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

Mr President, I ask a supplementary question. Isn’t it true that the former chair of ASIC, Mr Lucy, has himself referred to this as a loophole since that case you referred to. Why hasn’t the government lifted a finger to close this loophole? Is the minister aware that it is now four years since her former Senate colleague Ian Campbell, the then Parliamentary Secretary to the Treasurer, promised in January 2003 to close the loophole quickly? When will the government act to improve regulatory oversight and improve the protection of the savings of Australians? How many more collapses will it take before the government closes this loophole?