Arthur Sinodinos (NSW, Liberal Party, Shadow Parliamentary Secretary Assisting the Leader of the Opposition) Share this | Hansard source

My question is to the Minister for Finance and Deregulation. Minister, I refer you to commentary in the 2011-12 budget papers which stated:

To maintain a liquid and efficient bond market that supports the three- and ten-year futures market and the requirements of the new global bank liquidity standards, the panel agreed that the CGS market should be maintained around its current size—that is, around 12 to 14 per cent of GDP over time.

Minister, what rationale does the government have to maintain the market at 12 to 14 per cent of GDP when at the end of the Howard government there was a viable CGS market with gross Commonwealth debt at six per cent of GDP?