Australian Securities and Investments Commission (ASIC)

The majority voted in favour of the motion below, which means it succeeded.

Motion text

That the Senate—

(a) notes that:

(i) on 1 August 2023, the Senate ordered that there be laid on the table by the Minister representing the Treasurer, by no later than midday on Thursday, 10 August 2023, the final report of a Treasury assurance review into the conduct of the Australian Securities and Investments Commission (ASIC) Chair, Mr Joseph Longo (which was sent to ASIC Deputy Chair, Ms Sarah Court, by Mr Simon Writer, First Assistant Secretary, Foreign Investment Division, Department of the Treasury on 26 September 2022),

(ii) on 10 August 2023, only a heavily redacted copy of the report was presented to the Senate in response to the order,

(iii) the Treasurer, in his response, made a claim of public interest immunity (PII) which asserted that the redacted sections of the report should not be released due to the potential impact on the privacy of individuals, on individuals who contributed to the review on a confidential basis, and on the integrity of fact-finding investigations,

(iv) these matters are not in themselves grounds for a PII claim, and insufficient information was provided about the harm to the public interest that would be caused, and

(v) given the concern regarding the release of some of the information in the report, the Economics References Committee is well-placed to receive the unredacted report and make any assessment required, including in relation to publication;

(b) orders ASIC to provide the unredacted report to the Economics References Committee by no later than midday on 7 September 2023; and

(c) directs the committee to report to the Senate by Monday, 11 September 2023 as to whether ASIC has complied with the order.