Andrew Leigh (Fraser, Australian Labor Party) Share this | Hansard source

I was speaking about the broad context of economic reform in which this legislation is being debated. This is a context in which we on this side of the House are keen to bring market discipline to the area of stock exchanges. We on this side of the House recognise that competition is important. We recognise that markets work well. Those on the opposite side of the House, however, are unable to grapple with markets in so many areas. They are running away from big economic reforms such as carbon pricing, minerals resource rent taxation and even the fuel tax reforms introduced into this place by then Treasurer Peter Costello in 2003, which are now opposed by the Liberal and National parties.

This legislation is important for Australian families. It will boost investment; it will boost superannuation reforms; and it recognises that exchange competition has benefits that will flow onto Australian households. Even though this is complicated financial legislation, it is underpinned by the straightforward concept that competition at the exchange level brings benefits to households, just as competition does in other markets. I commend the legislation to the House.

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