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

I thought I did answer that by indicating that ASIC, as the responsible federal authority, has been actively involved in this issue since 2002. It issued public warnings in 2003 and it has been actively involved in investigations of breaches of the law. It is a matter for ASIC, properly established by this parliament, to conduct those regulatory activities and to prosecute breaches of the law where they are occurring. It is a well-funded organisation to undertake that.

We deplore any breaches of the law or any deliberate deception of ordinary Australians in relation to their investments. It is tragic, it is unacceptable, and it is something that this government certainly will not tolerate. ASIC is well funded to ensure that it pursues every potential breach of the law like that.