Right Pulse

It appears that the Reserve Bank recommended against the establishment of Rudd’s commercial property partnership with the commercial Banks, worth $4 billion. Rudd apparently ignored the RBA advice, which is not surprising given Rudd’s conflict of interest with the Banks and ALP funding:

A Government spokesman said the Reserve Bank had been “consulted” on the creation of the fund. However, it is understood the bank’s concerns were not taken into account.

I outlined the conflict of interest of the fund yesterday. Both the Banks and the CFMEU are either major donors to the ALP, and/or the ALP is heavily invested in Bank stocks to fund their political future. The centre of these relationships are in Queensland, the home of Rudd and Swan. Queensland ALP also has a history of accepting payments from construction companies in return for development approvals. Last year it was reported that:

Electoral returns show Multiplex donated more than $11,000 in the days before it lodged its winning tender for Brisbane’s controversial North Bank development.

It also gave $20,000 while its unsuccessful bid for the Gallery of Modern Art was under consideration.

The Labor Party denies the Government is being influenced by donations.

But Opposition Leader Lawrence Springborg has told ABC Radio’s AM program that it is a conflict of interest.

“Now there’s nothing illegal in what’s happened here,” he said.

“But it’s certainly highly questionable when you have developers lining up to be the preferred tenderer, or actually win a contract, and giving donations on the eve of that tender being released.”

The relationship between NSW ALP and property developers is also infamous, as it came to light last year.

….10 of the biggest developers paid more than $1 million to the Labor Party while Mr Sartor considered $1.5 billion worth of their building works across NSW.

….Developer Stockland has donated more than $100,000 to the ALP while seeking approval for a number of developments on the NSW south coast….

….Meriton donated $100,000, a month before submitting revised development applications for more than 200 apartments on the Rhodes Peninsula….

….Mr Sartor has 324 major projects on his desk under the Part 3A amended section of the act. Liberal Party research shows 48 of the developers involved in those projects have donated to the NSW ALP.