Bill Shorten (Maribyrnong, Australian Labor Party, Assistant Treasurer) Share this | Hansard source

The member for Riverina is always welcome to stand up and speak rather than relying on sitting down and interjecting. What would all those companies—Shell, BP, AGL, Alstom, Rio Tinto, Origin and Grocon—know about the economy? What would they know about energy? What would that they know about mining? Anyway, let us not just rely on a whole lot of heavy hitters of Australian industry, people who are part of the carbon pollution business, who accept the need to put on a price.

Let us be clear. There was an important story on the front page of today's Australian Financial Review. It was reporting what the compliance people at the Australian Stock Exchange have said. They put forward some important facts contained on the front page of the Australian Financial Review. They reminded people of listing rule 3.1. For those opposite, who probably are not aware of what listing rule 3.1 is, it is the requirement that company directors must disclose to the market matters which are material to operations; they must report them.

This is a timely intervention by the ASX, so let me be clear. The ASX are agnostic about government policy or opposition policy but they are absolutely determined to enforce the listing rules of the Australian Stock Exchange. They have put an emphasis—and again this is timely—on the need to be responsible. They are saying that there should be facts, not exaggeration. They are reminding Australian companies that they must inform the market of material developments, which are very likely, and that they would also have to take account of the assistance provided by the government.

I regret to report to the parliament that it is a shame there is no listing rule 3.1 for the opposition. Instead of economic hard work, those opposite are relying on a strategy to shout their way into government. Let us go through some of their fear and negativity. They have predicted the death of the coal industry, yet economic modelling for the CPRS has shown that it would increase by 66 per cent by 2050. They have predicted the death of the steel and aluminium industries.

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