Chris Bowen (Prospect, Australian Labor Party, Shadow Assistant Treasurer) Share this | Hansard source

One of Australia’s great strengths is the robustness of its financial sector. We need to do more to take advantage of that strength, to remove impediments to that sector’s growth and to put that sector on an even footing with its competitors overseas. The Financial Sector Legislation Amendment (Restructures) Bill 2007 proposes to make amendments to facilitate the adoption of non-operating holding companies as the ultimate holding company of a financial group in Australia by removing the regulatory impediments to the adoption of a non-operating holding company structure that arise under particular requirements of the Corporations Act and by removing the impediments that arise under the income tax laws. Labor supports this bill. Labor supports efforts to increase the competitiveness of the Australian financial services sector. It was always Labor’s intention to support this bill, but I understand that there has been some minor speculation from government sources in the industry over the last week that Labor might not support this bill or that Labor might seek to refer it to committee. But the shadow cabinet approved Labor supporting this bill without amendment and without referral to committee shortly after it was first introduced because it makes sensible changes.

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