In the past week, a dramatic escalation of tensions has occurred between the Senate Economics References Committee and the Australian Securities and Investments Commission (ASIC)!

ASIC was required to hand over raw investigation files to the Senate inquiry under a legal order of the Australian Senate. ASIC refused to comply with the order!

Senator Bragg has referred to this development as a contempt of Parliament and that any and all options are now on the table.

This contempt allegation builds on the other allegation of contempt which Adams and North exposed in the previous episode of In the Interests of the People relating to ASIC ordering the manipulation of the Australian Senate and by extension Australian democracy.

If ASIC is found formally guilty of contempt, the most extreme legal option that the Australian Senate has available is to put ASIC officials in jail which is both constitutional and has legal precedence in Australia.

The Parliament of Australia is an extremely powerful institution. Its authority granted by the Australian Constitution needs to be treated with respect.

Senator Bragg needs 39 votes to refer ASIC for formal investigation to the Senate Privileges Committee. Discussions within the Australian Senate have begun.

ASIC is playing with fire and could be badly burnt in the coming weeks.