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ABC News Breakfast -

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(generated from captions) for the Outback epic

Case of Benjamin Button' has 'Australia'. 'The Curious

been nominated, 'Slumdog

Millionaire' has 10

is being nominations. Lindsay Tanner

is being interviewed this

morning on AM with the economy the chief point

interest. Let's listen in.

Malcolm Turnbull Long-term

benefits are more likely to

be invested, they provide

incentives to employ people,

to build-up businesses. They

provide long- term

confidence, one-off payments

tend to be saved and not used

in to pay down debt. I noticed

in the press today Mr John

Lipski the deputy managing

director of the IMF has said

that "Temporary sours of

income tend to be saved while

increases in long-term income

are more likely to be spent"

so that confirms the

anecdotal evidence we are see

pre-Christmas fiscal stimulus in which is that the

of Mr Rudd has proved to be

ineffective. Was it wasted

money? Well it obviously

has not been wasted by the

people who have received it,

they have appreciated it and

if they have paid down debt

or saved it, it has not been

wasted in that sense but

Kevin Rudd made that payment

for the purpose of

stimulating economic activity

and he urged people to go out

and spend, spend, spend and

plainly they haven't or in large measure, which is what the retailers are telling

us. The Government looks like

it will extend help the the

manageral property sector

which is having trouble

refinancing loans. Do you

support that move? From what

we have read about it this

has nothing to do with jobs

or supporting employment or

supporting small business. It

is simply designed to do one

thing and that is to insulate

the big banks from taking

write downs on their loans to the commercial property write downs on their loans to

sector and prop up their

already very high profitability. But does not -

is not confidence tin banking system in any form important

in those days? Well from it

is! But eke think Government

has to make sure that it uses

taxpayer money wisely and in

a way that benefits every

sector of the economy. If you

satisfy small business that

is suffering then you are

keep your staff on worried about whether you can

keep your staff on f you have

a manufacturing business that

is suffering and you are

worried about keeping your

staff on you are going to

wonder why the Government is

trying to - is using your

money taking enormous risks

with your money to prop up

commercial property prices

simply for the purpose of

protecting the big banks.

This proposal that the

Government appears to be

about to undertake was one

made to them by made to them by the National

Australia Bank. It was taken

to them by one bank as a

means of supporting its own

balance sheet of supporting

its own already-high

profitability. It is not a

measure that is designed or

will support employment

across the country because plainly if you think about

it, whether a commercial

property building for

whether example, an office building,

whether it is worth $100

million or $50 million does

not affect the employment, it

affects the people that go to

work there, clean it an

service it and so fort so

this is the Government using

your taxes to support the

profitability of the big

banks. So if this move needs legislative support you

cannot guarantee that? We will scrutinise it will scrutinise it very carefully. I'm only

commenting what I've read tin

press so far, and it seems to

be quite well informed, I

imagine the Government is

leaking this out in advance,

is very troubling. One of the

thins we will want to know is how involved thanks Reserve

Bank been on this? We know

when they made their very

ill-considered and damaging

decision to garage tee, have

an unlimited guarantee on bank deposits last year Kevin Rudd did not

Rudd did not speak to the

Reserve Bank Governor. Now

this plan for propping up

prices tin commercial

property sector. How involved

has the Reserve Bank been in

that? We need to know that.

There is a lot we will need

to look at and the devil as

always will be tin detail but

from what we read tin press

this has nothing to do with

jobs. This is not being

directed at jobs, it is all

designed to prop up prices tin commercial property

sector and it involves enormous conflicts of

interest because you see if

you think about it, if you

have a lending vehicle which is come priced of the

Government putting up most of

the money and guaranteeing it

and the big banks, the big

banks money is already

invested tin commercial

property sector T

Government's money isn't so

the Government has new money

so the big banks will want

the Government to the Government to lend money

to maintain the value of

their existing loans, their existing investments so it is

a monstrous conflict of

interest and it is very naive

of Mr Rudd to think that he

can manage relationship like

that without putting

taxpayers money at very grave

risk. One of your challenges

this year being managing

relationships in your own

party particularly with diverging views diverging views on emission

trading between the Liberals

and the Nationals and with

debating your party over

where it should position

itself idea logically There

are always debates in political parties T Labor

Party has been known to have

few internal debates over the

year and they continue. We

are democracy and debate

occurs, it is to be

encouraged and we resolve these issues, form these issues, form a common

view and go forward. Malcolm

Turnbull thank you tore your

time. Federal Opposition

leader was... Malcolm