Nick Minchin (SA, Liberal Party, Minister for Finance and Administration) Share this | Hansard source

I will seek further information from the Treasurer specifically on that subject, but my recollection is that I observed in the media that inquiry by the British government and our Treasurer responding in the media by noting that he had also observed that inquiry and asking Australian Treasury officials to monitor the conduct and outcome of the British investigation of the matter. As I said in the last Senate session, obviously the phenomenon of private equity deals of this kind, while not new, has certainly grown in volume and does present certain challenges for policymakers around the country in getting the balance right in terms of observing the proprieties of a free market and minimal intervention but at the same time ensuring that we do understand the consequences of the potential for growth in such activity and its effects on the commercial and financial marketplace. I think I acknowledged in the previous Senate session that the tax implications are something that policymakers around the world will have to increasingly take account of when considering this matter. In that sense, we welcome the British initiative. As I said, my understanding is that the Australian Treasurer has directed our officials to monitor that and report to him on the outcome of the British inquiry. I will endeavour to find further information for Senator Fielding from the Treasurer on the matter.