Construction workers accused Malcolm Turnbull of turning his back on thousands of construction workers who face job losses and uncertainty over the coming months.
CFMEU Construction Division National Secretary Dave Noonan said the Opposition leader's attack on the commercial property fund was reprehensible.
"The Federal Opposition would be prepared to stand by with their hands off the economy and let the market decide while construction workers lost their jobs. Continuing to allow the market to decide the fate of thousands of jobs is irresponsible.
"The market based approach, like the markets themselves, has failed. It is time for Government to step in and ensure viable, essential projects are maintained and jobs are protected," said Dave Noonan.
Nearly a million workers are employed in the construction sector in Australia and thousands of jobs are at risk over the coming year.
Supporting the Government's proposal, the CFMEU cautioned that without the appropriate safeguards, the effort to guarantee the loans of foreign banks could be used as a slush fund for developers.
"The current financial crisis is not the fault of construction workers, or any working people. It is the fault of 'extreme capitalism' - banks who have engaged in loans to people who cannot afford to pay them back.
"Our response to the crisis should include rejecting the advice of those who led us down this perilous path. The Government has every right to step in pre-emptively, and a responsible Opposition would be working with them, not slinging mud from the edges of the political debate.
"The Opposition claimed the sky would fall in if the Government secured all bank deposits, and they haven't, and now they claim that securing construction jobs is designed to avert the course of the markets. Without this protection, thousands of construction jobs may be lost, with Australian families the real victims," said Mr Noonan.
CFMEU
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