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Thursday, 17 October 2002
Page: 8047


Mr LATHAM (12:53 PM) —Australia needs higher standards of corporate governance. Section 995 of the Corporations Law states that, in dealing with securities, a person must not engage in conduct that is misleading or deceptive or is likely to mislead or deceive. Section 999 establishes a criminal offence for making a false statement or disseminating false information in connection with the sale of securities. Turnbull may have breached both sections. At a minimum, he is bound to face civil proceedings. Following its appointment in—


The DEPUTY SPEAKER (Hon. I.R. Causley)—The member for Werriwa will resume his seat. The member for Werriwa has persisted on several occasions this morning to put into the Hansard evidence which would be before the royal commission in New South Wales. I ruled in the House, and I will rule here again, that I believe it is a very sensitive area. I believe that people and individuals in this country have rights. I understand that the member for Werriwa believes in freedom of speech; so does everyone else. If there were no royal commission and members were calling for a royal commission, it would be in order to discuss it. If the royal commission had deliberated and come down with a finding, it would certainly be in order to discuss it. But, because the evidence is before the royal commission, and the royal commission has wide standing powers to gather evidence without any inhibition whatsoever, I believe that you are breaching the sub judice rule.


Mr LATHAM —Thank you, Mr Deputy Speaker. This collapse has exposed the two faces of Malcolm Turnbull, the FAI buyer who overnight became its notorious seller. In fact, Turnbull has had more facelifts than Phyllis Diller. In the space of 12 months he has become—


The DEPUTY SPEAKER —The member for Werriwa will resume his seat. You are flouting the ruling of the chair. I call the member for Parramatta.