Joe O'Toole (Independent)

It has not been explained. It has not worked in the United Kingdom or the United States. The British chancellor was almost in tears because after giving billions to the banks over there, they told him to go away. I am not trying to catch the Leader out on this, but if he does not know the answer I would like him to check it. Banks are owned by their shareholders who decide what is to be done with the money. If we put money into the banks, which is described as recapitalisation, the bank management decides what happens next. They can only do what is in the best interests of shareholders, not what is in the best interests of the Government, the economy or the country. That is the law of the land. I want to know how putting money in at one end ensures it will come out the other. I cannot simplify it any more than that. Since last September, I have asked this question of everyone who has anything to say about the economy, but nobody can indicate to me how it can happen. I had a discussion with the Leader about ways to release money when we had the issue concerning the ACC, the ICC and credit unions. As of now, however, I do not see how it can be done.

As regards the pension levy, I agree with Senator Fitzgerald's point that we have managed to split the workforce between the public and private sectors. We should look at this on the basis of what is right, fair and honourable. If public servants need to pay more for their pensions, they should do so. On the other hand, there is absolutely no justification, understanding or equity in a situation when people earning huge amounts of money — the 35,000 millionaires that the Minister for Education and Science, Deputy Batt O'Keeffe, refers to regularly in his weekend speeches — are not asked to pay one shilling above and beyond the 1% levy that everyone else is being asked to pay. The Government should face up to the difficulty and recognise that it should introduce an extra tier of taxation. That would at least let people see that there is fairness and equity in what is happening. Until that happens, people will react against the measure.

Somebody asked if strikes are a good thing. They are never a good thing but there is a time when people must express their views on something — not to achieve an objective but simply to say "We will not accept this. It is not good enough". That is the danger of what is happening now. The Government should look at the proposals, deal with them in the broader context and tell us where they lead. It should also tell us how it is going to deal with high earners who are not being asked to pay extra.