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Tuesday, 10 November 2015
Page: 8176


Senator XENOPHON (South Australia) (18:24): If we can go back to the question I put to the minister a few minutes ago, in terms of general purpose financial reporting, the information provided—what is proposed in my amendment and in the amendment to be moved by the Australian Greens—is effectively the sort of information that you would see in a publicly listed company in this country. In other words, the first direct question to the finance minister is that what is being requested here is no more and no less, effectively, than what public companies have to provide to the ASX. With my proposed amendment, if you are part of a company that has $1 billion a year revenue, then that will be not be onerous. My second question is that the minister says the information is already provided to the Australian Taxation Office—that is my understanding of how he responded to a question from the Senator Whish-Wilson—so how can it be an additional cost of compliance to file it with ASIC, for instance, or for it to be made publicly available?