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Tell your friends about Howard's One.Tel promise!



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LEADER OF THE OPPOSITION

STATEMENT BY THE LEADER OF THE OPPOSITION THE HON SIMON CREAN MP

Tell your friends about Howard’s One.Tel promise!

More than one year after John Howard promised legislation to recover the multi-million dollar bonuses like those paid to One.Tel executives, Treasurer Peter Costello today admitted his Government had done nothing to honour his commitment to the Australian people.

Mr Howard sought to deflect public anger about executives walking away with multi-million dollar bonuses while employees and creditors missed out, by promising voters legislation to stamp out the practice.

“The Commonwealth intends to amend the law so that in future, where bonuses are paid in the circumstances where those bonuses were paid to the bosses of One.Tel, that money will be refundable and can be used to meet the lawful and legitimate entitlements of the workers and also the other creditors of the company,”

Hansard, June 4 2001

Mr Howard must explain why one year later he has still done nothing.

Does he condone this kind of corporate behaviour or is he simply unwilling to take on the Liberal Party’s big business donors?

The payout of excessive bonuses to executives of companies that subsequently collapse has outraged the community.

People want to see workers and creditors treated fairly.

Earlier this year Labor put forward legislation to protect employee entitlements in the event of company failures and discourage contrived restructures.

But the Government wouldn’t support Labor’s laws.

It’s time for Mr Howard to put his legislation where his mouth is.

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He must act now to reclaim bonuses of the kind paid to One.Tel directors and stop this becoming a new corporate fashion.

CANBERRA 25 JUNE 2002