THE Government will bring forward the Senate debate on its emissions trading scheme in an attempt to thwart plans by the Coalition to delay a vote until after winter and reduce the chances of the bill becoming a trigger for an early election.
With almost all 37 Coalition senators planning to speak on the bill in a filibuster attempt, the Sydney Morning Herald understands the Government will start debate on Monday to ensure the filibuster fails and a vote is held. The Government will also keep the Parliament sitting beyond Thursday, when it is due to rise for a six-week winter recess, if required.
Sources also told the Herald the Government would most likely reintroduce in October the bill for the so-called Ruddbank, or Australian Business Investment Partnership.
The $4 billion fund, jointly funded by the big banks and the Government, was designed to shore up commercial property values in the event of withdrawals by credit-starved foreign banks. The Coalition and the Greens defeated the bill in the Senate on Tuesday.
In the interim, however, the Government may have to find a new chief executive for the partnership, after the man initially appointed to run it said he would finish up work "shortly".
Ahmed Fahour, the former head of the NAB's Australian operations, was designated chief executive officer in February.
Mr Fahour, who was paid the equivalent of a departmental deputy secretary, or about $250,000 a year, said he was grateful for the privilege of public service. "I'd like to thank the four major banks, the Treasurer and the Treasury and the PM for their support in my endeavours as interim CEO of [the Australian Business Investment Partnership] and will finish up my duties shortly," Mr Fahour said.
Only one foreign bank has shut down its operations, and the partnership has increasingly come to be seen as supporting developers that had lost support from smaller Australian lenders.
The property industry said the defeat of the partnership could harm confidence, jeopardising the viability of prospective projects and jobs.
"This is one of the more reckless acts in which the Liberal Party has engaged in recent times," Kevin Rudd told Parliament. The Coalition finance spokeswoman, Helen Coonan, said the need for the partnership had not been demonstrated and the Coalition would not be cowed by the threat of an early election.
A double dissolution requires the Senate failing to pass the same bill three months apart. Mr Rudd does not want an early election but wants the option. If Labor wants an election before August 2010, it must call a double dissolution.
The Coalition is so keen to avoid an early poll that next week it will vote for the tax increase on alcopops that it helped to previously defeat, and which it vehemently opposed for a year, just to avoid the issue becoming a trigger. The emissions trading legislation is the most likely trigger. If the bill is defeated next week, Labor will reintroduce it in October.
The Government believes the Opposition Leader, Malcolm Turnbull, could swing his party behind the scheme by then, especially now that Peter Costello is no longer a leadership threat.
Mr Costello was the rallying point for conservatives opposed to doing anything about climate change.
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