Govt hit on time shares proposal

Press, 18 February 1989, Page 2

Govt hit on time shares proposal

Political reporter The Government’s plan to reduce concerns about time-share schemes is just a public relations exercise, according to the Opposition justice spokesman, Mr Paul East. He was referring to the announcement that the Securities Commission had been asked to develop proposals to monitor time-share schemes. Mr East said this showed the Government’s continuing cynical and callous indifference to investors. The public would be astonished to observe the speed with which the Minister of Justice, Mr Palmer, had acted to deal with time-share schemes. That was in stark contrast with his failure to protect investors last year. “Many will see the pseudo-zeal of the Minister as a public relations exercise designed to show him as a man of action,” Mr East said. Such an immediate response to the published complaints of the property millionaire, Mr Bob Jones, would do nothing to restore Mr Palmer’s reputation. While the manner in which time-shares, were sold should be of concern to the Government,, it was a minor problem? compared with the widespread corporate fraud of the last few years, he said. J But the Minister of Consumer Mrs Shields, supported moves to regulate time-share schemes under the Securities Act. Consumers were protected from the misleading advertising of timeshares by the Fair Trading Act, she said, but there were discrepancies about what information had to be provided to prospective buyers.