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

I will take the latter part of that question on notice because I do not have that information to hand. I say to Senator Fielding that to describe the many and varied professional people involved in private equity as ‘sharks’ is wrong and is not appropriate language for a senator or for this place. No doubt in any field of endeavour there are those with good and bad motives or good and bad behaviour, but to describe a whole field of professional endeavour in that way is wrong. Private equity does have its place in the commercial market. There are many instances where the knowledge by management and shareholders of the existence of the opportunity for private equity businesses to purchase shares is a force for good. It must always be the case prima facie that shareholders are free to sell their shares, which are their property, to whomsoever they like, subject to reasonable regulation of that matter. I am happy to follow up on the latter part of the question but I would ask Senator Fielding to be more reasonable and balanced in his language. (Time expired)