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The Rudd government’s “RuddBank” has failed to make it through the Senate after the Coalition and the Greens refused to support the legislation.
The initiative, formally known as the Australian Business Investment Partnership, was intended to support the commercial property sector which has faced severe refinancing hurdles following the onset of the financial crisis.
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The Greens rebuked the legislation after the government refused to cap executive salaries in banking and property development, while the coalition said the plan put too much taxpayers’ money at risk, according to the ABC.
Federal treasurer Wayne Swan said the opposition was risking the livelihoods of thousands of people by voting against the legislation, with thousands involved in the sector, including plumbers, electricians and carpenters, facing job losses.
