Australia Day – The Real Australia

{Published 26 January 2015}

Assistant Treasurer – 26 January 2015

PR 26 Jan 2015

The Chairman of ASIC, Mr Greg Medcraft, has claimed that Australia is a ‘Paradise’ for white-collar criminals – a statement he was forced to retract by the Finance Minister and former Acting Assistant Treasurer, Senator the Hon Mathias Cormann.

Australians should be able to celebrate the fact that they live in a democratic country where the rule of law prevails.

If Australians have made contributions for decades to a superannuation fund in a COMPULSORY superannuation system, the Government as a moral as well as legal obligation to ensure that members and beneficiaries of these funds receive their lawful benefits and that white-collar criminals cannot defraud the members and beneficiaries out of their entitlements to fund a “lifestyle of the rich and famous”. Superannuation funds are the perfect targets for white-collar criminals since large amounts of “other people’s money” is placed in the hands of a few “strangers” by Government edict.

The Minister responsible for Superannuation, the Assistant Treasurer, the Hon Josh Frydenberg MP, has been asked to confirm the Coalition Government’s policy for the provision of compensation payments to the victims of superannuation fraud.

The Leader of the Opposition, the Hon Bill Shorten MP, has confirmed that it is the policy of the Australian Labor party to provide 100% compensation, and Mr Shorten delivered on this promise when he was the Minister responsible for the compulsory superannuation system in the previous Labor Government.