Senate debates

Thursday, 27 February 2020


Australian Business Growth Fund Bill 2019; In Committee

1:14 pm

Photo of Rex PatrickRex Patrick (SA, Centre Alliance) Share this | Hansard source

Let's say—fictitiously, just for the sake of understanding the question—you set a limit of $100 million for turnover. It could be $50 million; it could be $20 million. In some sense it doesn't matter. If that's set and worked into the agreement—noting, if my amendment doesn't pass, it's not a legislated number, and noting clause 13 of the bill and the lack of control that the government has over the operation of the fund—what's to prevent the bank saying, 'Well, we're going to override our 19 per cent Commonwealth shareholder; we have 81 per cent control of the company, and we're now going to expand the threshold to $500 million'? What protections are in place to prevent that sort of change being made at a board level or an investment mandate level?


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