ASIC have too much on their plate, CMR would be well down the list of their priorities. That's a nice touch in the 3rd paragraph, "It claimed the miners had breached the ASIC 2001 Act which covers misleading the public and the market"
Mining industry doom ads referred to ASIC
By Simon Benson The Daily Telegraph June 19, 2010
THE mining industry's new advertising blitzkrieg against the Government's super profits tax has been referred to regulators over fears it could talk down the value of the nation's retirement funds.
In a sign that the mining lobby may have overstepped the mark in its campaign against the tax, the superannuation industry yesterday wrote to the Australian Securities and Investments Commission asking it to investigate.
It claimed the miners had breached the ASIC 2001 Act which covers misleading the public and the market.
Miners have also been accused of trying to buy support for its campaign by offering consumers the chance to win prizes of $10,000 when they log on to view an open letter to the Federal Government against the tax.
The CEO of the The Australian Institute of Superannuation Trustees, Fiona Reynold, came to the aid of the Federal Government yesterday, calling for the ads to be taken off air.
The ads allege the tax would derail the retirement plans of millions of Australians. But the superannuation industry claimed the ads posed a greater risk to the value of funds through scaremongering. The industry is one of the few to side with the Government against the miners.
Ms Reynold said the latest mining ads, which features a 74-year-old retiree concerned about the effect of the tax on his super fund, were irresponsible.
"Older Australians can be confident that their superannuation and pension investments are performing well," she said.
"Far from being derailed, most super funds are on track to report double-digit returns."
CMR Price at posting:
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