JON FAINE:
So there you go, former Press Secretary to Kevin Rudd. And speaking of Bill Shorten, the Minister for Employment, Workplace Relations, Financial Services and Superannuation and ambitious leadership aspirant, is on the line from the national capital. Mr Shorten, good morning to you.
BILL SHORTEN:
No, you didn't need to add that last thing in, Jon.
JON FAINE:
Well I think it's…
BILL SHORTEN:
I mean this is part of the problem with political reporting is Jon, it's easier to talk about leadership issues than talk about the issues.
JON FAINE:
But it is there, there's no point denying it?
BILL SHORTEN:
You're going to have to tell me whether I have a better idea what's happening in the caucus, because I talk to people every day up here. What we're interested in and what the Prime Minister is interested in is getting on with the current economic circumstances. The fallout from Europe, making sure that we can support Australian industry and jobs.
JON FAINE:
Julia Gillard's economic credibility was the subject of a news poll published in The Australian today, and it suggests that a substantial number of Australians who thought she had economic credibility in 2010 no longer think that she enjoys that same economic credibility now.
She's gone from forty-eight per cent approval on economic credibility down to thirty-four.
BILL SHORTEN:
Oh, I think the media keep underestimating our Prime Minister. In terms of polls, polls go up, polls go down. You know for what it's worth there was a news poll last week which said that Labor's vote had improved in the Daily Telegraph the week before. But no one was ringing us up about that.
But be that as it may, polls do go up, polls go down. We are the only Government, we're the only party with a plan to build a strong economy with a fair share for all.
JON FAINE:
Well I'm sure that Joe Hockey last week, when he spoke to us, Tony Abbott, if he ever does speak to me again, will pretty much make the same claim. But the poll - the point of the poll is it's about how people are responding to that call and they're not impressed.
BILL SHORTEN:
Yeah, well when you say the Opposition will make the same claim as the Government. I think you've got to have a look at the events of last week where you had seven different Coalition economics' spokespeople saying seven different things. They're more like a bar scene from Star Wars than an economic alternative.
JON FAINE:
The banks are brushing off your attempts, Wayne Swan's attempts and Julia Gillard's attempts to tell them to go easy on interest rate rises. They're thumbing their noses at you, the politicians, aren't they?
BILL SHORTEN:
Oh well, big banks are just what they - just what they act like they are. They're big they have a large proportion of market share. I think the Prime Minister and the Treasurer are right to put pressure on banks.
JON FAINE:
And how?
BILL SHORTEN:
Well you just, you've got to raise a community debate, don't you? You've got to say what is right and what's not. By the same token the Government's not going to re-regulate interest rates. You know we're not going to take over that function and…
JON FAINE:
And they know that and they're counting on that, so they just shrug off your efforts.
BILL SHORTEN:
Yes I think you underestimate the impact of public opinion and public discussion on banks. You and I both know that all the banks will be monitoring the transcript of this conversation. You know and the politicians acting as leaders and spokespeople for community views, combined with a diligent media raising the issues. That does have impact on banks, I don't accept it doesn't.
JON FAINE:
Have you changed from one of the Big Four, with the personal banking?
BILL SHORTEN:
No, wait a sec.
JON FAINE:
Well that's, if you are talking about people exercising their collective [unclear 0:03:09.0].
BILL SHORTEN:
Ah, yes wait a sec. Wait a sec, but you didn't also ask me do I - have I got any accounts with anything other than the Big Four, which I do for my kids. So sure I've certainly done things now in terms of opening accounts which I wouldn't have contemplated in the past.
JON FAINE:
But if Lachlan Harris for instance as one example is saying to people, look until we show the banks that we are serious and we challenge their near collective monopoly then they'll just continue to behave with little regard?
BILL SHORTEN:
True.
JON FAINE:
So don't you think that…
BILL SHORTEN:
There'll have to be consumer, there does have to be consumer example.
JON FAINE:
And you don't want to lead by example?
BILL SHORTEN:
Oh, Jon, when you comment on issues in the media, I don't ask you about your personal financial circumstances.
JON FAINE:
Okay, well I'll volunteer to you, in fact this afternoon I'm going to see my community bank.
BILL SHORTEN:
Excellent and I've done - been involved with a community bank and accounts too. The issue here though is two-fold with banks. One is what they're doing with rates or they're not doing with rates. The other issue is - and banks have got an argument and I think the Government has an argument countervailing that - these big banks though, are offshoring jobs, which I think is an issue. People just say it's the way of the world, everything is inevitable. I don't accept that. So I do think that banks are mindful though of community reaction.
JON FAINE:
No, they're mindful of the bottom line.
BILL SHORTEN:
Yeah - well if you think that that's all they're ever mindful of, then we're wasting the discussion, aren't we, if you think you can't change their attitudes?
JON FAINE:
You can change - their attitude will change when they're hurting.
BILL SHORTEN:
That's right. On the other hand that's why we're increasing superannuation from nine to twelve per cent. Because we think that increasing the retirement savings of people also puts more competition into the superannuation markets. That's why I'm battling through Parliament reforms to financial planning.
To make sure that the wealth management industry in Australia isn't overcharging its customers. There are plenty of real and practical things the Government is doing from superannuation to financial planning reforms, which don’t seem to be as interesting to journalists as polls.
JON FAINE:
Well it comes down to whether you and your colleagues are capable of explaining things in ways people understand, I suppose. It's…
BILL SHORTEN:
Oh I think you've just got that, didn't you? I'm giving you my best shot.
JON FAINE:
That's why it's there. Thank you for your time again, this morning.
BILL SHORTEN:
Thanks, Jon, cheers.
JON FAINE:
Bill Shorten, Minster for Employment, Workplace Relations, Financial Services and Superannuation in the Gillard Government. To your calls.