$28 Billion Rudd Bank Rejected in Federal Parliament

Kevin RuddTHE AMBITIOUS $28 billion “Rudd Bank” – designed to protect the commercial property sector from the global financial crisis – was rejected in federal parliament this afternoon.

The Liberal party and the Greens voted down the fund, officially known as the Australian Business Investment Partnership, which was being lobbied by several property unions and bodies.

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More Concerns About $30 Billion “Rudd Bank” bail-out

KEVIN RUDD’s controversial $30 billion “Rudd Bank” – formally known as the Australian Business Investment Partnership (ABIP) – has been questioned again, this time by a commercial agency-based research department.

ABIP – a joint venture between the major banks and the federal government which would finance the gap between what a developer is able to borrow for a new project, and the actual cost of the project – was first proposed earlier this year.

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