Stephen Conroy (Victoria, Australian Labor Party, Deputy Leader of the Government in the Senate) Share this | Hansard source

As I was saying, and in response to Senator Fifield’s supplementary question, St George Bank and Esanda Finance have indicated that they are considering potentially extending their market share in the Australian car finance market following the withdrawal of GE and GMAC Australia. It is possible that $1 billion to $1.5 billion of the $2 billion shortfall could be picked up by Esanda and St George, although there is no commitment at this stage. There is a concern that regional areas may suffer disproportionately, as banks are expected to focus their lending on larger dealerships in urban areas. Treasury is continuing discussions with APRA about the possible conversion of finance companies, including automotive, into ADIs eligible for guarantee arrangements. Total new motor vehicle sales fell— (Time expired)