Senate debates

Thursday, 27 February 2020


Australian Business Growth Fund Bill 2019; In Committee

1:57 pm

Photo of Jane HumeJane Hume (Victoria, Liberal Party, Assistant Minister for Superannuation, Financial Services and Financial Technology) Share this | Hansard source

I think the fact that it's never been done before in fact makes it an exciting innovation and something that I would have thought the Greens would grasp hold of and say, 'This is going to be fantastic'! You understand, though, that this is an entirely separate vehicle. The banks are shareholders, and they provide capital, but the purpose of the fund is to help small and medium enterprises to find access to long-term, patient capital that they would never otherwise be able to access so they can continue their businesses, reinvest in their businesses, grow, and employ other Australians. This is not some conspiracy. In fact, it's a really good thing. The banks are shareholders, but there is a professional investment team that is in charge of making the decisions as to where that finance goes.


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