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Swan fails to resolve crisis.

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The Hon Julie Bishop MP Shadow Treasurer Deputy Leader of the Opposition

Wayne Swan has failed to resolve the crisis in the investment fund market, caused by the Rudd Government’s bungled implementation of an unlimited guarantee for bank deposits.

Given the Treasurer’s lack of action today, Australians must assume the Government does not understand the hardship caused to people who have had their savings frozen as a direct result of Government action.

It is now 12 days since the Government’s hasty and ill-conceived announcement, and thousands of Australians now find they are unable to access their savings.

The only response from the Government has been a heartless suggestion that they go to Centrelink.

Wayne Swan must admit the Government has made a blunder and he should take responsibility for his actions and help people who are in hardship because their savings are frozen.

The Treasurer’s announcement today does nothing to solve the problem of a flight of funds from institutions excluded from the guarantee, including foreign bank branches which hold billions of dollars in deposits from thousands of individual Australians, and which provide important funding to small businesses, farmers and employers.