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

I have not provided the sort of financial advice which Senator Sherry suggests that I have. At all times I have stayed entirely within the law on this matter. There is a general injunction and it is a situation that all ministers need to be conscious of—that in relation to the sale of shares in a government company they must observe the law. At the same time, obviously this is a company owned by us, a great Australian company and one that we believe contributes enormously to Australia—to its corporate ethos, to its telecommunications assets and to the community generally. The opposition can be assured that at all times we will endeavour to—and we will indeed—stay within the law on this question. Obviously there is a fine line. There is, of course, a difference between seeking to persuade individual investors to buy particular shares in the context of a sale as opposed to a general statement by a government minister about a company, of which the government still owns 51 per cent, and the performance of that company. Obviously, as the finance minister I am in effect responsible for the taxpayers’ compulsory shareholding in this company. They have not had a choice; they are compulsory shareholders. I have a responsibility to take a keen interest in the financial performance of this company and ensure that the taxpayers are getting a return on those shares while they continue to own them. Therefore, I have a vested interest in its dividends and its general financial performance. I thank Senator Sherry for watching over this matter. I am sure he will let me know if I ever transgress what he believes to be the law in relation to spruiking.