Ruth Webber (WA, Australian Labor Party) Share this | Hansard source

Mr President, I ask a supplementary question. Can the minister confirm that part of ASIC’s additional funding will be used for oversight of investment schemes similar to that of the Westpoint property scheme? Isn’t it true that thousands of elderly and retired Australians have lost almost $400 million worth of superannuation and savings in this scheme? Minister, is the reason for ASIC’s failure to take action on Westpoint, despite being advised about its potential shortcomings way back in August 2002 by the Western Australian state government minister, due to a lack of resources provided by your government?