Questions raised over Peter Dutton’s ‘highly unusual’ shares

Peter Dutton has been ­accused of ‘highly unusual’ share trades following a report about stock buying during the GFC.

Opposition Leader Peter Dutton. Picture: Brenton Edwards/NewsWire

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Peter Dutton has been ­accused of “highly unusual” share trades following a report that the ­Opposition Leader bought stocks in major banks in 2009 just before the Rudd government announced a $4bn stimulus package.

A news.com.au report said Mr Dutton disclosed a flurry of investments in banks during the global financial crisis, when the shares were at record lows. The report said Mr Dutton had not declared share transactions during the previous three years.

In one disclosure the day ­before the Labor government announced the $4bn stimulus, Mr Dutton reportedly declared he had purchased shares in Commonwealth Bank, National Australia Bank and Westpac.

Following the government announcement, CBA shares increased in value by almost 50 per cent in two months. “At the time of these bailouts being prepared, the then-leader of the opposition was briefed about Labor’s plans,” Employment Minister Murray Watt said on Tuesday.

“The big four banks were closely involved with the government as well. There was a small number of people who knew about this, including the then-leader of the opposition.

“I’m not accusing the then-leader of the opposition of doing anything wrong whatsoever, but Peter Dutton was a senior member of the opposition at the time, and it’s up to him to tell the Australian people, did he have access to that that said sensitive information? Or if he didn’t, how else does he explain his sudden interest in share trading in the banks a day before a massive bank bailout was announced?”

Mr Dutton’s office said he had “no access to any sensitive information on these matters, nor was he privy to government briefing on the GFC”.

“If the ­Albanese government’s dirt unit spent more time being focused on fixing Labor’s cost-of-living crisis rather than obsessing about Peter Dutton, Australians might be better off,” a spokesman said.

“All updates to Mr Dutton’s register of interests were made at the appropriate time.”

Anthony Albanese said it was a “matter for Peter Dutton to explain”. Liberal deputy leader Sussan Ley said she was “confident” Mr Dutton hadn’t done anything wrong.