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Pearce asks PM: "is this latest policy the best you've got?"



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Fri, 31st October 2008 PEARCE ASKS PM: "IS THIS LATEST POLICY THE BEST YOU'VE GOT?"

The Hon Chris Pearce MP Shadow Minister for Financial Services, Superannuation and Corporate Law

Chris Pearce today asked the Prime Minister whether he thought his policies were having the desired effect in the market after almost three weeks of increasing fiscal dislocation in the Australian market.

Since the implementation of the Prime Minister’s policy, the following events have occurred: An estimated 250,000 Australians have been locked out of their savings

Senior Australian business leaders state the PM’s policy needs to change

Consumer confidence is at an all time low

Inflation is at a 13 year high

Unemployment is rising

Mr Pearce remarked that despite all this, the Prime Minister continues to develop policy on the run, carrying on from his most recent policy thought that non-APRA regulated entities should “be like a bank” in order to be covered by his deposit guarantee.

“On October 12, the Prime Minister introduced a policy that he said would increase stability and restore confidence in the marketplace,” said Mr Pearce.

“The Prime Minister was staking his unique brand of “decisive leadership” on the success of his policy.

“So Prime Minister, what Australia wants to know is: Is this as good as it gets?” asked Mr Pearce