Curiously, the government has had little to say about the strife Rio Tinto and its former CEO, Tom “sovereign risk” Albanese find themselves in with the United States Securities and Exchange Commission over the small matter of a $3 billion write-down on its Mozambique coal mine debacle — and what the company told investors about it.

Imagine if a trade union and a former union boss were facing fraud charges relating to $3 million, let alone $3 billion. Michaelia Cash would have been out of the blocks in a flash, demanding Labor explain its links with the union (and berating female journalists for failing to chase the story). Especially if the union was in the middle of dealing with another scandal about bribery involving its most senior executives.

But for Rio Tinto, not a word.

The government’s logic on establishing the Australian Building and Construction Commission was that the existing regulatory mechanisms for dealing with the construction industry were inadequate to the task of maintaining the rule of law in the sector.

So what, then, are we to make of the fact that it isn’t the Australian corporate regulator that has gone after Rio Tinto, but the SEC? The SEC is involved because Rio went to US investors to raise capital without — the SEC alleges — being completely forthright about the Mozambique disaster. And not merely the SEC has gone after the company — yesterday the UK Financial Conduct Authority fined the company 24.7 million pounds for the same issue. It’s only because Rio said uncle at an early stage with the FCA that it avoid a 40 million pound fine.

So the UK regulator has had time to investigate the company, prosecute it and settle the matter. The SEC has had time to launch a prosecution. Where’s the Australian Securities and Investment Commission? Still looking into it, apparently. Since the exposure of its Keystone Cops-like performance on Commonwealth Financial Planning, ASIC has been working hard to dispel its reputation for being gun-shy when it comes to the top end of town. It doesn’t get much bigger in Australia than Rio Tinto. So where’s our regulator? Too busy preparing incoming briefs for new boss James Shipton?

Or do the existing regulatory mechanisms fail to address industry lawlessness and we need a special body to go after mining industry executives? We won’t hold our breath.