Lambie calls on major parties to scrap secret rich list

Senator Jacqui Lambie has called on the major parties to get rid of a loophole that has allowed rich and powerful donors to conceal their financial statements from public scrutiny for more than 20 years.

“Both major parties need to grow a back bone and get rid of this secret list,” Senator Lambie said.

“There is no place for this kind of elitist privilege in Australia.”

About 1500 companies are exempted from publicly reporting their financial statements to the corporate regulator, ASIC, who also want the loophole removed.

It was revealed last week that Prime Minister Turnbull had companies on this secret rich list, which reads like a Who’s Who of Australian old money.

The exemption was introduced in 1995 to allow companies a few years to transition to new accounting standards, but those on the list have been milking it for 20 years.

Senator Lambie said she will move an amendment to scrap the exemption in the senate this week.

“The major parties are terrified of the names on this list, but the crossbench are disgusted by it, and want it gone.”

Senator Lambie calls on the leaders of both parties to scrap the exemption.