One of Australia's largest property owners and financiers, General Electric, has called on the Rudd Government to fix a loophole in the proposed Australian Business Investment Partnership -- the so-called Rudd Bank -- legislation that would see the $30 billion taxpayer-funded scheme used for purposes other than commercial property finance.

The US conglomerate said it had major concerns with a clause of the bill that says the ABIP would be able to provide financing in other areas of commercial lending.

'It is this broadening of the scope of the finance that ABIP can provide to include all commercial finance that is GE's major concern,' said the group, which is calling for clause 7 to be deleted.

'We are not aware of any evidence that supports the need to broaden the scope, to any commercial finance loan.'

The Australian