GE Voices Concerns at Rudd Bank Loophole

GE told The Australian it had major concerns with a clause of the bill that says the ABIP would be able to provide financing in other areas of commercial lending.

“ABIP was created to fill a potential funding gap in the commercial property sector should foreign banks quit the Australian market,” GE told The Australian. “It would finance property assets that are financially viable.”

“It is this broadening of the scope of the finance that ABIP can provide to include all commercial finance that is GE’s major concern,” GE told The Australian, adding it would like to see clause 7 of the bill deleted. “We are not aware of any evidence that supports the need to broaden the scope, to any commercial finance loan.”

The Senate is expected to review ABIP submissions next week, and make a decision in May, about how the scheme would work.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of