Nick Sherry (Tasmania, Australian Labor Party, Minister Assisting the Minister for Tourism) Share this | Link to this | Hansard source

I have, and I assume Senator Cormann is going to raise this, an answer to question No. 598, given on 15 April. Senator Cormann did notify my office and I have spoken to Minister Shorten's office. I assume this is the matter he is raising. Firstly, I apologise on behalf of Minister Shorten's office. The answer should have been provided but, inadvertently, has not been. I seek leave to have the answer incorporated in Hansard.

Leave granted.

The answer read as follows—

TREASURY

SENATE QUESTION

Notice Given: 15 April 2011

(Question No. 598)

Senator Cormann: To ask the Minister representing the Minister for Financial Services and Superannuation—

(1) 'How many applications have been received by the Minister for grants of financial assistance under Part 23 of the Superannuation Industry (Supervision) Act 1993, in each of the following financial years:

(a) 2007-08;

(b) 2008-09;

(c) 2009-10; and

(d) 2010-11 (to date).

(2) In each of these years, how many applications were approved and how many were rejected.

(3) For each case in which a grant of financial assistance was made, can the following details be provided:

(a) the actual amount of the eligible loss claimed;

(b) the actual amount of the financial assistance granted and paid;

(c) the name of each entity or person to whom the financial assistance was paid; and

(d) the name of each entity or person whose actions were responsible for the accrual of the eligible loss.

ANSWER

Senator Sherry:   The Minister for Financial Services and Superannuation has provided the following answer to the honourable senator's question.

Questions One and Two.

*Original application did not provide sufficient information and was not pursued further by the applicant.

Question Three.

One grant of financial assistance has been made in 2010-11. The details requested are provided below.

(a) The actual amount of the eligible loss claimed was $54,994,079.

(b) The Minister for Financial Services and Superannuation made a determination on 13 April 2011 under Part 23 of the Superannuation Industry (Supervision) Act 1993 to grant an amount of financial assistance of $54.994,079.

(c) The financial assistance was granted to ACT Super Management Pty Limited (as acting trustee of the Astarra Superannuation Plan, the Astatta Personal Pension Plan, the My Retirement Plan and the Employers Federation of NSW Superannuation Plan).

(d) Investigations by the regulators into Trio Capital Limited and the events leading up to the losses incurred by the superannuation funds are continuing.