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Thursday, 18 June 2009
Page: 6622

Mr BOWEN (Minister for Financial Services, Superannuation and Corporate Law and Minister for Human Services) (11:00 AM) —To reiterate, industry asked for this measure to be delayed until 1 July. I closely considered that and on balance decided that that was appropriate. The discussion paper reflects the fact that the measure does not apply until 1 July. This means that any shares issued between budget night and 1 July will be dealt with under the old regime. I have read the feedback of industry, some of which says that these measures deal with the vast majority of their concerns. Others say that there is still some way to go. They are all on the public record—that great journal of record, the Financial Review, primarily. I know that the shadow Assistant Treasurer and I read it probably at the same early time every morning. We go through what is in there, and it is all a matter for the public record.

In regard to detailed feedback from industry as to whether they would be lifting their moratorium on share issues, I am unaware. That information may be available to the current Assistant Treasurer but I am saying as honestly and frankly as I can to the House that I am unaware of that detail.