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Tuesday, 3 February 2009
Page: 120

Senator SHERRY (Minister for Superannuation and Corporate Law) (6:48 PM) —In the brief time available, I want to commence my contribution on this issue. As Senator Milne has rightly pointed out, this amendment is identical to an amendment that I recall was moved on two occasions last year and which I spoke on. The first point that I want to make is on Senator Milne’s reference to the circumstances in the United States. The circumstances in the United States are quite different from the circumstances that exist in Australia. The circumstances in the US mean that we could probably dub it ‘the home of socialism’ now, I suspect, given the extent of bank bailouts, takeovers and mergers et cetera. That is one of the legacies of former President George Bush. There are other issues, but when we are discussing executive remuneration it is important to distinguish between the issues in the United States and the issues in Australia. In the US, what is known as the subprime crisis commenced with the distribution of mortgage based products that were miss-sold and in the passing of those securitised products—

Progress reported.