Nick Sherry (Tasmania, Australian Labor Party, Minister for Superannuation and Corporate Law) Share this | Hansard source

As I was saying, drafting this vital measure to underpin confidence in the Australian share market has involved extensive consultation over the past nine months. Treasury met with industry starting in March of this year to scope the requirements on short selling. It met with nine stakeholders. Treasury has been in regular contact with the Reserve Bank; with the regulator, ASIC; and the ASX. On 23 September I released a draft bill for four weeks exposure. Submissions closed on 21 October. Of course, we received a second round of submissions. The bill was introduced into the House of Representatives on 13 November 2008, and still the Liberal opposition, who want to defer this vital measure for another three months at least, cannot make up their mind.