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What did they know and when did they know it?



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Media Release

BOB McMULLAN MP SENATOR STEPHEN CONROY SHADOW TREASURER SHADOW MINISTER FOR FINANCE, SMALL BUSINESS FEDERAL MEMBER FOR FRASER AND FINANCIAL SERVICES

14 January 2003

WHAT DID THEY KNOW AND WHEN DID THEY KNOW IT?

We call on the Treasurer, Peter Costello, to release all files and papers relating to advice from the Australian Prudential Regulation Authority to ministers concerning the collapse of HIH.

In the light of the sensational evidence presented to the Royal Commission yesterday, it is vitally important that the Australian people know what ministers were told and when they were told it.

In our Westminster system ultimate responsibility lies with ministers. In modern times it is not possible for ministers to know everything that happens inside agencies for which they are responsible. Therefore it is vital that we know what those ministers knew or should have known, and what actions they took as a consequence.

As a first step in making this information public, Mr Costello, who is the minister ultimately responsible, should make sure that all the files containing advice to him or to other ministers responsible are immediately made public.

Further information: Robert Garran, Mr McMullan’s office, (02) 6277 4803, 0419 692 504 Senator Conroy, (03) 9650 1188, 0418 383 965