Charges against the 49-year-old for using the cards to pay for pornographic films were dismissed.
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Employment Minister Eric Abetz said Thomson misled Parliament over the allegations and now had a lot of explaining to do.
"Mr Thomson owes an apology to the thousands of honest union members he defrauded, in addition to the parliament and public, whom he also misled," Senator Abetz said in a statement.
Thomson repeatedly proclaimed his innocence in Parliament, insisting he had done nothing wrong.
Independent MP Andrew Wilkie agreed it appeared Thomson had misled Parliament, and said he would support any effort by the government to have him brought to Canberra to explain himself."I would likely support any sanctions that the Parliament might have within its power to bring against him," he said.
Senator Abetz also wants Opposition Leader Bill Shorten to apologise on behalf of Labor for "promoting and protecting" Thomson over the years.He said the outcome of the Victorian court case demonstrated the need for a royal commission into alleged financial irregularities within trade unions.
"There is no greater illustration than Craig Thomson of the Labor Party's culture of putting the interests of dodgy union bosses ahead of the interest of honest and decent workers," he said.
Labor leader Bill Shorten said on Tuesday that politicians and union representatives were not above the law.
"No one is above the law," he told reporters from Geelong. "Full stopRead more: http://www.smh.com.au/federal-politics/political-news/craig-thomson-should-apologise-for-misleading-parliament-eric-abetz-20140218-32y43.html#ixzz2tfgVLUKn