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- Title
QUESTIONS WITHOUT NOTICE
FAI Insurance: Westpac Bank
- Database
Senate Hansard
- Date
17-12-1992
- Source
Senate
- Parl No.
36
- Electorate
QLD
- Interjector
- Page
5334
- Party
ALP
- Presenter
- Status
- Question No.
- Questioner
Senator COLSTON
- Responder
Senator TATE
- Speaker
- Stage
- Type
- Context
- System Id
chamber/hansards/1992-12-17/0098
Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Table Of Contents

Previous Fragment Next Fragment
-
Hansard
- Start of Business
- PETITIONS
-
STATUTORY BODIES
- Membership
-
NOTICES OF MOTION
- Days and Hours of Sitting
- Dr Bob Brown
- Grain Production in South Australia
- Victoria: Schools
- Australian Broadcasting Authority
- Hospitals
- Regulations and Ordinances Committee
- Unemployment: Graduates
- Compulsory Unionism
- Days and Hours of Sitting
- Australian Institute of Criminology
- Government Documents
- Sex Discrimination
- Government Documents
- Mr Mordechai Vanunu
- ORDER OF BUSINESS
-
NOTICES OF MOTION
-
Standing Committee on Industry, Technology and Commerce
- Withdrawal
-
Standing Committee on Industry, Technology and Commerce
- TABLING OF DOCUMENTS
-
COMMITTEES
- Standing Committee on Industry, Science and Technology
- BURMA
-
AUSTRALIAN BROADCASTING CORPORATION AMENDMENT BILL 1992
- First Reading
- Second Reading
-
INDUSTRIAL RELATIONS (RESOLUTION OF BOYCOTTS) AMENDMENT BILL 1992
- First Reading
- Second Reading
-
ADMINISTRATIVE APPEALS TRIBUNAL AMENDMENT BILL 1992
- First Reading
- Second Reading
-
COMMITTEES
- Standing Committee on Environment, Recreation and the Arts
- SPECIAL ADJOURNMENT
- LEAVE OF ABSENCE
- BILLS RETURNED FROM THE HOUSE OF REPRESENTATIVES
-
COMMITTEES
-
Standing Committee on Finance and Public Administration
- Report
- Standing Committee on Rural and Regional Affairs
-
Standing Committee on Finance and Public Administration
- CUSTOMS LEGISLATION AMENDMENT BILL 1992 CUSTOMS LEGISLATION (ANTI-DUMPING AMENDMENTS) BILL 1992 CUSTOMS TARIFF (ANTI-DUMPING) AMENDMENT BILL (No. 2) 1992 CUSTOMS TARIFF AMENDMENT BILL (No. 2) 1992
- CORPORATE LAW REFORM BILL 1992
- SEAFARERS REHABILITATION AND COMPENSATION BILL 1992 SEAFARERS REHABILITATION AND COMPENSATION (TRANSITIONAL PROVISIONS AND CONSEQUENTIAL AMENDMENTS) BILL 1992 SEAFARERS REHABILITATION AND COMPENSATION LEVY BILL 1992 SEAFARERS REHABILITATION AND COMPENSATION LEVY COLLECTION BILL 1992
-
MATTERS OF PUBLIC INTEREST
- South Australian Liberal Party
- South Australia
- Toxic Chemicals
- Foreign Investment in Australia
- Public Service (Abolition of Compulsory Retirement Age) Amendment Bill 1992
- Food Labelling
-
Privatisation of Government Bodies
- Tasmanian Oyster Industry
- Mr Michael Pratt
- QUESTIONS WITHOUT NOTICE
- DISTINGUISHED VISITORS
-
QUESTIONS WITHOUT NOTICE
-
FAI Insurance: Westpac Bank
(Senator COLSTON, Senator TATE) -
Racism
(Senator BOURNE, Senator TATE) -
Textiles Industry
(Senator LOOSLEY, Senator BUTTON) -
Air Traffic Control Contract
(Senator MacGIBBON, Senator COLLINS) -
Wages of Women
(Senator REYNOLDS, Senator COOK) -
Prime Minister: Companies
(Senator MICHAEL BAUME, Senator BUTTON) -
Sexual Harassment
(Senator WALSH, Senator TATE) -
Hospitals
(Senator PATTERSON, Senator TATE) -
Unemployment
(Senator LEES, Senator COOK) -
Wool Tax Rebate
(Senator BOSWELL, Senator COOK) -
Indonesia: Earthquake
(Senator HARRADINE, Senator GARETH EVANS) -
Defence
(Senator DURACK, Senator ROBERT RAY) -
Exports to China
(Senator FAULKNER, Senator GARETH EVANS) -
Joint House Department: Public Liability Claim
(Senator HERRON) -
Motor Vehicle Industry Executives
(Senator MAGUIRE, Senator BUTTON) -
Tax on Services
(Senator BUTTON) -
Nuclear Reactors
(Senator BUTTON) -
Taxation Determinations
(Senator BUTTON) -
Pigs
(Senator GARETH EVANS) -
Ambassador to the OECD
(Senator GARETH EVANS) -
Public Service: Union Activities
(Senator COOK) -
Unemployment
(Senator COOK) -
Med-Network Systems Pty Ltd
(Senator TATE) - Joint House Department: Public Liability Claim
- Joint House Department: Public Liability Claim
- Joint House Department: Public Liability Claim
- Joint House Department: Public Liability Claim
- Joint House Department: Public Liability Claim
- Joint House Department: Public Liability Claim
- Joint House Department: Public Liability Claim
- Joint House Department: Public Liability Claim
- Joint House Department: Public Liability Claim
- Joint House Department: Public Liability Claim
-
FAI Insurance: Westpac Bank
-
MINISTER FOR TRANSPORT AND COMMUNICATIONS
- Procedural Text
- Motion of Precedence
- Motion of Censure
-
PETITIONS
- National Flag
- Procedural Text
-
ANSWERS TO QUESTIONS ON NOTICE
- Arts, Sport, the Environment and Territories: Grants
- SOMALIA
-
COMMITTEES
-
Superannuation
- Report: Government Response
- Reports: Government Responses
-
Superannuation
- NEW ZEALAND FINANCE AND EXPENDITURE COMMITTEE
-
GOVERNMENT DOCUMENTS
-
Australian Sports Drug Agency
- Annual Report
- Department of Tourism
- Tobacco Research and Development Council
- Australian Sports Drug Agency
-
Private Health Insurance Administration Council
- Report
-
Australian Sports Drug Agency
-
DOCUMENTS
-
Auditor-General's Reports 1992-93
- No. 17: Health Insurance Commission
- No. 18: Department of Social Security
- Report No. 19: Department of Immigration, Local Government and Ethnic Affairs
- Report No. 20: Department of Employment, Education and Training
- Report No. 21: Department of Employment, Education and Training
- Report No. 22: Department of Defence
-
Auditor-General's Reports 1992-93
- ORDER OF BUSINESS
-
COMMITTEES
- Privileges
- ORDER OF BUSINESS
-
COMMITTEES
-
Privileges
- 36th and 37th Reports
-
Privileges
- BILLS RETURNED FROM THE HOUSE OF REPRESENTATIVES
- TAXATION LAWS AMENDMENT (CAR PARKING) BILL 1992
- SEAFARERS REHABILITATION AND COMPENSATION BILL 1992 SEAFARERS REHABILITATION AND COMPENSATION (TRANSITIONAL PROVISIONS AND CONSEQUENTIAL AMENDMENTS) BILL 1992 SEAFARERS REHABILITATION AND COMPENSATION LEVY BILL 1992 SEAFARERS REHABILITATION AND COMPENSATION LEVY COLLECTION BILL 1992
- MIGRATION AMENDMENT BILL (No. 4) 1992
- ADJOURNMENT
-
MIGRATION AMENDMENT BILL (No. 4) 1992
- Second Reading
-
In Committee
- Senator HARRADINE
- Senator TATE
- Senator HARRADINE
- Senator TATE
- Senator CHAMARETTE
- Senator TATE
- Senator TEAGUE
- Senator HARRADINE
- Senator TATE
- Senator HARRADINE
- Senator TATE
- Senator HARRADINE
- Senator TATE
- Senator SPINDLER
- Senator TATE
- Senator SPINDLER
- Senator TATE
- Senator COULTER
- Senator TATE
- Senator COULTER
- Senator TATE
- Senator SPINDLER
- Senator TATE
- Senator CHAMARETTE
- Senator TATE
- Senator CHAMARETTE
- Senator TATE
- Senator HARRADINE
- Senator TATE
- Senator HARRADINE
- Senator TATE
- Senator HARRADINE
- Senator CHAMARETTE
- Senator TATE
- Senator SPINDLER
- Senator TEAGUE
- Senator TATE
- Third Reading
- TAXATION LAWS AMENDMENT (CAR PARKING) BILL 1992
- TAXATION LAWS AMENDMENT BILL (No. 5) 1992
- CUSTOMS TARIFF AMENDMENT BILL (No. 2) 1992
- BILLS RETURNED FROM THE HOUSE OF REPRESENTATIVES
-
RURAL ADJUSTMENT BILL 1992 STATES GRANTS (RURAL ADJUSTMENT) AMENDMENT BILL 1992 FARM HOUSEHOLD SUPPORT BILL 1992 INCOME EQUALISATION DEPOSITS LAWS AMENDMENT BILL 1992
-
In Committee
- Senator LEES
- Senator TAMBLING
- Senator COOK
- Senator LEES
- Senator COOK
- Senator LEES
- Senator COOK
- Senator LEES
- Senator COOK
- Senator LEES
- Senator COOK
- Senator LEES
- Senator COOK
- Senator LEES
- Senator COOK
- Senator LEES
- Senator TAMBLING
- Senator COOK
- Senator LEES
- Senator TAMBLING
- Senator LEES
- Senator TAMBLING
- Senator COOK
- Senator LEES
- Senator TAMBLING
- Senator COOK
- Senator LEES
- Senator TAMBLING
- Senator COOK
- Third Reading
-
In Committee
- NATURAL RESOURCES MANAGEMENT (FINANCIAL ASSISTANCE) BILL 1992
- BILLS RETURNED FROM THE HOUSE OF REPRESENTATIVES
-
NATIONAL RESIDUE SURVEY ADMINISTRATION BILL 1992 NATIONAL RESIDUE SURVEY (CONSEQUENTIAL PROVISIONS) BILL 1992 NATIONAL RESIDUE SURVEY (COARSE GRAINS) LEVY BILL 1992 NATIONAL RESIDUE SURVEY (CATTLE TRANSACTION) LEVY BILL 1992 NATIONAL RESIDUE SURVEY (LIVESTOCK SLAUGHTER) LEVY BILL 1992 NATIONAL RESIDUE SURVEY (MEAT CHICKEN) LEVY BILL 1992 NATIONAL RESIDUE SURVEY (LAYING CHICKEN) LEVY BILL 1992 NATIONAL RESIDUE SURVEY (DAIRY PRODUCE) LEVY BILL 1992 NATIONAL RESIDUE SURVEY (HONEY) LEVY BILL 1992 NATIONAL RESIDUE SURVEY (HONEY EXPORT) LEVY BILL 1992 NATIONAL RESIDUE SURVEY (HORTICULTURAL PRODUCTS) LEVY BILL 1992 NATIONAL RESIDUE SURVEY (HORTICULTURAL PRODUCTS EXPORT) LEVY BILL 1992 NATIONAL RESIDUE SURVEY (OILSEEDS) LEVY BILL 1992 NATIONAL RESIDUE SURVEY (DRIED FRUITS) LEVY BILL 1992 NATIONAL RESIDUE SURVEY (WHEAT) LEVY BILL 1992 NATIONAL RESIDUE SURVEY (GRAIN LEGUMES) LEVY BILL 1992 NATIONAL RESIDUE SURVEY (GAME ANIMALS) LEVY BILL 1992 NATIONAL RESIDUE SURVEY (AQUATIC ANIMAL EXPORT) LEVY BILL 1992 NATIONAL RESIDUE SURVEY (HORSE SLAUGHTER) LEVY BILL 1992
- Second Reading
- In Committee
- Third Reading
- AGRICULTURAL AND VETERINARY CHEMICALS (ADMINISTRATION) BILL 1992 AGRICULTURAL AND VETERINARY CHEMICALS AMENDMENT BILL 1992
- COMMONWEALTH EMPLOYEES' REHABILITATION AND COMPENSATION AMENDMENT BILL 1992
- BILLS RETURNED FROM THE HOUSE OF REPRESENTATIVES
- STATUTORY BODIES
- JOINT HOUSE DEPARTMENT: PUBLIC LIABILITY CLAIM
- ADJOURNMENT
- DOCUMENTS
-
ANSWERS TO QUESTIONS
-
Newstart Program
(Senator Reynolds, Senator Cook) -
Arts, Sport, the Environment and Territories: Grants
(Senator Short, Senator Collins) -
Mr Brown: Ms Murray
(Senator Alston, Senator Cook) -
Piparwar Coal Project
(Senator Bourne, Senator Gareth Evans) -
Defence: Joint Facilities
(Senator Chamarette, Senator Robert Ray) -
Aborigines: Yarrabah and Palm Island
(Senator O'Chee, Senator Collins) -
Australian International Development Assistance Bureau
(Senator Brownhill, Senator Gareth Evans) -
Local Government Development Program
(Senator Brownhill, Senator Tate) -
Ms Coral Bayley-Jones
(Senator Tierney, Senator Cook) -
Sudan
(Senator Chamarette, Senator Gareth Evans) -
Racial Discrimination
(Senator Chamarette, Senator Gareth Evans) -
Genetically Acquired Abnormalities: Register
(Senator Campbell, Senator Tate) -
Wildlife Protection: Controlled Specimens
(Senator Bell, Senator Collins) -
Australian Film Industry
(Senator Calvert, Senator Collins) -
Artificial Limbs
(Senator Newman, Senator Tate) -
Industrial Relations: Conscientious Objection
(Senator O'Chee, Senator Cook) -
Taxation: CER Review
(Senator Watson, Senator Gareth Evans) -
Cocos (Keeling) Islands: Administrator
(Senator Tambling, Senator Collins) -
Cocos (Keeling) Islands: Administrator
(Senator Tambling, Senator Collins) -
Anyinginyi Congress
(Senator Sowada, Senator Collins) -
Cyprus
(Senator Bourne, Senator Gareth Evans) -
Burma: Trade
(Senator Chamarette, Senator Gareth Evans)
-
Newstart Program
Content Window
Thursday, 17 December 1992
Page: 5334
Page: 5334
Senator COLSTON
—I direct a question to the Minister representing the Attorney-General. I refer to confirmation by Mr Rodney Adler that his FAI Insurance company purchased Westpac rights to affect the Australian share price index so that FAI could profit from futures linked to that index. Did the Australian Securities Commission undertake an investigation into FAI's purchase of Westpac rights and its subsequent profit from an increase in the share price index? If so, what are the results of that investigation? Finally, is the Australian Government satisfied with a system which allows individuals or companies to manipulate the stock market for their own speculative benefit?
Senator TATE
—I have not seen the confirmation which Senator Colston refers to about remarks made by Mr Rodney Adler concerning the involvement of FAI Insurance in purchasing Westpac rights to affect the Australian share price index. I do understand that the Australian Securities Commission, as part of its responsibilities, monitors developments in the securities market. I have been informed that the Australian Securities Commission is aware of the transactions referred to by the honourable senator and is considering the matters raised in the context of those transactions. Naturally, the Australian Securities Commission, as is its proper role as an independent statutory body, will make its investigation without any prejudice or interference from any remarks made either in this chamber or certainly from the Federal Government.
As to Senator Colston's more general question about whether the Australian Government is satisfied, as he put it, with a system which allows individuals or companies to manipulate the stock market for their own speculative gains, quite clearly, in setting up the Australian Securities Commission and establishing for the first time companies and securities legislation which has a nationwide effect rather than the fragmented federalised system that allowed the speculative excesses of the 1980s to get out of hand and damage Australia's credibility, and certainly the availability of investor moneys through having confidence in the Australian market, whether from domestic sources or from overseas—all that has been remedied by the Commonwealth Government taking very firm steps to establish the Australian Securities Commission in its independent stance.
I believe that, certainly in relation to insider trading, the various reforms which have been passed by the Senate over the past 12 months or so concerning insider trading make very clear our commitment to a well-regulated market so that insider trading does not occur or, if it does occur, is identified very quickly and action taken to punish those involved.