Turnbull Accuses Rudd of Epic Financial Blunder

Australian parliament opposition leader Malcolm Turnbull is pushing for tax reform and a review of bankruptcy laws for big companies to protect jobs amid the global financial crisis, condemning the government's own response as making the situation worse, The Australian reported today. Turnbull accused the prime minister of a "financial blunder of epic proportions" over the unlimited bank guarantee and warned he would not offer him a "leave pass" to drive the federal budget into deficit. Turnbull said the goal of "jobs, jobs, jobs" should include an urgent review of laws relating to corporate insolvency. "Over the years I have been an advocate of Australia adopting rules which enable and promote corporate reorganisation and rehabilitation having regard to the more successful features of, but not slavishly following, the US Chapter 11 which of course has features which would not be appropriate in an Australian context,” he told the National Press Club. Turnbull said he "invited the Government to sit down with us quickly to discuss the changes that can be made to our insolvency laws to ensure that a higher priority is given to continuity and rehabilitation of businesses and above all to the preservation of jobs." Read more.