My question is to the Treasurer. When did the Treasurer first become aware of the proposal for a new government owned bank? Can the Treasurer confirm that this new bank was born out of a discussion between state Labor governments and led by the New South Wales Treasurer, Eric Roozendaal?

The answer is no. Those events did not happen. I will repeat what I said before, because the government is prepared to examine all appropriate measures to ensure that investment flows to critical economic infrastructure, particularly given the global financial crisis. But, as I said to the member before, I rejected the proposition formally put to me by the Queensland Treasurer, Mr Fraser, on behalf of the other treasurers.