A bombshell has rocked Australian politics, with Opposition Leader Peter Dutton accused of potentially engaging in insider trading during the global financial crisis.
The allegations have sparked a heated debate, with the Labor Party calling for Dutton to come clean about his share trading activities.
What’s the Issue?
In 2009, Dutton, who was then a member of the Coalition front bench, purchased shares in several major banks, including Commonwealth Bank, National Australia Bank, and Westpac, just before the government announced a $4 billion stimulus package to support the banking sector.
The shares subsequently rose in value, with Commonwealth Bank shares increasing by 21.6% in just 12 days.
A Timeline of Events
January 23, 2009: Dutton declares that he has bought shares in Commonwealth Bank, National Australia Bank, and Westpac.
January 24, 2009: The Rudd Government announces the Australian Business Investment Partnership, a $4 billion stimulus package to support the commercial property market, in partnership with Australia’s major banks.
February 3, 2009: The Opposition, led by Malcolm Turnbull, receives a Treasury briefing on the stimulus package.
Labor Demands Answers
The Labor Party is demanding that Dutton explain his actions, with Employment Minister Murray Watt saying, “Peter Dutton has questions to answer about his highly unusual share trading during the GFC.”
Watt wants to know if Dutton had access to sensitive information not available to the public and whether he received briefings or sensitive information on banking support.
Dutton’s Response
So far, Dutton has not commented publicly on the allegations, but a spokesperson has dismissed the claims as “muckraking” and accused the Labor Party of trying to create controversy.
Senate Estimates Blow-Up
The controversy blew up in Senate estimates, with Liberal Senator Jane Hume hurling insults at Finance Minister Katy Gallagher after she raised the issue.
Hume accused Gallagher of being “grubby” and trying to defame Dutton using parliamentary privilege.
What’s Next?
The allegations have sparked a fierce debate, with many calling for Dutton to come clean about his share trading activities.
As the Opposition Leader, Dutton is under intense scrutiny, and the Labor Party is unlikely to let the matter drop.
With the Australian public watching closely, Dutton will need to provide some clear answers to restore his reputation and maintain public trust.