MAKING it easier for businesses to operate is Senator Ian Campbell’s goal for his latest term as Parliamentary Secretary to Treasurer, Peter Costello.
MAKING it easier for businesses to operate is Senator Ian Campbell’s goal for his latest term as Parliamentary Secretary to Treasurer, Peter Costello.
He also manages Government business in the Senate and believes changes need to be made to make it operate more efficiently.
Senator Campbell wants some form of time management system introduced so “important” legislation is not kept waiting.
“We normally have 20 sitting weeks in the Senate and time is tight,” he said.
“Yet in the first three sitting weeks our Work-place Relations changes had to wait while the Senate spent two weeks debating amendments to the Regional Forests Bill.”
Besides his Upper House commitments, Senator Campbell covers corporate regulation, markets policy, competition and consumer issues and the Australian Securities and Investments Com-mission and the Australian Competition and Consumer Commission report to him.
It includes bedding down the recently introduced Financial Services Reform legislation, the latest rounds of the Corporate Law Economic Reform Program, the Foreign Investment Re-view Board and the Productivity Commission.
He held this role during the Howard Government’s first term before it was given to former Financial Services Mini-ster Joe Hockey.
The fact these areas have been given to a non-minister has political pundits saying the Government has downgraded their importance.
However, the Perth business community benefits because Senator Campbell is based here and makes a point of using local advice.
“When I did the pros-pectus reforms and the sophisticated investor test those rules were made in Perth with input from the Perth business community. I had a good group of brokers, lawyers, accountants and financial advisers here,” he said.
“We’ll be forming a reference group in Perth to deal with CLERP 8 & 9 and I welcome people with an interest in CLERP to join those discussions.”
Senator Campbell said the Government-commissioned Ramsay Report into audit independence was on the “top of my in-tray”.
“I’ve asked for submissions on Ramsay and it’s fair to say most supported the general thrust of the report,” he said.
“I’ll be taking a proposition on that to Cabinet after the Federal Budget is released and be announcing something regarding that early in the next financial year.
“The Government’s view is that the more reporting there is available on auditor services the better.
“I don’t see a problem with an accounting firm supplying consulting services such as due diligence for an audit client. They’re probably best placed to do it.
“The problem comes when the consulting arm of an accountant advises a client on something such as an information technology purchase and then does the audit for them.”
Senator Campbell will soon be talking to the US Securities and Exchanges Commission and House of Representatives Financial Services Committee chairman Michael Oxley.
“I want to find out where the US is in regards to international accounting standards and to put to them that it’s in everybody’s interests to move to those standards by 2005,” he said.
“It’s in the interests of all jurisdictions to report in a common language.
“The Europeans are expecting to adopt international accounting standards by 2005 and I think the UK will as well. Australia will be there within a couple of years.
“The lack of a common accounting standard is a disincentive for companies to set up in Australia because they have to account in a different language.”
After audit independence, he said CLERP 8 & 9 would be his big focus.
“CLERP is about business building business law. We’ll be pushing ahead with further takeover law changes – things such as mandatory bid rules,” Senator Campbell said.
This involves changing the rule that forces somebody looking to buy out a major shareholder in a company to make the same offer to all of that company’s shareholders.
“Removing this requirement will help boost merger activity,” Senator Campbell said.
He said issues, such as Senator Bill Heffernan’s attack on High Court judge Michael Kirby, the children overboard scandal and the controversy surrounding Governor General Peter Hollingworth were “fringe issues”.
“They are a distraction and, if that’s Labor’s game, and I admit
a couple were own goals, then it’s counterproductive,” Senator Campbell said.
He also manages Government business in the Senate and believes changes need to be made to make it operate more efficiently.
Senator Campbell wants some form of time management system introduced so “important” legislation is not kept waiting.
“We normally have 20 sitting weeks in the Senate and time is tight,” he said.
“Yet in the first three sitting weeks our Work-place Relations changes had to wait while the Senate spent two weeks debating amendments to the Regional Forests Bill.”
Besides his Upper House commitments, Senator Campbell covers corporate regulation, markets policy, competition and consumer issues and the Australian Securities and Investments Com-mission and the Australian Competition and Consumer Commission report to him.
It includes bedding down the recently introduced Financial Services Reform legislation, the latest rounds of the Corporate Law Economic Reform Program, the Foreign Investment Re-view Board and the Productivity Commission.
He held this role during the Howard Government’s first term before it was given to former Financial Services Mini-ster Joe Hockey.
The fact these areas have been given to a non-minister has political pundits saying the Government has downgraded their importance.
However, the Perth business community benefits because Senator Campbell is based here and makes a point of using local advice.
“When I did the pros-pectus reforms and the sophisticated investor test those rules were made in Perth with input from the Perth business community. I had a good group of brokers, lawyers, accountants and financial advisers here,” he said.
“We’ll be forming a reference group in Perth to deal with CLERP 8 & 9 and I welcome people with an interest in CLERP to join those discussions.”
Senator Campbell said the Government-commissioned Ramsay Report into audit independence was on the “top of my in-tray”.
“I’ve asked for submissions on Ramsay and it’s fair to say most supported the general thrust of the report,” he said.
“I’ll be taking a proposition on that to Cabinet after the Federal Budget is released and be announcing something regarding that early in the next financial year.
“The Government’s view is that the more reporting there is available on auditor services the better.
“I don’t see a problem with an accounting firm supplying consulting services such as due diligence for an audit client. They’re probably best placed to do it.
“The problem comes when the consulting arm of an accountant advises a client on something such as an information technology purchase and then does the audit for them.”
Senator Campbell will soon be talking to the US Securities and Exchanges Commission and House of Representatives Financial Services Committee chairman Michael Oxley.
“I want to find out where the US is in regards to international accounting standards and to put to them that it’s in everybody’s interests to move to those standards by 2005,” he said.
“It’s in the interests of all jurisdictions to report in a common language.
“The Europeans are expecting to adopt international accounting standards by 2005 and I think the UK will as well. Australia will be there within a couple of years.
“The lack of a common accounting standard is a disincentive for companies to set up in Australia because they have to account in a different language.”
After audit independence, he said CLERP 8 & 9 would be his big focus.
“CLERP is about business building business law. We’ll be pushing ahead with further takeover law changes – things such as mandatory bid rules,” Senator Campbell said.
This involves changing the rule that forces somebody looking to buy out a major shareholder in a company to make the same offer to all of that company’s shareholders.
“Removing this requirement will help boost merger activity,” Senator Campbell said.
He said issues, such as Senator Bill Heffernan’s attack on High Court judge Michael Kirby, the children overboard scandal and the controversy surrounding Governor General Peter Hollingworth were “fringe issues”.
“They are a distraction and, if that’s Labor’s game, and I admit
a couple were own goals, then it’s counterproductive,” Senator Campbell said.
