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

As I was attempting to say, Mr President, the Volcker inquiry revealed potential corruption on the part of 2,200 companies in some 66 countries around the world while Saddam Hussein was in power and in relation to the UN’s oil for food program. It was a massive indictment of that program.

In relation to the Australian companies named—most particularly, AWB—we were the only country in the world to set up a fully fledged commission of inquiry, which examined in great detail what went on and made recommendations, and we will act upon those recommendations. There is argument from the Labor Party about the terms of reference. I think those allegations are scotched by Commissioner Cole’s own statements with respect to the terms of reference—that is, that we made it clear that if he sought a widening of the terms of reference, they would be widened. We amended the terms of reference on five separate occasions in accordance with Mr Cole’s requests. If he had requested any further terms of reference changes, we would have granted them.

Commissioner Cole has vindicated the role of the Prime Minister, the Deputy Prime Minister and the Minister for Foreign Affairs in this matter. He has cleared them of any implications, any knowledge of these matters. He has indicted AWB for its deliberate misleading of everybody involved—the UN and the government—in relation to these matters. We are moving quickly to establish a task force, with the appropriate legislation that we will need, in the next two weeks. I presume the opposition will fully support that legislation to ensure that charges can be brought where appropriate. As to the particular role of the ONA, as I said, I am happy to get back to Senator Faulkner as to whether there is any reference to that in the report or any information I can give him.