Bill Debate · In Committee
Senate · Tuesday 2 September 2025
Continued from Thursday 28 August 2025.
Official Hansard for this day (APH) · Read this debate on OpenAustralia
The Senate considered the Pacific Banking Guarantee Bill 2025 in committee. Senator Roberts questioned the principle of charging premiums for guarantees, citing data on domestic bank savings from existing guarantees. Minister Ayres rejected the characterisation of the guarantee as a subsidy. The bill was agreed to and reported without amendment.
The bill was agreed to and reported without amendment.
Summary in reported speech - not a transcript. AI-generated, so check the official record before quoting.
Continued the debate
Roberts argued that the bill established a precedent requiring banks to pay premiums for government guarantees. Roberts cited Reserve Bank of Australia figures indicating domestic banks saved $3.6 billion annually through existing deposit guarantees. Roberts questioned why the government did not charge similar fees to banks operating in Australia, suggesting taxpayers were subsidising bank profits.
Government response
Ayres responded to Roberts' questions by denying that the guarantee constituted a subsidy or a bailout. Ayres stated that the measure served the national interest. Ayres did not elaborate further on the financial mechanics or the comparison to domestic banking arrangements.