Senator SHERRY —My question is directed to the Assistant Treasurer. Did the Prime Minister at any stage after you lodged your confidential declaration of interests communicate with you, either directly or through a staff member, to instruct you to divest yourself of shareholdings in accordance with the requirements of the code of ministerial conduct?

Senator SHORT —No, the Prime Minister did not, nor would I have expected him to do so because the Prime Minister has an enormous number of things to do as Prime Minister of this country. I would not have expected him to have had the time necessarily to do that. As I said this morning in response to Senator Sherry's motion—I repeat it—the fact that I owned some shares in the ANZ Bank could be construed as placing me in breach of the Prime Minister's guide on key elements of ministerial responsibility.

The Prime Minister, in the other place this afternoon, has said that in his view the action of not disposing until now the shares in the ANZ Bank meant I had not complied with the guidelines. I accept that view of the Prime Minister. It is a matter of judgment. The Prime Minister also said in the other place this afternoon that he accepts my statement to him in our discussion on it yesterday—that it was an oversight. I accept there could be a perception, as I said this morning, that it was a breach of the guidelines. I have taken action since then to dispose of those shares.

There is a point I want to make because I believe Senator Sherry is involved in nothing more than a very sleazy, grubby, political stunt here because the innuendo is that in some way I have had a conflict of interest. It is incumbent on Senator Sherry to give some examples of just where a conflict of interest has arisen. He has not done so to date.

Senator Sherry —The Prime Minister thinks so. The Prime Minister said you breached the guidelines.

Senator SHORT —No, the Prime Minister did not say that. The Prime Minister said that in his view I had not complied with the guidelines issued by him in April. I accept that view. But there has been no example given by Senator Sherry or anybody else in terms of a conflict of interest in this matter. I would refer Senator Sherry to some of the statements of his predecessors in this place when they were in government. The senator who sits next to him now, Senator Carr, quite rightly said in May this year:

Every day of the week all of us face the potential for conflict of interest. The real issue in terms of public policy and public behaviour is whether action is actually taken which is in conflict of interest with our responsibilities as public figures.

I accept that statement. I think Senator Carr is right. I call on Senator Sherry to either put up on this issue or shut up because this will be seen as the sleazy political deal and stunt that he is undertaking.

Senator SHERRY —Madam President, I ask a supplementary question. Minister, will you assure the Senate that you will not profit from your failure to comply with the code of ministerial conduct?

Senator SHORT —I have taken steps today to divest myself of my shares in the ANZ Bank. The outcome of that in terms of the situation in relation to the prices I paid for them or what the price has been over a period I really have no idea. It is a matter that I will obviously be looking at.