Senate debates

Thursday, 27 February 2020

Bills

Australian Business Growth Fund Bill 2019; In Committee

1:51 pm

Photo of Peter Whish-WilsonPeter Whish-Wilson (Tasmania, Australian Greens) Share this | Hansard source

Minister, you may be aware that 830,000 Commonwealth Bank shareholders directly expressed to the Commonwealth Bank not to invest in the Australian Business Growth Fund for fear of missing out on potential opportunities. Also issues have been raised about dilution of existing business owners and existing shareholders under your structure. So I don't know if it's necessarily accurate to say that this is going to benefit existing shareholders when some very serious concerns have been put on the table. That's a side issue. I was interested as to what the international benchmarks are here. We've looked at Canada. We've looked at the UK. In that instance the government helped to facilitate access to capital, but it never put its own money in. So my question was: do we know of other examples where the government is a co-financer and therefore the public in those countries are co-financers?

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