Prime Minister Tony Abbott is easing rules regarding federal ministers' business interests, reversing previous code of conduct terms that prevented them from holding company shares.
Under the previous Labor government, the code for ministerial standards required ministers to "divest themselves of investments and other interests in any public or private company or business".
However, under a new code released by Mr Abbott this month, the onus appears to shift to the politician to determine any conflict of interest.
"In recognition of the responsibilities that ministers bear, these standards require that ministers make arrangements to avoid conflicts of interests arising from their investments," the new code reads.
"Where the minister is a shareholder in a private company and the assets of the private company are beneficially owned (in whole or in part) by the minister, then the shareholding will not be considered to constitute a conflict of interest where, were the assets to be owned directly by the minister, the fact would not constitute a conflict of interest."
The new code also sets out that if such a company begins operating in areas affected by the minister's decisions, then it is the minister's responsibility to declare their conflict of interest and resolve the matter to the prime minister's satisfaction.
