Turnbull Doorstop - The Rudd Government’s reckless spending, Fair Pay Commission’s decision, Australia’s banking system, people smuggling....

The Hon Malcolm Turnbull MP
Leader of the Opposition (to 1 December 2009)

Subjects: The Rudd Government’s reckless spending; Fair Pay Commission’s decision; Australia’s banking system; people smuggling; detention of Rio Tinto employee in China

E&OE

MALCOLM TURNBULL:

Well it looks like Kevin Rudd left Australia as Paris Hilton, having hit the national credit card with a massive spending spree, and by the time he got to Berlin and decided he was Scrooge McDuck, warning the world about the dangers of too much government spending and too much debt. He omitted from his speech to mention that the reason Australia’s economy is strong and the reason we don’t have any more debt than the amount he’s already running up is because of the very sound economic conditions he inherited from the Coalition Government. When he became Prime Minister we had no net debt and cash at the bank, and now of course he’s running us into the biggest debt in our history.

It’s interesting also that he chose to lecture the Germans on the dangers of excessive government spending because of course it was the German Government, under Chancellor Angela Merkel, who decided not to go down the big borrowing, big spending approach taken by the Americans and the British and Mr Rudd, and instead took a much more prudent approach to fiscally responding to the global financial crisis, and of course as a result have not run up anything like the level of debt that we’ve seen in Australia.

QUESTION:

Is a freeze on minimum wage the correct decision?

MALCOLM TURNBULL:

Look, I respect the decision of the Fair Pay Commission. They obviously have some…have got to weigh up the arguments, the arguments for an increase against of course the impact on employment and they’ve taken that decision. I think it’s a reasonable one and I certainly support it.

QUESTION:

So are lower paid workers better off earning less and keeping their jobs then?

MALCOLM TURNBULL:

Look, I think everybody is better off keeping their jobs.

QUESTION:

Economists are calling for a ‘people’s bank’ to rival the big four. Is that something you support?

MALCOLM TURNBULL:

Certainly not. I don’t think economists are actually calling for a people’s bank as a matter of fact. There are a number of economists that are calling for another financial inquiry or an inquiry into our financial system along the lines of the Wallis Inquiry which is now, well many years ago, back in 1996 it reported. There have been a lot of changes since then and I think it’s well worthwhile having another look at our financial system, how it interacts with the rest of the world. Our financial system has proved to be very resilient and very strong. The reforms the Coalition put in place after the Wallis Report many years ago now have proved to be very good reforms. But it’s always worthwhile having another look at this and examining our financial system in the light of more current developments.

QUESTION:

We have seen record numbers of first home buyers. Does this show that the Government’s stimulus measures are helping to keep the economy ticking along?

MALCOLM TURNBULL:

Well, certainly the Government has provided a very substantial stimulus to support, encourage first home buyers and that’s exactly as one would expect.

QUESTION:

Did Kevin Rudd achieve anything during his trip to Malaysia?

MALCOLM TURNBULL:

Well, we don’t know. The reality is, look, all we know about Kevin Rudd and border protection is that he’s failed, let’s face it. Ever since he made public the changes to Australia’s policy there has been an increase in unlawful boat arrivals. That is a big issue. I think the solution is more effective agreements with our neighbours, particularly Indonesia and also to a lesser extent Malaysia. But that’s something that the proof of the pudding will be in the eating; it will depend on results. Everybody, everybody, whatever their views on this issue, is vehemently opposed and correctly opposed to this dreadful trade of people smuggling.

QUESTION:

And finally, have you been briefed about the reported detention of a Rio employee in China?

MALCOLM TURNBULL:

I have seen those reports in the press and I’m very, very concerned by them. This is something that we have raised with the Chinese Embassy today. We have raised our concerns with the Chinese Embassy in Canberra. This is a matter of very real concern and it is completely unacceptable for Australian executives to be detained anywhere in the world without cause. And this seems to be, well, there just doesn’t seem to be any justification for what’s happened but we have certainly made our representations to the Chinese Embassy and expect to get an explanation from them and the officials, the executives to be released, to be put at liberty, or if the Chinese Government wishes to make some charge against them, then to do so, but just detaining people without cause is completely unacceptable.

Thank you.

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