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SENATOR GERARD RENNICK

Taxation, Finance & The Economy

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Do you believe that the tax-free threshold should be raised from $18,200 to $40,000?

Q: Do you believe that the tax-free threshold should be raised from $18,200 to $40,000?

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ASIC held a forum which occurred last week on 3-4 November 2022. I note that ticket prices for the forum this year was more than $AUD 2,000 per ticket. 1. Do you think it is appropriate that ASIC is giving access to the big end of town to its senior leadership at a price point which is inaccessible to mum and dad retail investors? Does ASIC concede that mum and dad retail investors who may wish want to engage with ASIC’s executive leadership don’t have $AUD 2,000 to spend on a ticket? 2. Are events such as the ASIC Forum opportunities for ASIC’s senior leadership to be captured by the big end of town? 3. Can ASIC confirm whether anyone from the Office of Enforcement attended the ASIC Forum? If so, is it appropriate that ASIC’s law enforcement staff attend an expensive event with people that they may investigate at some point in the future?

Question Number: 66 PDR Number: SBE066 Date Submitted: 14/11/2022 Department or Body: Australian Securities and Investment Commission 1. The ASIC Annual Forum is a platform that enables ASIC to engage with the community and industry. Attendees of the Annual Forum

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On 28 October 2022, ASIC issued a press release stating that ASIC found a material deterioration of audit quality in the past 12 months (https://asic.gov.au/about-asic/newscentre/find-a-media-release/2022-releases/22-296mr-asic-reports-on-audit-inspectionfindings-for-12-months-to-30-june-2022/). Has ASIC considered whether companies are engaging and remunerating auditors appropriately given the size and scope of the company? For example, does ASIC consider ratios such as audit fees as a percentage of revenue to determine whether the external auditor has been appropriately engaged to perform a proper and comprehensive audit?

Question Number: 67 PDR Number: SBE067 Date Submitted: 14/11/2022 Department or Body: Australian Securities and Investment Commission Setting audit fees is a commercial decision by companies and their auditors. ASIC is not a pricing regulator. The fee setting process is

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1. When ASIC decides to commence an official investigation on a corporate entity or individual persons who within ASIC becomes aware of the investigation and the company and/or people who are the target of that investigation? 2. Are ASIC staff outside the Office of Enforcement able to find out who is being officially investigated by ASIC? 3. Does ASIC ever inform the Department of the Treasury about active official investigations and who are the subject of them? 4. Does ASIC ever inform the Treasurer, the Assistant Treasurer, or any other Cabinet Minister about what official investigations are being undertaking by ASIC and who are subject of those investigations? If so, when does ASIC make these disclosures and how does ASIC exercise its discretion? 5. Is the Treasurer or the Assistant Treasurer able to ask ASIC who is under official investigation? If so, what are the procedures of how such requests are made and managed? 6. If ASIC becomes aware that a Federal Parliamentarian has either a public or private relationship with a corporate entity or individuals under official investigation, what does ASIC do in this circumstance? Are there any operational procedures? Does ASIC’s operational procedures in this regard change if the Federal Parliamentarian is a Cabinet Minister? 7. Under section 14 of the ASIC Act, the Treasurer has the legal power to instruct ASIC to commence an investigation. Conversely, does the Treasurer (or other Cabinet Minister such as the Prime Minister) have the power to instruct ASIC to shut down an official investigation? If so, where is this legal power and how would the Treasurer exercise this power? 8. Who within ASIC has the operational power to close an official investigation? Is it: a. The senior investigator? b. The senior manager? c. The executive leaders within the Office of Enforcement? d. ASIC’s Enforcement Committee (which includes ASIC’s Deputy Chair)? e. The ASIC Chairman? 9. Has a Federal Parliament ever been subjected to a section 19 examination by ASIC? On how many occasions has this occurred?

Question Number: 68 PDR Number: SBE068 Date Submitted: 14/11/2022 Department or Body: Australian Securities and Investment Commission 1. ASIC staff are generally permitted to access information about ASIC investigations on a ‘need to know’ basis for the proper and efficient

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Senator RENNICK: Did you track how many people are out of work because of the vaccine mandates? In your job numbers, are you tracking how many people are out of work because of vaccine mandates? Dr Gruen: We ask people a range of questions in the labour force survey. Again, I think it’s probably best to pass to Mr Jarvis. Mr Jarvis: We do track across a range of labour market measures people going in and out of employment. We ask questions that focus on a range of reasons, but we don’t ask questions that specifically go to that as a factor. Senator RENNICK: Do I ask you to do that? We have significant labour shortages in this country. I think it is important that people in the government find out at least how much willing but idle labour is sitting there because of those mandates. Is that something you can do? Dr Gruen: We can take that on notice.

Question Number: 65 PDR Number: SBE065 Date Submitted: 10/11/2022 Department or Body: Australian Bureau of Statistics Anyone who has lost a job will be reflected in ABS unemployment figures, as measured by the Labour Force Survey. The survey does not

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ASIC held a forum which occurred last week on 3-4 November 2022. I note that ticket prices for the forum this year was more than $AUD 2,000 per ticket. 1. Do you think it is appropriate that ASIC is giving access to the big end of town to its senior leadership at a price point which is inaccessible to mum and dad retail investors? Does ASIC concede that mum and dad retail investors who may wish want to engage with ASIC’s executive leadership don’t have $AUD 2,000 to spend on a ticket? 2. Are events such as the ASIC Forum opportunities for ASIC’s senior leadership to be captured by the big end of town? 3. Can ASIC confirm whether anyone from the Office of Enforcement attended the ASIC Forum? If so, is it appropriate that ASIC’s law enforcement staff attend an expensive event with people that they may investigate at some point in the future?

Question Number: 66 PDR Number: SBE066 Date Submitted: 14/11/2022 Department or Body: Australian Securities and Investment Commission 1. The ASIC Annual Forum is a platform that enables ASIC to engage with the community and industry. Attendees of the Annual Forum

Read More »

On 28 October 2022, ASIC issued a press release stating that ASIC found a material deterioration of audit quality in the past 12 months (https://asic.gov.au/about-asic/newscentre/find-a-media-release/2022-releases/22-296mr-asic-reports-on-audit-inspectionfindings-for-12-months-to-30-june-2022/). Has ASIC considered whether companies are engaging and remunerating auditors appropriately given the size and scope of the company? For example, does ASIC consider ratios such as audit fees as a percentage of revenue to determine whether the external auditor has been appropriately engaged to perform a proper and comprehensive audit?

Question Number: 67 PDR Number: SBE067 Date Submitted: 14/11/2022 Department or Body: Australian Securities and Investment Commission Setting audit fees is a commercial decision by companies and their auditors. ASIC is not a pricing regulator. The fee setting process is

Read More »

1. When ASIC decides to commence an official investigation on a corporate entity or individual persons who within ASIC becomes aware of the investigation and the company and/or people who are the target of that investigation? 2. Are ASIC staff outside the Office of Enforcement able to find out who is being officially investigated by ASIC? 3. Does ASIC ever inform the Department of the Treasury about active official investigations and who are the subject of them? 4. Does ASIC ever inform the Treasurer, the Assistant Treasurer, or any other Cabinet Minister about what official investigations are being undertaking by ASIC and who are subject of those investigations? If so, when does ASIC make these disclosures and how does ASIC exercise its discretion? 5. Is the Treasurer or the Assistant Treasurer able to ask ASIC who is under official investigation? If so, what are the procedures of how such requests are made and managed? 6. If ASIC becomes aware that a Federal Parliamentarian has either a public or private relationship with a corporate entity or individuals under official investigation, what does ASIC do in this circumstance? Are there any operational procedures? Does ASIC’s operational procedures in this regard change if the Federal Parliamentarian is a Cabinet Minister? 7. Under section 14 of the ASIC Act, the Treasurer has the legal power to instruct ASIC to commence an investigation. Conversely, does the Treasurer (or other Cabinet Minister such as the Prime Minister) have the power to instruct ASIC to shut down an official investigation? If so, where is this legal power and how would the Treasurer exercise this power? 8. Who within ASIC has the operational power to close an official investigation? Is it: a. The senior investigator? b. The senior manager? c. The executive leaders within the Office of Enforcement? d. ASIC’s Enforcement Committee (which includes ASIC’s Deputy Chair)? e. The ASIC Chairman? 9. Has a Federal Parliament ever been subjected to a section 19 examination by ASIC? On how many occasions has this occurred?

Question Number: 68 PDR Number: SBE068 Date Submitted: 14/11/2022 Department or Body: Australian Securities and Investment Commission 1. ASIC staff are generally permitted to access information about ASIC investigations on a ‘need to know’ basis for the proper and efficient

Read More »

Senator RENNICK: Did you track how many people are out of work because of the vaccine mandates? In your job numbers, are you tracking how many people are out of work because of vaccine mandates? Dr Gruen: We ask people a range of questions in the labour force survey. Again, I think it’s probably best to pass to Mr Jarvis. Mr Jarvis: We do track across a range of labour market measures people going in and out of employment. We ask questions that focus on a range of reasons, but we don’t ask questions that specifically go to that as a factor. Senator RENNICK: Do I ask you to do that? We have significant labour shortages in this country. I think it is important that people in the government find out at least how much willing but idle labour is sitting there because of those mandates. Is that something you can do? Dr Gruen: We can take that on notice.

Question Number: 65 PDR Number: SBE065 Date Submitted: 10/11/2022 Department or Body: Australian Bureau of Statistics Anyone who has lost a job will be reflected in ABS unemployment figures, as measured by the Labour Force Survey. The survey does not

Read More »

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FREEDOM OF INFORMATION (FOI)

You have the right to access documents we hold under the Freedom of Information Act 1982 (FOI Act). This page explains how to make an FOI request, how we process an FOI request. It also includes a link to our disclosure log.

Therapeutic Goods Administration (TGA)

Australia’s government authority responsible for evaluating, assessing and monitoring products that are defined as therapeutic goods. The TGA regulate medicines, medical devices and biologicals.

Australian Technical Advisory Group on Immunisation (ATAGI)

The Australian Technical Advisory Group on Immunisation (ATAGI) advises the Minister for Health and Aged Care on the National Immunisation Program (NIP) and other immunisation issues.

THE ISSUES

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Taxation, Finance & Economy

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Education & Family

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Energy

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Environment

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Health, Aged Care & Seniors

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Primary Industries

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Immigration & Foreign Affairs

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Infrastructure, Manufacturing, Transport & Tourism

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Defence

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Federation Reform

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Thank you,

Gerard