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