Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Hansard source

The Treasurer has provided the following answer to the honourable senator's question:

(1) (a) The Government is aware that some European Governments have indicated support for extractive industry reporting rules in the European Union. (b) The Government is aware that the European Commission has consulted stakeholders regarding country-by-country reporting by multinational companies but has not yet brought forward draft legislation.

(2) The Government is aware of the new Chapter 18 requirements for extractives companies newly listing on the Hong Kong Stock Exchange.

(3) Yes. In countries with weak governance frameworks, or the absence of the rule of law, government corruption can be a serious problem. The Government supports improved governance arrangements to help address this.

(4) Refer to response to Question 3.

(5) The Australian Taxation Office regularly publishes details of revenue received by industry sector.

(6) The Government believes that action on this subject is most effective if coordinated globally, and is working with other G20 nations to achieve this.

(7) The Government continues to engage with stakeholders to ensure Australia’s governance arrangements remain world’s best practice.