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

As I was about to say, we have identified a loophole that was left to us by the former Liberal government after 12 years of inaction. The loophole we have identified relates to Pacific Brands, which have been in the press recently. Pacific Brands gave their previous CEO a golden handshake of $3.4 million. I am advised that Pacific Brands called this termination payment a ‘retirement payment’. Consequently, this loophole that was left to us by those opposite is going to be shut down. The Rudd Labor government today announced decisive reform measures—