Deborah O'Neill (Robertson, Australian Labor Party) Share this | Hansard source

I am sure they will be pouring in when they hear what I have to say about the opportunity that the Labor government is legislating in this bill. The member for North Sydney claims that he supports this bill, but you would hardly know it from the way he spoke. He returned to form in the way of so many on the other side with a trashing of our economy, talking it down, ignoring the fact that there is so much to celebrate in this great country of ours and so much to celebrate in the strength of our economy.

I noticed the praise that the member for North Sydney had for the regulators. That is a good thing, because regulation is a critical element of Australia's success in riding out the storm of the global financial crisis. We received a very different response when it came to believing in the stimulus package that we implemented to make sure we kept Australians in work.

This bill, which is supported by the Liberals, is not the sort of legislation that reveals their values, but it certainly reveals ours. It is about making a great financial product to ordinary mums and dads and ordinary investors: ordinary Australians who want to make sure that they secure their future with a very useful financial product which will become available.

I am very proud to stand in this place today and talk about another great reform being made by the Gillard Labor government, the Commonwealth Government Securities Amendment (Retail Trading) Bill 2012. This is a reform for our nation, certainly a reform for our finance sector and a reform that will engage individual Australians who have an eye on their future. It is another plank in our Competitive and Sustainable Banking System package that was announced shortly after the last election.

This bill aims to improve protection for consumers in banking services. It also aims to support our smaller lenders so they can grow and thrive and put downward pressure on service prices and increase pressure on the big banks, which has been a significant imperative for us in the changes that we have undertaken in the financial sector. This bill aims to secure the long-term safety and sustainability of the Australian financial system by reducing recurrent reliance on offshore wholesale funding markets by opening up new markets right here on Australian shores.

Despite the doom and gloom, endless carping and relentless negativity of those opposite, for the first time in our history Australia has been awarded a gold-plated AAA rating from all three global ratings agencies.

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