House debates Questions without Notice

Banking

Thursday, 16 October 2008 House of Representatives

Ms Julie Bishop

Ms Julie Bishop Curtin, Liberal Party, Deputy Leader of the Opposition

2:35 pm

My question is to the Treasurer. Will the Treasurer advise the House whether a BBB-rated bank would be charged a higher fee to access the government’s 100 per cent guarantee for bank wholesale funding than a AA-rated bank?

Wayne Swan

Wayne Swan Lilley, Australian Labor Party, Treasurer

These are all matters that are being dealt with by the Treasury as we speak.

Unidentified interjection - Hansard doesn't record who said this

Opposition Members:

Opposition members interjecting—

Wayne Swan

Wayne Swan Lilley, Australian Labor Party, Treasurer

It is a very important thing that must be put together. I do not intend to debate those commercial matters on the floor of the parliament, given all of the circumstances that we are in at the moment in terms of the global financial system. It will be put together—

Stuart Robert

Stuart Robert Fadden, Liberal Party

You don’t know. You just don’t know.

Wayne Swan

Wayne Swan Lilley, Australian Labor Party, Treasurer

This will be done on a case-by-case basis. That is what it will be done on, and it is not my job to make those commercial decisions on the floor of the parliament. No Treasurer would do that. These arrangements will be developed by the Treasury. They will be transparent, they will be public, they will be capable of public scrutiny, but I do not intend to debate them or to throw them onto the floor of the parliament or to make my commercial judgements, which must be made by the officials.