Helen Coonan (NSW, Liberal Party, Minister for Communications, Information Technology and the Arts) Share this | Hansard source

I thank Senator Murray for the question—although, I note the certain pejorative tone to it, which is certainly not his usual style. Since giving an answer earlier to Senator Conroy, I have received a release from the Australian Stock Exchange regarding PBL relating to some clarification of what it proposes. It certainly does not appear to be proposing what is contended in Senator Murray’s question. The arrangements clearly relate to some financial arrangements on behalf of PBL and to securing a cash flow. It says:

The transaction is conditional upon any regulatory or other approvals that may be required by PBL.

In another part of the statement, it says:

In announcing the transaction, Mr Packer said, ‘Over the last 12 months, we’ve strongly indicated our desire to invest in new opportunities—

there does not seem to be any crime in that—

The restructure will provide the capital and flexibility necessary for the company to achieve its ambition to expand its gaming interests. A clear benefit of the restructure will be that the foreign teaming of the gaming and media businesses with the latter’s use of non-recourse debt protecting PBL shareholders from additional capital risk incurred in the funding of any expansion through acquisition.