Labor clearly has not heard of the term “moral hazard”, which is defined as “a situation in which one party gets involved in a risky event knowing that it is protected against the risk and the other party [Australian taxpayers] will incur the cost”.
Labor has already demanded that Australian taxpayers bail-out:
- industry superannuation funds that invested too much in illiquid assets;
- universities that became over-exposed to international students, and wasted the tens-of-billions in fees received;
- temporary visa holders that came to Australia on the condition that they would support themselves; and
- Virgin Australia.
