Senate debates

Monday, 4 December 2017

Questions without Notice

Banking and Financial Services

2:30 pm

Photo of George BrandisGeorge Brandis (Queensland, Liberal Party, Attorney-General) Share this | Hansard source

Yes, he is. The once and future Deputy Prime Minister, my colleague and friend Barnaby Joyce, is quite right in identifying that certain National Party politicians, including our colleagues Senator Williams and Senator O'Sullivan over there, have prosecuted this case for a long time. It was not the cabinet's preferred course of action. But, in view of the way the debate was developing, the government took the view that there were—not from them, I might say, but from your side of politics and others—very wild and irresponsible things being said that, in the view of the government, and indeed in the view of the banks themselves, posed risks for the stability of the Australian financial system. Whatever we do, this government will protect the stability of the financial system and, for that reason, we moved as we have done.

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