My question is addressed to the Attorney-General. Will the Attorney-General advise the House if his department has provided any advice to the effect that legislation should be enacted to underpin the wholesale bank funding guarantee?

I thank the honourable member for his question. It has been the practice of both sides of parliament not to provide details of legal advice. I can confirm, to answer the honourable member’s question, that my department has provided advice. I acknowledge the presence in the chamber of the former Attorney-General, the member for Berowra, who has specifically said that on a number of occasions. In terms of the legislative underpinnings, the Acting Treasurer has said that the guarantees will be provided on the basis of contracts entered into under the executive power of the Commonwealth, but the Commonwealth is clearly entitled to rely on all constitutional heads, including banking, corporations, interstate and international trade, insurance and so on. While I will not detail the advice that has been provided to government, I can assure the honourable Leader of the Opposition that the measures that will be implemented will have an appropriate constitutional underpinning.