ALAN JONES:
The Federal Treasurer, Joe Hockey is on the line. Treasurer, good morning.
TREASURER:
Good morning Alan.
ALAN JONES:
This is shameful stuff, Joe. I can’t believe that Canberra can stand by while this is happening. These foreclosures – and we are talking about 46 up there in the last any number of months. I was there at Winton. I spoke to Paul Keating – you may have heard my comments years and years ago about the extortion of interest rates [inaudible] small businesses driving them to the brink. He then became the Prime Minister. I took a call from him 20 minutes after he got the job. He said, ‘the first thing I am doing is calling this mob in and they won’t leave until I get satisfaction’. Why can’t these banks be called in and you say to the banks, [inaudible] and conditions of their operation are such that, you have the final say here. Equally, we underwrote these people during the Global Financial Crisis – the taxpayer. The very people that are being ripped off up here in Winton were the very people who were part of Australia who underwrote the banks during the Global Financial Crisis and continue to do so, I might add. Now, why can’t there be a moratorium on foreclosures?
TREASURER:
Alan, I just heard your story of the 87 year old…
ALAN JONES:
He is not the only one, Joe.
TREASURER:
Yeah and if you send me the details, Alan, I will follow it up with the bank…
ALAN JONES:
But there is a general principle here. What about all these other people? I mean Joe, I had three women weeping in front of me and I said, ‘are you alright?’ and I put my arms – and they sobbed into my shoulder, ‘Yeah, we are finished today. I couldn’t stay. I left my son there’. These are people that have not missed payments and anyway, the banks know – and by the way – the real estate people then ring me yesterday and say, ‘We are being inundated with calls. These are of Chinese interest to purchase the land and they will purchase it at a devalued price knowing that when the rain comes, it is worth four times as much’. This can’t be allowed to go on.
TREASURER:
There are two issues there, Alan. As you know, I haven’t been – I haven’t been specifically to Winton – but I have been up through those areas with Barnaby Joyce, relatively recently and I met with famers that were in that very position and we have already announced an extension [inaudible]…
ALAN JONES:
Waste of time, Joe. Please believe me, Joe, please believe me. Look, don’t even mention it. Don’t even mention it – $100 million at 3.21 per cent, don’t even mention it. It only further angers the people up there; a waste of time. It is really like piddling in the ocean; a waste of time. They don’t need more debt to service the current debt. What I’m asking you to do, Joe, is to call all the banks in today – today, and ask for a moratorium on these foreclosures until such time as the drought breaks. That is all I am asking. The farmers don’t want anything. They will pay back everything. They want the farm, so that they can pay back the debt. They don’t want the farm being repossessed and sold off at a discounted rate to some foreign interest who will then take advantage of the good season when it comes and make a big quid out of their vulnerability. I am begging you: will you please call the banks in and ask at this Christmas time for a moratorium on foreclosures?
TREASURER:
I will do what I can, Alan.
ALAN JONES:
Okay and I will talk to you tomorrow.
TREASURER:
Okay then.
ALAN JONES:
Thank you for your time.