Yeh, the Gillard government was Labor, Rudd the dud was too, they ban it because it rocks their boat too much, they don't ban it to make the market more legit, if the intention was to make the market more legit they would arm ASIC, create a SEC or alike, mandate qrtly reporting for all, and increase penalties for wrong doing to a level that might actually deter dodgyness, both sides are virtually as bad as each other but at least the Lnp let the shorters try and sort some of the bad eggs.
The reality is theres no easy solution, AASb's, ASIC laws etc all need some amount of wiggle room, accountancy, assumptions, disclosure and risks all need to be allowed wiggle room to a certain degree to make the markets work, theres no binary solution, it's all basically a compramise and there will always be risk for investors.
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