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Monday, 20 October 2008
Page: 9520

Mr TURNBULL (2:08 PM) —My question is addressed to the Prime Minister. I refer to the proposal to provide Commonwealth guarantees of wholesale term funding by banks, a measure that could result in the Commonwealth taking on hundreds of billions of dollars in contingent liabilities. Will the Prime Minister undertake that this important measure be the subject of legislation and debate in this parliament?

Mr RUDD (Prime Minister) —As the Treasurer and I have already indicated on this matter, when the appropriate documents are prepared by the Treasury they will be made public in the appropriate forum. I assume that at that point they will be the subject of informed debate in this parliament. I assume that they will become the subject of informed debate as is necessary in this parliament.