If there's anyone who thinks ScoMoBank is a good idea -- other than the Coalition and an ALP now sounding a tad embarrassed to have rushed to endorse it -- they haven't yet spoken up.

The idea for taxpayers to subsidise first home buyers by guaranteeing the gap between a buyer's deposit and 20% seems to have been prepared on the back of an envelope on the way to the Liberal launch. According to critics it will variously lead to higher interest rates, encourage people to take on too much debt, leave borrowers with negative equity, reverse an important Howard government privatisation, or be too trivial to affect the market.