Malcolm Turnbull (Wentworth, Liberal Party, Leader of the Opposition) Share this | Link to this | Hansard source

My question is addressed to the Acting Prime Minister. Given the government has now adopted the coalition’s position on an appropriation bill to back the bank wholesale funding guarantee to ensure millions of customers in Australia fully benefit through lower interest rates, fees and charges, will the government now act to fix its bungled deposit guarantee and listen to Australia’s leading bankers, who insist the cap must be cut to as low as $100,000 as soon as possible?

Lindsay Tanner (Melbourne, Australian Labor Party, Minister for Finance and Deregulation) Share this | Link to this | Hansard source

Have you seen the front page of the Fin?

Julia Gillard (Lalor, Australian Labor Party, Deputy Prime Minister) Share this | Link to this | Hansard source

I am reminded by the Minister for Finance and Deregulation that, whilst the Financial Review is important to read every day, it is particularly excellent reading today. I recommend it to members of the House generally.

Joe Hockey (North Sydney, Liberal Party, Manager of Opposition Business in the House) Share this | Link to this | Hansard source

You wrote it!

Julia Gillard (Lalor, Australian Labor Party, Deputy Prime Minister) Share this | Link to this | Hansard source

The member for North Sydney no doubt insults the editor of the Financial Review with that remark. On the question that the Leader of the Opposition raises with me, on 12 October this year the government moved quickly and decisively to ensure confidence in the banking system. We did that in an environment where international competitors were moving. The Leader of the Opposition knows if we had not acted our banking system would have been seen as second class internationally. We made that decision on 12 October. We have acted to implement that decision. Every step of the way we have been dealing and consulting with people in the financial services sector and, of course, with our regulatory authorities. The Leader of the Opposition has had several positions—indeed, dozens of positions—since the day on which we acted. Some days he is in favour of the bank guarantee and the actions we took. Some days, in fact, he is so in favour of it that it is his idea. Other days he seeks to undermine confidence in the actions taken by the government and implies that had he been Prime Minister the action would not have been taken. Well, he cannot have it all ways. The government will continue on the course that it has set.