Principal anti-insider training provisions in Australian law are found in the Corporations Act of 1989. This legislation prohibits trading on the basis of price-sensitive information which is not generally available but which, if it were available, would be likely to materially affect traded security prices. There is a fine of $20,000 and/or imprisonment for 5 years for a breach of insider trading provisions. The fine is widely perceived to be less than a credible deterrent, and it compares poorly with financial penalties under insider trading laws in the United States and Canada. Due to many technicalities in the law, it has been extremely difficult for the prosecution to obtain a conviction. Further, adequate computer monitoring equipment and software are not available or are not used to detect insider trading transactions. In addition, the strength of peer group relationships and mutual dependencies within the securities industry is such that little incentive exists for professionals such as brokers, merchant bankers, and lawyers to report breaches of insider trading. Insider trading law enforcement in Australia raises major questions about the ethical climate of Australian business and the extent to which criminal law is relevant in dealing with white collar and corporate misconduct. 7 references.