Steve Fielding (Victoria, Family First Party) Share this | Link to this | Hansard source

My question is to Senator Minchin, the Minister representing the Treasurer. Minister, is it true that the Australian Securities and Investments Commission, ASIC, is investigating whether the bidder’s statement for Qantas contains false and misleading statements as to the track record of the bidders?

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

I am not aware of that. Senator Coonan, of course, represents ASIC in this chamber. I do not have a brief on ASIC’s role in the whole Qantas issue. I am well aware of the role of the FIRB and the ACCC in examining matters relating to the proposed Qantas purchase, but I am not aware of any role by ASIC. I recall from estimates, when I was there, that ASIC did not raise any concerns or issues with respect to the way in which the Qantas matter was being handled. If there is any information, I can provide it to Senator Fielding, but I am certainly not aware of any ASIC involvement in this issue.

Steve Fielding (Victoria, Family First Party) Share this | Link to this | Hansard source

Mr President, I ask a supplementary question. Minister, if ASIC is conducting such an investigation—and that is ‘if’; you are saying you do not know—do you agree that the government’s decision about the takeover under the Foreign Acquisitions and Takeovers Act should be delayed until the results of that investigation are known?

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

It is not possible for me to answer hypothetical questions. I am not sure that Senator Fielding is actually asserting that there is some ASIC investigation about which none of us seem to know. He is not actually saying that; he is saying ‘if’. I am not prepared to answer any hypothetical. I am certainly not aware of any ASIC examination of this matter. We are properly undertaking the regulatory reviews of this matter through the Foreign Investment Review Board, under the Foreign Acquisitions and Takeovers Act and of course through the ACCC inquiry into the issues associated with Macquarie Bank’s investment in the Sydney airport and its involvement in the consortium that seeks to purchase Qantas. I am not going to answer a hypothetical, but I will pursue the matter of ASIC’s role—(Time expired)