How bad is the Government’s retrospective legislation?
The proposed retrospective legislation is severe and oppressive. It reflects poorly on Victoria, and potentially Australia, raising issues of sovereign risk.
Companies, especially Lakes Oil NL, have made decisions based upon what the law is and will be massively disadvantaged if the law is changed in the way proposed by Government.
The purpose of the Government’s retrospective legislation is to escape liability for the damages it will inflict upon Lakes Oil and its 11,000 shareholders. By any measure, for a Government to do this is unreasonable and unjust.