Footnotes
Chapter 2 - Background information
[1]
Treasury, Review of Non-Forestry Managed Investment Schemes,
December 2008, p. 2
[2]
Senate Economics Committee, Estimates Hansard, 4 June 2009,
Canberra, pp 89-90
[3]
ASIC, Submission 58, pp 18-19. Non-forestry MIS can also include
beef, poultry and aquaculture.
[4]
ASIC, Submission 58, pp 19-20
[5]
These activities are often contracted out to another entity.
[6]
Treasury, Review of Non-Forestry Managed Investment Schemes, December
2008, p. 2; ASIC, Submission 58, p. 20
[7]
Parliamentary Joint Committee on Corporations and Financial Services, Report
of the review of the Managed Investments Act 1998, December 2002, p. 5
[8]
Macquarie Agricultural Funds Management, Submission 48, p. 7
[9]
ASIC, Submission 58, p. 27
[10]
Treasury, Review of Non-Forestry Managed Investment Schemes,
December 2008, p. 27
[11]
ASIC, Submission 58, p. 21
[12]
Treasury, Review of Non-Forestry Managed Investment Schemes,
December 2008, p. 25
[13]
A3P and NAFI are the Australian Plantation Products and Paper Industry
Council and the National Association of Forest Industries respectively. A3P and
NAFI, Submission 56, p. 16
[14]
ASIC, Submission 58, p. 12
[15]
ASIC, Regulatory Guide 170, 'Prospective financial information',
September 2002
[16]
ASIC, Regulatory Guide 170, 'Prospective financial information',
September 2002, pp 3-4
[17]
ASIC, Regulatory Guide 170, 'Prospective financial information',
September 2002, p. 9
[18]
ASIC, Regulatory Guide 170, 'Prospective financial information',
September 2002, p. 12
[19] ASIC, Regulatory
Guide 170, 'Prospective financial information', September 2002, p. 23
[20] ASIC, Regulatory
Guide 175, ''Licensing: Financial product advisers—Conduct and disclosure',
May 2009, p. 7
[21] ASIC, Regulatory
Guide 175, ''Licensing: Financial product advisers—Conduct and disclosure', May
2009, p. 34
[22]
See section 95A of the Corporations Act.
[23]
See also section 435A of the Corporations Act.
[24]
ASIC, Submission 58, p. 49
[25]
ATO, Submission 18, p. 1
[26]
ATO, Submission 18, Attachment 1, p. 3
[27]
ASIC, Submission 58, p. 24
[28]
ATO, Submission 18, Attachment 1, p. 4
[29]
ATO, Submission 18, Attachment 1, p. 3
[30]
ATO, Submission 18, Attachment 1, p. 2
[31]
ATO, Submission 18, p. 1; ATO, Committee Hansard, 15 July
2009, Canberra, pp 13-14
[32]
ASIC, Submission 58, p. 19
[33]
ATO, Submission 18, p. 1
[34]
A3P and NAFI, Submission 56, p. 9
[35]
A3P and NAFI, Submission 56, p. 9
[36]
ATO, Committee Hansard, 15 July 2009, Canberra, pp 7-8, 19
[37]
ASIC, Submission 58, pp 47-49
[38]
Hopkins, P. 'Tough harvest ahead for agribusiness', The Age, 21 July 2009,
accessed on 20 August 2009 at http://business.theage.com.au/business/tough-harvest-ahead-for-agribusiness-20090720-dqu1.html
[39]
A3P and NAFI, Submission 56, p. 7
[40]
A3P and NAFI, Committee Hansard, 15 July 2009, Canberra, p. 76
[41]
ASIC, Submission 58, pp 50-51
[42]
ASIC, Information for Timbercorp growers, accessed on 20 August
2009 at http://www.asic.gov.au/asic/asic.nsf/byheadline/Information+for+Timbercorp+growers?openDocument
[43]
Nickless, R. 'Timbercorp investors granted a reprieve', Australian
Financial Review, 21 July, 2009, p. 9
[44]
ASIC, Submission 58, p. 24
[45]
ASIC, Submission 58, pp 51-52
[46]
Great Southern Limited, Explanatory note, 'Application to Supreme Court of
Victoria 7 August 2009', accessed on 18 August 2009 at http://www.great-southern.com.au/Application.aspx;
Wood, L. Sydney Morning Herald, 'More funds for Great Southern', 18
August 2009, accessed on 18 August 2009 at http://business.smh.com.au/business/more-funds-for-great-southern-20090817-enqb.html
Chapter 3 - MIS structural issues
[1]
Institute of Chartered Accountants in Australia, Committee Hansard,
15 July 2009, Canberra, p. 31
[2]
Plantations for Australia: The 2020 Vision is a strategic partnership
between the Commonwealth, State and Territory Governments and the plantation
timber growing and processing industries.
[3]
ASIC, Submission 58, p. 18
[4]
Rewards Group Ltd, Submission 19, p. 6
[5]
A3P and NAFI, Submission 56, p. 8
[6]
A3P and NAFI, Submission 56, p. 8
[7]
Rewards Group Ltd, Submission 19, p. 1
[8]
Piper Alderman, Submission 4, p. 1
[9]
Mr Eric Walters, Submission 39, p. 44
[10]
Maccacorp Ltd, Submission 15, p. 3
[11]
Almond Investors Ltd, Submission 32, p. 3
[12]
HAC, Committee Hansard, 15 July 2009, Canberra, p. 100
[13]
HAC, Committee Hansard, 15 July 2009, Canberra, p. 100
[14]
HAC, Submission 17, p. 6; HAC, Committee Hansard, 15 July
2009, Canberra, p. 100
[15]
A3P and NAFI, Submission 56, p. 43
[16]
Mr David Cornish, Submission 54, p. 2
[17]
Mr David Cornish, Submission 54, p. 2
[18]
Mr Rod Davies, Committee Hansard, 15 July 2009, Canberra, p. 53
[19]
NFF, Submission 22, p. 4
[20]
Sunraysia Irrigators Council, Submission 33, p. 6
[21]
Sunraysia Irrigators Council, Submission 33, pp 7-8
[22]
See for example Kelly Ag Services, Submission 1, p. 5; NFF, Submission
22, p. 4; Australian Sugar Milling Council, Submission 27, p. 5;
VFF, Submission 28, p. 5, NSWFF, Submission 52, p. 8
[23]
Institute of Chartered Accountants in Australia, Submission 36, p.
2
[24]
IFA, Submission 42, pp 10-11
[25]
A3P and NAFI, Submission 56, p. 41
[26]
VFF, Submission 28, p. 5
[27]
WGGA, Submission 44, p. 1
[28]
WGGA, Submission 44, p. 2
[29]
WGGA, Submission 44, p. 3
[30]
Institute of Chartered Accountants in Australia, Submission 36, p.
5
[31]
CPA Australia, Committee Hansard, 15 July 2009, Canberra, p. 34
[32]
Mr Kerin Smart, Submission 60, p. 2
[33]
Maccacorp Ltd, Submission 15, p. 11
[34]
WGGA, Submission 44, p. 5
[35]
WGGA, Submission 44, p. 6
[36]
Australian Sugar Milling Council, Submission 27, pp 5-6
[37]
Canegrowers Australia, Submission 23, p. 3
[38]
VFF, Submission 28, p. 6. The committee notes that while the
proportion of non-forestry MIS projects is nearly 50 per cent, as a proportion
of total investment that figure is less (see paragraph 2.51).
[39]
Delegate Station Pastoral Company, Submission 50, p. 9
[40]
A3P and NAFI, Committee Hansard, 15 July 2009, Canberra, pp 67-68;
AAG, Submission 43, p. 5
[41]
IFA, Submission 42, p. 9
[42]
Mr David Wettenhall, Committee Hansard, 15 July 2009, Canberra, p.
84
[43]
Rewards Group Ltd, Submission 19, p. 6; Mr Eric Walters, Submission
33, p. 10
[44]
IFA, Submission 42, p. 7
[45]
IFA, Submission 42, p. 7
[46]
NFF, Submission 22, pp 4-5
[47]
Delegate Station Pastoral Company, Submission 50, p. 8
[48]
Institute of Chartered Accountants in Australia, Submission 36, p.
4
[49]
NFF, Submission 22, p. 3; see also NSWFF, Submission 52, pp
5-6
[50]
Maccacorp Ltd, Submission 15, p. 8
[51]
A3P and NAFI, Committee Hansard, 15 July 2009, Canberra, p. 80
[52]
A3P and NAFI, Committee Hansard, 15 July 2009, Canberra, p. 81
[53]
Dr Judith Ajani, Submission 9, pp 2-3
[54]
Delegate Station Pastoral Company, Submission 50, p. 4; see also
NSWFF, Submission 52, p. 5
[55]
Delegate Station Pastoral Company, Submission 50, p. 4
[56]
WGGA, Submission 44, p. 5
[57]
Sunraysia Irrigators Council, Submission 33, p. 2
[58]
Dr Judith Ajani, Submission 9, p. 3
[59]
Dr Judith Ajani, Submission 9, p. 4
[60]
Dr Judith Ajani, Submission 9, p. 6
[61]
A3P and NAFI, Committee Hansard, 15 July 2009, Canberra, p. 79
[62]
Sustainable Agricultural Communities Australia, Submission 13, p. 3
[63]
WGGA, Submission 44, p. 1
[64]
IFA, Submission 42, p. 10
[65]
Mr Rod Davies, Committee Hansard, 15 July 2009, Canberra, p. 53
[66]
Mr Rod Davies, Committee Hansard, 15 July 2009, Canberra, p. 59
[67]
Mr Rod Davies, Committee Hansard, 15 July 2009, Canberra, p. 59
[68]
Dr David McKenzie, Committee Hansard, 15 July 2009, Canberra, p. 55
[69]
Dr David McKenzie, Submission 7, p. 3; see also Dr Geoff Kew, Submission
57, pp. 2-4. Dr Kew agreed with Mr McKenzie's concerns about training but
raised a number of criticisms about Mr McKenzie's claims (submission 7) about
methodology. This debate is not examined in this report.
[70]
Mr Rod Davies, Committee Hansard, 15 July 2009, Canberra, p. 61
[71]
Mr David Wettenhall, Committee Hansard, 15 July 2009, Canberra, p.
87
[72]
Piper Alderman, Submission 4, pp 5-6
[73]
Canegrowers Australia, Submission 23, p. 2
[74]
IFA, Submission 42, p. 9
[75]
Piper Alderman, Submission 4, p. 5; see also Mrs Glen See, Submission
11, p. 4
[76]
A3P and NAFI, Submission 56, p. 15
[77]
A3P and NAFI, Submission 56, p. 15
[78]
Mr David Wettenhall, Submission 35, p. 1
[79]
Rewards Group Ltd, Submission 19, p. 7
[80]
Maccacorp Ltd, Submission 15, p. 8
[81]
A3P and NAFI, Committee Hansard, 15 July 2009, Canberra, p. 64
[82]
A3P and NAFI, Committee Hansard, 15 July 2009, Canberra, p. 79; A3P
and NAFI, Submission 56, p. 35
[83]
AAG, Submission 43, p. 6
[84]
McMahon Clarke Legal, Submission 24, pp 2-3
[85]
Rewards Group Ltd, Submission 19, p. 3
[86]
Willmot Forests Ltd, Submission 45, p. 4
[87]
Trustee Corporations Association, Submission 25, p. 2
[88]
Mr David Cornish, Submission 54, p. 3
[89]
A3P and NAFI, Submission 56, p. 16
[90]
McMahon Clarke Legal, Submission 24, p. 5; see also AAG, Submission
43, p. 3
[91]
Forest Enterprises Australia, Submission 46, p. 5
[92]
Mr David Wettenhall, Committee Hansard, 15 July 2009, Canberra, p.
88
[93]
Piper Alderman, Submission 4, p. 3
[94]
Macquarie Agricultural Funds Management, Committee Hansard, 15 July
2009, Canberra, pp 92-93
[95]
Macquarie Agricultural Funds Management, Committee Hansard, 15 July
2009, Canberra, p. 93
[96]
McMahon Clarke Legal, Submission 24, p. 5; see also AAG, Submission
43, p. 3
[97]
Willmot Forests Ltd, Submission 45, p. 5
[98]
Application fees accounted for 76 per cent of Great Southern's revenue and
87 per cent of Timbercorp's revenue in 2008. See ASIC, Submission 58, p.
23.
[99]
ASIC, Submission 58, p. 23
[100] ASIC, Submission 58,
p. 25
[101] ASIC, Submission 58,
p. 14
[102] ASIC, Submission 58,
pp. 6-7
[103] McMahon Clarke Legal, Submission
24, p. 2
[104] McMahon Clarke Legal, Submission
24, p. 10
[105] ASIC, Committee Hansard,
15 July 2009, Canberra, p. 109
[106] Macquarie Agricultural Funds
Management, Submission 48, p. 8
[107] WGGA, Submission 44,
p. 6
[108] Mr Kerin Smart, Submission
60, p. 3. Section 1013E of the Corporations Act relates to the requirement
for a PDS to contain information that could reasonably be expected to have a
material influence on a decision to invest.
[109] Maccacorp Ltd, Submission
15, p. 11
[110] Trustee Corporations
Association, Submission 25, pp 3-4
[111] Mr David Wettenhall, Committee
Hansard, 15 July 2009, Canberra, p. 84 and 86
[112] Piper Alderman, Submission
4, p. 3
[113] AAG, Submission 43,
p. 3
[114] McMahon Clarke Legal, Submission
24, pp 3-4
[115] TFS Corporations Ltd, Submission
30, p. 8
[116] TFS Corporations Ltd, Submission
30, p. 10
[117] ASIC, Submission 58,
pp 27-28
[118] ASIC, Submission 58,
p. 29
[119] ASIC, Submission 58,
p. 29
[120] Nickless, R. 'Timbercorp
investors granted a reprieve', Australian Financial Review, 21 July,
2009, p. 9
[121] Piper Alderman, Submission
4, pp 3-4; see also Australian Forest Growers, Submission 53, p. 2;
and FPA, Submission 40, p. 5
[122] Piper Alderman, Submission
4, p. 4
[123] McMahon Clarke Legal, Submission
24, p. 6
[124] Piper Alderman, Submission
4, p. 4
[125] Piper Alderman, Submission
4, p. 5
[126] Mr Michael Butler, Submission
14, p. 2
[127] A3P and NAFI, Submission
56, p. 45
[128] See for example A3P and
NAFI, Submission 56, p. 45 and McMahon Clark Legal, Submission 24,
p. 6
[129] ASIC, Submission 58,
p. 25
[130] IFA, Submission 42,
pp 9-10
[131] Piper Alderman, Submission
4, p. 2
[132] McMahon Clark Legal, Submission
24, p. 6; A3P and NAFI, Submission 56, p. 45
[133] Macquarie Agricultural Funds
Management, Committee Hansard, 15 July 2009, Canberra, pp 94-95
[134] Macquarie Agricultural Funds
Management, Submission 48, p. 9
[135] McMahon Clark Legal, Submission
24, p. 5. This is further discussed in Chapter 4.
[136] Where growers obtained
finance to make their investment, the payments owing could exceed the returns
from the winding up.
[137] A3P and NAFI, Committee
Hansard, 15 July 2009, Canberra, p. 77
[138] A3P and NAFI, Committee
Hansard, 15 July 2009, Canberra, p. 78
[139] A3P and NAFI, Committee
Hansard, 15 July 2009, Canberra, pp 80-81
[140] AAG, Submission 43,
p. 3
[141] Mr David Wettenhall, Committee
Hansard, 15 July 2009, Canberra, p. 85
Chapter 4 - Investor protection issues
[1]
ASIC, Committee Hansard, 15 July 2009, Canberra, p. 116
[2]
ASIC, Submission 58, Confidential attachment, p. 66 and p. 86
[3]
FPA, Submission 40, p. 3
[4]
FPA, Committee Hansard, 15 July 2009, Canberra, p. 41
[5]
FPA, Submission 40, p. 3
[6]
FPA, Committee Hansard, 15 July 2009, Canberra, p. 39 and p. 47
[7]
FPA, Committee Hansard, 15 July 2009, Canberra, p. 46
[8]
Institute of Chartered Accountants in Australia, Committee Hansard,
15 July 2009, Canberra, p. 24
[9]
CPA Australia, Submission 26, p. 6
[10]
Mr David Wettenhall, Committee Hansard, 15 July 2009, Canberra, p.
86
[11]
ASIC, Committee Hansard, 15 July 2009, Canberra, p. 119
[12]
ASIC, Submission 58, Confidential attachment, p. 64 and p. 84)
[13]
FPA, Committee Hansard, 15 July 2009, Canberra, p. 40
[14]
Institute of Chartered Accountants in Australia, Committee Hansard,
15 July 2009, Canberra, pp 36-37
[15]
Institute of Chartered Accountants in Australia, Committee Hansard,
15 July 2009, Canberra, p. 25
[16]
FPA, Supplementary Submission 40, p. 1
[17]
FPA, Submission 40, p. 5
[18]
CPA Australia, Submission 26, p. 2
[19]
ASIC, Submission 58, p. 30
[20]
FPA, Supplementary Submission 40, p. 2
[21]
Gunns Plantations Ltd, Submission 51, p. 9
[22]
ASIC, Submission 58, pp 30-31
[23]
See for example Willmot Forests Ltd, Submission 45, p. 7
[24]
AAG, Submission 43, p. 4
[25]
Mr David Wettenhall, Committee Hansard, 15 July 2009, Canberra, p.
84
[26]
Rewards Group Ltd, Submission 19, p. 5
[27]
Gunns Plantations Ltd, Submission 51, p. 9
[28]
See the discussion on efficient markets theory in ASIC, Submission 58,
pp 13-14
[29]
ASIC, Committee Hansard, 15 July 2009, Canberra, pp 116-117; ASIC, Submission
58, p. 14
[30]
A3P and NAFI, Committee Hansard, 15 July 2009, Canberra, p. 72
[31]
A3P and NAFI, Submission 56, p. 38
[32]
AAG, Submission 43, p. 6
[33]
CPA Australia, Committee Hansard, 15 July 2009, Canberra, p. 22
[34]
AAG, Submission 43, p. 5
[35]
IFA, Submission 42, p. 8
[36]
IFA, Submission 42, p. 8
[37]
IFA, Submission 42, p. 9
[38]
Macquarie Agricultural Funds Management, Committee Hansard, 15 July
2009, Canberra, p. 91
[39]
A3P and NAFI, Committee Hansard, 15 July 2009, Canberra, p. 68
[40]
WGGA, Submission 44, p. 6
[41]
A3P and NAFI, Submission 56, Executive summary, p. ii
[42]
Mr Rod Davies, Committee Hansard, 15 July 2009, Canberra, p. 56
[43]
Mr Rod Davies, Committee Hansard, 15 July 2009, Canberra, p. 53
[44]
Mr Rod Davies, Committee Hansard, 15 July 2009, Canberra, p. 57
[45]
Dr David McKenzie, Committee Hansard, 15 July 2009, Canberra, p. 56
[46]
A3P and NAFI, Committee Hansard, 15 July 2009, Canberra, p. 70
[47]
IFA, Submission 42, p. 13
[48]
ASIC, Submission 58, pp 32-33
[49]
ASIC, Submission 58, p. 34
[50]
ASIC, Committee Hansard, 15 July 2009, Canberra, p. 110
[51]
Mr Kerin Smart, Submission 60, p. 3
[52]
Delegate Station Pastoral Company, Submission 50, p. 3
[53]
Mr David Cornish, Submission 54, p. 2
[54]
See the discussion on efficient markets theory in ASIC, Submission 58,
pp 13-14
[55]
ASIC, Committee Hansard, 15 July 2009, Canberra, pp 109-110
[56]
ASIC, Committee Hansard, 15 July 2009, Canberra, p. 115
[57]
ASIC, Submission 58, p. 16
[58]
ASIC, Committee Hansard, 15 July 2009, Canberra, p. 118
[59]
ASIC, Committee Hansard, 15 July 2009, Canberra, p. 115
[60]
ATO, Submission 18, Attachment 1, p. 3
[61]
ASIC, Submission 58, p. 42
[62]
CPA Australia, Committee Hansard, 15 July 2009, Canberra, p. 25
[63]
Gunns Plantations Ltd, Submission 51, p. 12
[64]
A3P and NAFI, Submission 56, p. 28
[65]
AAG, Submission 43, p. 4
[66]
AAG, Submission 43, p. 4
[67]
Willmot Forests Ltd, Submission 45, p. 7
[68]
CPA Australia, Submission 26, p. 8
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