The private business dealings of many Rich Listers and some of Australia’s most influential business groups will be disclosed, asis finally closed by federal parliament.
But a combination of low awareness and political inaction means the rules remain in place. Information released by ASIC in 2020 revealed more than 1100 firms remained on the list, including companies linked toAlso on the list are billionaire investor Alex Waislitz’s Thorney Pty Ltd, leading hedge fund Portland House Group,as well as Ramsay Health Care, Transfield and firms linked to the Myer family and former prime minister Malcolm Turnbull.
Companies previously on the list will have to comply with ASIC rules, lodging an annual financial report showing revenue, profit, debt and other measures.Former independent senator Rex Patrick railed against the list in parliament, and repeatedly pushed legislation to amend the Corporations Act to abolish the list, which he said was not line with community expectations.
“I’m sure that he will be very pleased to see this amendment pass. I acknowledge the efforts he took to try and put these arrangements in place,” she said.Planned reviews were previously stopped by the Howard government while companies on the list with annual turnovers of more than $100 million faced losing their exemptions under laws passed by the Rudd-Gillard government. The laws would have required the Commissioner of Taxation to publish some tax information.