Fed: Minchin denies $150 million loss
Finance Minister NICK MINCHIN has denied that a bungle over Commonwealth banking arrangementshas cost taxpayers $150 million.
He's admitted that an auditor-general's report has identified shortcomings in the implementationof arrangements to make federal departments do their own banking.
But he says those shortcomings have not cost taxpayers $150 million and there willbe no cost in the future to taxpayers.
Senator MINCHIN says that's why the auditor-general has not made any recommendationthat the scheme should be stopped.
He says teething problems with the scheme have already been fixed and he says Laboris just beating it up.
Labor finance spokesman STEPHEN CONROY earlier said the bungle was a disaster.
AAP RTV rft/daw/jmt c
KEYWORD: BANKING MINCHIN (CANBERRA)
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