Labor accuses Liberal leader Steven Marshall of not disclosing bank shares

LABOR has accused Opposition Leader Steven Marshall of “secrecy” by not disclosing that his family company owns about $1.3 million in major bank shares.

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LABOR has accused Opposition Leader Steven Marshall of “secrecy” by not disclosing that his family company owns about $1.3 million in major bank shares.

Mr Marshall has disclosed the directorship of Next Australia Pty Ltd, which he classified as a family trust, but Treasurer Tom Koutsantonis said Mr Marshall should have been “upfront” about its investments before voting against the Government’s major bank levy.

Labor launched its attack on Mr Marshall on Tuesday, despite knowing of the trust’s shareholdings in December.

Mr Marshall said he wasn’t aware of exactly what shares were in his family trust but would “pretty much guarantee there would be banking stocks like there is for pretty much every person who has got superannuation in Australia”.

Liberal leader Steven Marshall arrives at the leaders’ environment debate on Tuesday. Picture: AAP / David Mariuz

Treasurer Tom Koutsantonis at the Labor election launch. Picture: Tom Huntley

He accused Labor of “reverting to its old campaign tactics” by attempting to smear his reputation.

“The details of my shareholding in a family superannuation has been on the public record since the day I was elected in the Parliament,” he said.

“I’ve got nothing to hide whatsoever and like virtually other person in Australia I’ve got superannuation that invests in bank shares.”

But Mr Koutsantonis said Mr Marshall’s denials didn’t wash.

“There’s nothing wrong with owning bank shares, nothing wrong with investing in shares and getting a return, what we think is wrong is not telling everyone you’re voting in your own interest, not in the interests of he state,” he said.

He said Mr Marshall should have disclosed the shares before voting against the bank tax, but did not provide a guarantee that all Labor MPs had declared the contents of their trusts or self managed super funds.

Almost all parliamentarians have super funds with Super SA. About 25 per cent of Super SA’s investments are in major banks.