Joe Ludwig (Queensland, Australian Labor Party) Share this | Hansard source

It is ridiculous to make the point about hiding behind commercialisation; if the information is made available those companies would then be subject to attack by other companies, they would have all of their financial affairs on the record. No-one is suggesting that. These are very tight laws that require disclosure, and if that was the case then it would apply to a publicly listed company as well—but it does not. What I want to hear is why there is a difference between a publicly listed company and a privately listed company as to the proper disclosure of the information. The argument has been simply a broad-brush approach, and if that argument were true then it would also apply to publicly listed companies so that they should not have their annual report, their information, their financial affairs listed because it would somehow be available to their competitors and they would then be short-changed in the market and not have the ability to progress whatever deals they were doing. Of course it does not stop publicly listed companies from doing all of those things properly and appropriately in the marketplace.

We want to see proper transparency, but this government does not like transparency—it hides behind, now, a new corporate veil to disguise its position because it wants to hide the big end of town. That is the short answer; that is the true answer. I do not think, with respect, that the argument progressed by the minister holds water. If it did hold water, and if that point was valid, why was it passed in first place and why were they going to be compliant with that? I think the piper has been paid the money and the big end of town has said 'Be sure to play this tune.' The government is hiding behind some very loose rhetoric. In any event, it is long overdue that these issues are being dealt with appropriately and properly in this place.