Responding to Minister Julie Bishop and Minister Josh Frydenberg’s announcement of 6 May committing Australia to join the voluntary Extractive Industries Transparency Initiative (EITI), Diane Sheard from The ONE Campaign said:

“Coming just days after the government announced it will implement a public register of who owns and controls Australian companies, today’s announcement is another step in the right direction for Australia. These are exactly the kind of bold and decisive steps governments need to take in order to make meaningful progress against corruption.

“It is vital that this momentum is not lost. The US, EU, Canada and Norway have set the pace towards an international legally-binding reporting standard for oil, gas and mining companies. Australia is the last major resource-rich nation not to have signed up to this standard. The government must therefore build on today’s announcement and set out a timeline for implementing mandatory rules requiring oil, gas and mining companies to disclose what they pay to governments. This would shine a light on the often murky world of extractive deals, helping ordinary people in developing countries see where the money paid for their countries’ natural resources is really going, and demand that their governments invest in the fight against poverty at home.

“ONE’s analysis shows that developing countries lose $1 trillion each year in illicit financial flows. Whilst Australia’s aid budget is plummeting towards its lowest level ever, meaningful action against corruption is a must if Australia is to play its part in ending extreme poverty.”

ENDS

For all media queries, please contact Emily Wigens (in London) on +44 (0) 7557265483 or email [email protected]

About ONE

ONE is a campaigning and advocacy organisation of more than 7 million people taking action to end extreme poverty and preventable disease, particularly in Africa. Not politically partisan, we raise public awareness and press political leaders to combat AIDS and preventable diseases, increase investments in agriculture and nutrition, and demand greater transparency in poverty-fighting programmes. To learn more, go to ONE.org.