The Senate Economics Committee, of which I am the Deputy Chair, has tabled a dissenting report raising serious concerns over the Government’s true intentions of RuddBank, and recommending this irresponsible legislation be scrapped.

The committee believes the Rudd Bank proposal to be an “unnecessary over-reaction to an unlikely possibility “ – namely the withdrawal of the 23 foreign Banks operating in Australia from the commercial property market – which will for the Commonwealth the burden of these debts to the tune of a possible $28 Billion.

The real purpose of the RuddBank is unclear, and I’ve called on the Prime Minister to come clean about his REAL objectives. Is this a scheme to protect selected investments in the commercial property market? Will the $28 Billion Commonwealth guarantee be added to Rudds credit card debt of $200 billion? What is this scheme really all about?