Senate debates
Thursday, 25 June 2009
Car Dealership Financing Guarantee Appropriation Bill 2009
Second Reading
1:26 pm
Eric Abetz (Tasmania, Liberal Party, Deputy Leader of the Opposition in the Senate) Share this | Hansard source
The Senate is considering the Car Dealership Financing Guarantee Appropriation Bill 2009. The so-called ‘special purpose vehicle’—SPV, dubbed OzCar—was established to help car dealers unable to obtain ongoing finance because of the credit squeeze. I remind the Senate that the credit squeeze was exacerbated by the mismanagement of the credit squeeze by Labor. Firstly, Labor’s ill-thought-out bank guarantee saw a flight of capital from credit companies to the banks. The consequences are there for all to see. Also, Labor’s huge spendathon, which has now sucked up $200 billion—and it is ever increasing—from the credit markets, made the credit supply all the more difficult. I still do not know how Mr Rudd and Mr Swan say with a straight face that somehow you deal with a credit crisis by putting a greater demand on credit resources by borrowing an extra $200 billion, which, by the end of it all, I think will be $315 billion.
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URL: https://www.openaustralia.org.au/senate/?gid=2009-06-25.133.1
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Source:
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106 public function render($data, $format = 'html', $template = 'comments') {
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