Rex Patrick (SA, Independent) Share this | Hansard source

I thank Senator Scarr. I get on extremely well with Senator Scarr and I also listen to what he has to say. The fault in his argument is this: those private companies pay public tax, and there is an opportunity, through the lack of disclosure, for those private companies to not pay the public tax that they ought to. And that's not right.

The other problem is that, be it a private company or a public company, I ought to be able to understand the entity I am dealing with and not have that entity shrouded in secrecy. I understand you're saying that private companies do have particular arrangements, and in some sense I agree that that's appropriate, but, to the extent that it cuts into public aspects, like the amount of tax they pay or how they interact with other entities, it should be made public. Again, this is a recommendation from ASIC. I think, respectfully, Senator Scarr, they know a lot about companies, how they operate and the distinctions that go with that. I do appreciate your attempt. It's certainly more than I got out of the minister, so I thank you.