recruited the Leader of the Opposition as their advocate. I have never seen a more pathetic or confused attempt to try to throw dust in the way, obstacles in the way, of the major bank levy.

It may well be—if banks have a different view about it, different assumptions, they are entitled to express that. The same officials, the same Treasury that has served governments of every complexion over many years, have made those estimates, have made those assumptions, and they are set out in the budget papers. I refer the Leader of the Opposition and his offsider the member for McMahon to those papers to study them, and perhaps in doing so they can learn the difference between cash and accrual. That could be a very good step in their accounting familiarity.