Pat Conaghan (Cowper, National Party, Shadow Assistant Treasurer) Share this | Link to this | Hansard source

Billions of dollars of everyday Australians' retirement savings are now at risk, lost in the collapse of dodgy schemes like First Guardian and Shield, all of them so-called managed investment schemes. Thousands of Australians are facing devastating losses and in too many cases they've lost their entire retirement nest egg. And what's the government's response? Nothing but silence. Back in the 2022-23 budget, the government promised a review into how these schemes are regulated. They gave themselves a deadline and missed it. That's right. They missed their own self-imposed generous deadline by 18 months. Since then, there has been no report and no explanation. What were the recommendations? Could implementing those recommendations have protected these investors? Could they have protected hard-working Australians who have done the right thing and now have lost everything? We simply don't know because this government has bizarrely buried its own report. Where is the government? Where are the Prime Minister and the Treasurer? Where is the help for everyday Australians who have lost everything? They deserve transparency and they deserve answers. I'm calling on the Treasurer to release the review, put the facts on the table and address this issue directly for the Australians caught up in this scheme. The government should be providing answers to everyday Australians, but, once again, Labor are asleep at the wheel.

Milton Dick (Speaker) Share this | Link to this | Hansard source

In accordance with standing order 43, the time for members' statements has concluded.