George Brandis (Queensland, Liberal Party, Attorney-General) Share this | Hansard source

Let me say three things to you, Senator Leyonhjelm. First of all, I really admire your commitment to economic liberty. I really admire it, and I admire your scepticism about economic regulatory agencies and the risk of over-reach of their powers, so let me put that on the record. I am much of your mind. The second point I would make to you is that in the original draft of this bill, as it was introduced on 30 October last year, the ACCC and ASIC were not included in the list in section 110A of agencies that would have a right to access metadata. But the PJCIS, in recommendation 20 of its report, recommended that they be included. I think we do have to acknowledge that ASIC and the ACCC are the two most important economic regulators in this country. We have to acknowledge that there is a great deal of conduct, including criminal conduct, conduct such as cartel conduct and conduct such as market manipulation and other forms of commercial fraud, which it is the remit of the ACCC or ASIC, respectively, to investigate and to police. Although the primary target of this legislation is terrorism, organised crime and paedophilia networks, there will be circumstances in which it will be useful for ASIC and the ACCC to have access to metadata for those purposes. Although I cannot give you the guarantee you seek, I can tell you that under the existing law there is no limitation either. At worst, from your point of view, this law does not change anything for the worse. It does not change anything at all in relation to the capacity of the ACCC and ASIC to have access to this information.