Joe O'Toole (Independent)

Yesterday we were given another commitment to have a debate on the economy. I support Senator Hanafin in what he has asked for in the last couple of weeks. It would be very helpful to have a debate here on the views of the different parties to drill down beyond what they are. I have previously said I believe that many people in all parties in both Houses do not quite understand their parties' policies and I would like to hear them outline them. It would be very helpful for people to drill down through the top level, second level and third level of what is being proposed by the different parties. Those of us who take a more disinterested line perhaps without taking a political view on it certainly would like to hear that and it would be very helpful.

Based on yesterday's report it is discouraging and dispiriting to discover that the Government would appear to be the author of its own misfortune. That is the view of an independent assessment by the IMF. On the other hand it is also heartening and encouraging to note that the independent international observers regard the Government's plan as a workable way out of our problems. That needs to be considered. Both issues are important and need to be dealt with clearly. We should recognise that this banking tsunami or earthquake has created a series of aftershocks in unemployment, small business, mortgages and, in particular, pensions. During the course of the discussion I would like to hear outlined the plans for each of those areas. While I accept the Government's point of view that banking needs to take priority at this stage, the Government needs to recognise that ordinary people do not fully understand this. There has not been a debate on it. They want to hear what we are doing about pensions and to support employment, small business and mortgage holders who are in the same position as banks in that they cannot afford to pay their debts. They also need support. Those issues need to be considered and addressed in a fair, open and honest way. I look forward to a debate on the matter and to the Deputy Leader's response to it.