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(generated from captions) Well, it has been a lively week.

Fierce argument at times, some

would say strong debate over the Government's unlimited bank deposit

guarantee scheme. It has dominated

Federal Parliament this week.

Opposition Leader Malcolm Turnbull

has accused the Government of economic ineptitude. The Prime

Minister hit back by accusing Mr

Turnbull of undermining confidence

in key financial eupbsstaouss.

Joining us with more on this, we

have the Housing Minister Tanya

Plibersek and Shadow Treasurer Tony Smith.

Hi, Bill, hi Tony.

We have four cash management trusts freezing

freezing more than $8 billion in

funds in three days. Minister,

we'll start with you. Has this been

an unexpected detour in your plans an unexpected detour in your plans

to shore up deposits?

concern Look, it is obvious a concern, a

concern to people whose funds have

been frozen and we're working as

hard as we can with those

institutions and with all banks to

make sure that there is security in the banking system in Australia. make sure that there is security in

We've been, I think, very fortunate,

compared with many other countries

because we acted decisively and we

acted early. We have a stable

system here and we are working very

hard to make sure that that stability remains.

Tony Smith, initial support for the

Government's move, but of course

now there is criticism at which

direction they should head in. What

do you think of this? What can they


Well, what we've seen in the Well, what we've seen in the last

week is inept management by Wayne

Swan and Kevin Rudd. I mean,

Malcolm Turnbull has made that

point all week. We've seen it in

Canberra. We had Wayne Swan on

Wednesday announcing in the House

of Representatives there would be a

new deposits tax, it would be

compulsory. By Thursday, he was

saying that wasn't going to be

quite the case. The reason this has

all occurred, Bill, is because

there has been policy on the run.

Kevin Rudd has been more interested

in the 24-hour news cycle instead

of getting all the details right.

And that's been the problem. Wayne

Swan has been lurching around in

the House of Representatives, a bit

like a learner driver in the car

park, hitting all the witch's hats

with his hand brake on and the foot

on the accelerator at the one time. Bill, this is... What

What needs to happen is there needs

to be decisions taken, some

certainty restored, particularly on

cap. the issue of the guarantee and a

Bill, I think it's worth pointing

out that the measures that we've

announced, the measures that

Malcolm Turnbull initially backed,

are extraordinary measures in very difficult times. You look around

the world at the moment and you see

what Alan Greenspan described as a

once in a 100-year economic event.

They have very times. These measures are extraordinary measures

and it would be really terrific if

the Opposition that originally they

said that they backed these

support, measures and showed some bipartisan

support, would actually get behind

these efforts to restore security,

banking system, would stop to restore confidence in our

attacking the head of the Treasury,

Ken Henry, and stop attacking the

head of the Reserve Bank, Glenn Stevens and actually showed some

responsibility. They are

extraordinary measures, of course

they are. It is an evolving

situation, we know that. We know

that there will need to be

finetuning over time, but we had to

act early, we had to act decisively.

By doing that, we've restored

confidence in the banking system.

We've actually seen the large banks

say they will pass on the remains

of the interest rate cut because we

have restored faith in the banks

system T would be just terrific if

the Opposition say they will be

bipartisan and support a measure,

that they actually do that instead that they actually do that instead

of quibbling around the edges.

Tanya, what we've discovered and

the the mismanagement - I mean, when

the initial announcement was made a couple

couple of weeks ago, couple of weeks ago, everyone

assumed that the Reserve Bank

Governor had been spoken to

directly. We've had Kevin Rudd for

the last two or three weeks

speaking to world leaders and

holding press conferences moodly

afterwards to inform the Australian

people, and we discover that he

hasn't phoned the Governor of the

Reserve Bank. We discover that when

over the kap. Cabinet meeting took place

over the weekend, he had Wayne Swan

from Washington, but couldn't have

the Reserve Bank Governor on the

phone from Sydney. Now, this is all phone from Sydney. Now, this is

because he has spent more time

worrying about getting the cameras worrying about getting the cameras

in for the photo opportunity,

whether he would have his sleeves

rolled up or rolled down. As I said

before, what we've seen in the

Parliament this week where a new

tax get as announced halfway

through Question Time without the

knowledge of the Treasury Secretary

and then the very next day, Wayne

Swan is back ago way from it

Oh, Tony...

That's what we've been critical of.

Both the Treasury Secretary and the Reserve Bank Governor have said that they backed these measures,

very clearly said that. The banks

widespread support throughout the have backed these measures,

Australian community. I think

you're looking for things to

that bipartisanship. quibble with because you figure

What, you don't think Kevin Rudd

should have spoken to the Reserve Bank Governor?

You begin to feel relevance

deprivation syndrome. I think it

would befit you much bet tore focus

on the crisis we're facing not just

in Australia, but around the world,

try and engage constructively. If

you want to make constructive

suggestions, that would be tefbg terrific, but the comments about

the Prime Minister, about the

Suggestions this morning. Reserve Bank

Excuse me, about the Reserve Bank

Governor, about the Treasury

secretary, instead of launching

these personal attacks at this

incredibly difficult time, to make

constructive comments about what

you would like to see happen to

restore faith in the system. I haven't

thing. haven't heard a single constructive

Minister, while we're with you,

Wayne Swan made the comment

regarding Centrelink. We know the

monthly payments from these monthly payments from these funds

have been guaranteed, the funds

will continue, so what exactly did

the Treasurer mean by that comment

that they go to Centrelink?

Well, the monthly payments from the

funds will continue and that's very

important and very good news for

people relying on them. It may be

that people's income is affected

with the revaluation of their

assets. You know that there are assets. You know that there are

accounts that are deemed to earn a

particular amount of return and

with the change in financial

circumstances, that people are

facing, it may be that people who

in the past have not been entitled to

to a pension or only entitled to a

small pension, they may find their

entitlements have changed. They should contact Centrelink.

Centrelink are looking at ways that

they can speed up the re-assessment

of people if their eligibility has

changed. But of course, the

individual circumstances are people

really do need to discuss

individually with Centrelink.

Tony Smith, was it fair play the

comment made about Ken Henry. Eddie

Betts made a suggestion that Ken.

Eric Abetz made a suggestion that

Ken Henry flaired up about

Well, he made it clear that he

thinks Ken Henry is doing a good

job and said the same thing about

the Reserve Bank Governor. Our

criticism has about about the way Kevin Rudd and Wayne Swan have

managed the entire episode. The

spectacle of Kevin Rudd in the Parliament saying what had happened

in the Cabinet meeting with Ken

Henry when it was revealed that the

Reserve Bank Governor hadn't had a

direct conversation with the Prime

Minister. So, what we've seen this

week is really Wayne Swan and Kevin

Rudd, 24-hour news cycle obsessed,

making one thing up after another,

we saw it on the deposits tax, and you mentioned Centrelink just

before. Wayne Swan's announcement I

think at quarter to 8 last night,

just a callous, throw-away line,

saying, "Go down to Centrelink and

see if they can help you," really see if they can help you," really

was tphuft another example of why

this government has managed this so

badly in the last week Tony, it is...

The Reserve Bank has been

suggesting a course of action for a

week with respect to a cap. It's

time that the Government listened

to the Reserve Bank...

Tony Smith, we are out of time.

Thank you, we do apologise to you

and Tanya Plibersek to not be able

to continue. I would love to do it

all day, but we don't have the time.

Thank you for your time.

See you again, Bill.

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