Bernie Ripoll (Oxley, Australian Labor Party) Share this | Hansard source

I will not hold up the House too much longer. Suffice to say that the Financial Sector Legislation Amendment (Prudential Refinements and Other Measures) Bill 2010 is a good bill. It is an amendment bill that deals with a whole range of other bills and amendments. It is part of the government’s broader reform agenda in financial services and part of a whole series of reforms that we have made to ensure the long-term sustainability of our financial system in this country, that it is world-class, that it is best practice and that it is the envy of the rest of the world. In the same way that the financial services system in this country guided us—and certainly supported us—through the global financial crisis, the improvements that needed to be made to ensure good fiscal policy and monetary policy in the future are made by these amendments. On that basis, I congratulate the minister for his good work in this area and also the Treasury and the prudential regulator, APRA, for their work and the process they undertook. I also commend the bills to the House.

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