Call for pollies to reveal shares in family trusts, self-managed superannuation
Parliamentarians are being urged to reveal shares held in family trusts and self-managed superannuation funds. See the full list of the discloses we do have from our pollies here.
NSW
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A prominent Sydney federal MP has urged parliamentarians to follow his lead and reveal shares held in family trusts and self-managed superannuation funds.
Member for Wentworth Dave Sharma, who has a law degree from Cambridge University, told The Daily Telegraph his reading of the rules was that all interests had to be disclosed, including those in a family trust or SMSF.
“I have been scrupulous in doing so on the register,” Mr Sharma said. “But I am not certain this is universal practice across the parliament.”
By revealing the 25 stocks owned via his family trust, Mr Sharma appears to have the most extensive share portfolio in the government.
However, some of his backbench colleagues may own even more inside family trusts or SMSFs. It’s impossible to know. There is no evidence any Liberal Minister holds stock market interests via a trust.
Liberals with family trusts include Attorney-General Michaelia Cash and Aged Care Minister Richard Colbeck. Neither is a beneficiary.
Senator Cash’s spokesman said: “This trust was set up by the AG’s husband prior to their meeting in 1999. The Attorney does not manage nor have oversight of the trust”.
The trust disclosed by Senator Colbeck is understood to be empty.
Energy Minister Angus Taylor also has a family trust, but it holds no shares.
Any ministers with a trust or SMSF must detail its holdings to the Prime Minister, but that information is not publicly available on the register of members’ interests.
Labor frontbenchers to disclose trusts include Tanya Plibersek and Kristina Keneally.
Ms Plibersek’s public notification says the trust belongs to her husband Michael Coutts-Trotters and holds “shares and cash”.
Her spokesman said neither she nor her husband had any role in running the trust. “Information about the trust has been declared properly, strictly in accordance with the rules,” the spokesman said.
Ms Keneally is a joint beneficiary of a family trust and SMSF.
Asked whether the senator was willing to disclose any shareholdings, a spokeswoman replied: “Senator Keneally complies with all requirements relating to the declaration of pecuniary interests.”
Warringah independent Zali Steggall also has a trust and is a beneficiary. Asked if she would reveal any shares in her trust, Ms Steggall said: “I have disclosed everything I am required to disclose under the rules to the parliamentary register through the Department of Finance.”
Few Liberal parliamentarians — or their spouses — own shares in many companies directly.
At least 14 of the 24 members of cabinet don’t own any shares at all, nor do their partners.
These include Prime Minister Scott Morrison and Treasurer Josh Frydenberg.
Indigenous Australians Minister Ken Wyatt’s wife holds stock in several, including BHP, Crown and Origin Energy.
Nationals are keener on shares. Deputy leader and Agriculture Minister David Littleproud has declared an interest in at least 10, including four banks.
The ALP’s top investor appears to be trade unionist Ged Kearney, who discloses holdings in 12 companies, including Macquarie, Treasury Wines, CSL and Seek.
These are held directly – not in a trust or SMSF.
Bega Labor MP Kristy McBain’s investments range from debt-chaser Collection House to medical device maker Polynovo. She also owns shares in Bega Cheese, which her spokeswoman said wasn’t a conflict of interest.
“Ms McBain is proud to hold shares in a local company that employs so many local workers,” the spokeswoman said.
One Nation leader Pauline Hanson has stock in Webjet.
Her offsider Malcolm Roberts prefers precious metals.
“I’m a vocal and strong believer that Australians should always have the right to invest in any assets, including tangible assets that aren’t at the whim of corporate banks or fears of manipulation,” Mr Roberts said.
The Telegraph does not suggest any parliamentarian with investments inside or outside a trust or SMSF has attempted to use their political power to improve the value of their holdings.
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