Senator COOK (3:31 PM) —It is a pity that Senator Parer is not here and that he has not taken the opportunity to defend himself in this debate. With the greatest respect to Senator Parer, he moved more rapidly out of this chamber than I have seen him move at any other time around this building.

The issue of the probity and the honourable conduct of government ministers was made an election matter by the Prime Minister (Mr Howard) himself at the last election. He promised the people of Australia that there would be a code of ministerial conduct which would ensure that private and public dealings by responsible ministers in this country were at the highest possible level and he promised that he would hold his ministers to that code.

In his document, the Prime Minister said:

Ministers are required to divest themselves of all shares and similar interests in any company or business involved in the area of their portfolio responsibilities. The transfer of interests to a family member or to a nominee or trust is not an acceptable form of divestment.

That is what the Prime Minister has said is required in these circumstances. What is beyond doubt is that there is an interest of a particular sort by Senator Parer in a mining company, and we know that Senator Parer is the Minister for Resources. That would appear to be directly in conflict with what the Prime Minister requires.

As well as that, there are the Senate's own requirements. The Senate requires that, in stating what their interests are, senators should say what their shareholdings in public and private companies, including holding companies, are and should indicate the names of the companies. This goes to the issue of family and business trusts and nominee companies as well. What we have here are quite clear, fundamental requirements to which senators and ministers have to comply. We also have an obligation by the Prime Minister to ensure that ministers hold to those standards.

What are the facts of this debate, as we know them to this point? In my view, we know that in his words in answers to questions at question time Senator Parer was quite careful in what he said. He said, `I have exactly complied with the Prime Minister's requirements.' I do not know, and I am prepared to give him the benefit of the doubt at this stage, whether that means in a technical sense or in a full blown, proper sense. He said as well, `I have personally no shareholding in a mining company.' Again, that may be a very tightly drawn, technical meaning of what he has said compared to what the facts are and it may not meet the intent or the requirement of the provisions.

What we do know now is that the Parer family trust owns 16 shares in QCMM. QCMM wholly owns Advanced Queensland Resources and Mining which operates the Jellinbah Coal Mining Company in the Bowen Basin. Those 16 shares amount to, I understand, about 1.4 per cent of the company; that is, the trust owns about 1.4 per cent of the mining company, which is valued, according to its June 1996 annual report—the last I have a reference to—at $153 million, which is not an insubstantial amount. Therefore, it is proper and reasonable to conclude that the minister has a beneficial interest in QCMM through a family trust. Apart from the interest QCMM has in Advanced Queensland Resources, the operation company of Jellinbah Coal Mining, QCMM also has a 70 per cent interest in Bowen Basin Coal Pty. Ltd. There is a substantial case to answer here.

In addition to that, the ASC records show that on 30 June this year Senator Parer held 44 shares personally in QCMM Group (ESP). There is a substantial case for the minister to answer here about how those facts set out in the ASC records and documented in the proper way in the companies commission tally with his allegations that he has properly complied with the ministerial code of conduct and that he has no shares in a mining company. It may not be directly that he does but through his trust. He has to answer those allegations fully and properly. (Time expired)