Dutton Refuses to Engage in ‘Tabloid’ Tactics Amid Growing Finance Inquiries
Labor accuses Peter Dutton of timing his share trades to coincide with political events, but he defends himself, calling it a political attack and asserting his integrity.
After facing intense media scrutiny on his share purchases and property transactions, Federal Opposition Leader Peter Dutton has stood by his financial dealings.
He responded to allegations about his investments during the global financial crisis by saying, “I’ve only ever acted with integrity.”
Reports surfaced that Dutton bought shares in major Australian banks in early 2009, just before the Rudd government announced a $4 billion stimulus package to stabilize the banking sector.
According to his parliamentary register of interests, Dutton made several share trades between October 2008 and March 2009.
In January 23, 2009, he disclosed purchases of shares in Westpac, NAB, and Commonwealth Bank. The next day, the Rudd government unveiled the Australian Business Investment Partnership to boost confidence in the banking system.
Labor has accused Dutton of having prior knowledge of the bailout plans. This has brought additional scrutiny, especially since Malcolm Turnbull, the then-opposition leader, had been briefed on the government’s policy before its public announcement.
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Dutton refuted any suggestion of wrongdoing, stating, “There’s no information I’ve been privy to that influenced any decision about any share that I’ve bought.”
He also criticized Prime Minister Anthony Albanese’s office for allegedly spreading negative information about his financial past.
“They’ve scrutinized every transaction of my entire adult life and found that I’ve bought and sold properties,” he remarked.
Focus on Property Transactions
Aside from the share purchases, a separate report in Nine newspapers claimed that Dutton had not disclosed the sale of two properties according to federal parliament’s disclosure regulations over 20 years ago.
While admitting that some paperwork was not submitted on time, he dismissed the allegations as unimportant.
“There’s nothing significant in that,” he argued.
Dutton defended his financial history by mentioning his investments since his teenage years.
“I remember as an 18- or 19-year-old buying shares, so I’ve invested, and I think a lot of savvy investors would have bought bank shares around that time because they saw their value,” he explained.
He also noted that he bought his first property with his father after completing school and expressed no regret about his business accomplishments.
“I’m proud of what my family and I have achieved, and I believe Australians want someone who understands how to make money and manage the economy. I’ve shown that as assistant treasurer,” he noted.
He highlighted Prime Minister Albanese’s financial achievements, saying, “The Prime Minister is a person of integrity, like myself, and he’s done well. He tells a story of growing up in public housing. He’s now a millionaire with property—good for him. This country allows for aspirations.”
Dutton clarified that he currently only owns one house, which he has declared, and his family trust holds “no assets.” He did not disclose if the trust contains any cash.
Political Fallout: Senate Dispute
The controversy spilled into Senate Estimates, where tensions rose as Finance Minister Katy Gallagher questioned Dutton’s share trades.
During the hearing, Labor Senator Jana Stewart inquired with Department of Finance officials about rules governing public servants’ investments.
When an official confirmed that using insider information for personal gain was strictly forbidden, Gallagher remarked, “If a public servant hypothetically knew about the banks’ bailout during the GFC and tried to purchase shares in all those major banks just before that announcement, I assume there would be very severe consequences.”
“We are now hearing about Mr. Dutton’s actions before that bank bailout… I think there are legitimate questions to answer,” she declared.
“Was it just a coincidence that many shares were bought the day before a bank bailout? What a coincidence, a fortunate coincidence for Mr. Dutton indeed,” she added.
Her comments drew criticism from Liberal senators, including Jane Hume and James McGrath, who accused Gallagher of making accusations without repercussions using parliamentary privilege.
The heated debate resulted in the suspension of the hearing.
As Dutton continues to assert that his financial transactions have been carried out with integrity, Australians must evaluate the claims and make their own judgments.
