Nick Sherry (Tasmania, Australian Labor Party, Shadow Minister for Banking and Financial Services) Share this | Hansard source

My question is to the Minister for Finance and Administration, Senator Minchin. Does the minister recall saying on the Sunday program:

I am prevented, by law, from being a spruiker. I am not a licensed financial adviser.

Didn’t the minister tell the National Press Club in August 2005 that ‘Telstra is a good investment’ and ‘a great yield story’? Didn’t the minister also say:

This is a point I will be making quite a lot to potential investors.

When did the minister realise it was illegal under the Corporations Act for him to spruik Telstra shares? Did the minister obtain legal advice to this effect, and will the minister now apologise to the Telstra shareholders, particularly those he reminded it peaked at $9, who were suckered by his incompetent and misleading financial advice?