Nick Minchin (SA, Liberal Party, Minister for Finance and Administration) Share this | Hansard source

I cannot let Senator Sherry’s remarks go without saying that I reject out of hand his use of this chamber to reflect on Mr Robert Gerard. I want to say for the record that Mr Robert Gerard is one of the most outstanding citizens of my state of South Australia, a man highly regarded right across the political and community spectrum who has been a generous benefactor of many organisations. I am actively involved in the Adelaide Zoo. Without Robert Gerard the Adelaide Zoo, the only non-government capital city zoo, would be in extraordinary difficulty. Mr Gerard is an outstanding human being who has broken no law but whose name, as a result of the rigour of the political process in this place, has been besmirched—I think quite unfairly. We wanted a leading manufacturer on the Reserve Bank board and one from a minor state, and that is why he was appointed. I hope that issue will not colour this discussion, which I would hope would be a constructive and sensible one.

Again, I obviously respect the integrity with which Senator Murray brings this proposal to the parliament, but on balance we do not believe it an appropriate amendment to this bill and will not be supporting it. I make the point that we have introduced into the Future Fund legislation a specific clause, 38(3), which puts a legal obligation on the ministers concerned to be satisfied that anybody appointed to this board:

... has substantial experience or expertise, and professional credibility and significant standing in at least one of the following fields:

• investing in financial assets

• the management of investment in financial assets, or

• corporate governance.

We have introduced a particular and additional element into the selection process. Obviously Mr Costello and I are, and I think any future ministers would also be, very conscious of the public profile and significant responsibilities which this board will have. I cannot believe any government of any persuasion would do anything other than apply the most significant due diligence to the appointments to this board.

Indeed, to date we have been working very closely with Mr Murray, whose appointment as chairman, as I say, I think has been widely accepted as very good. I can assure you that Mr Murray will not want to serve with anyone on this board other than those of the highest integrity. He has made that clear to us, and we are working closely with him on formulating appropriate appointments to the board—appointments that will not, obviously, be considered until this legislation is signed into law. We are well down the track of considering appointments, and they are people of very high quality. We are doing this in close consultation with Mr Murray—that is, Mr David Murray. No relation, I gather, Senator Murray?