House debates

Tuesday, 12 February 2019

Questions without Notice

Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry

3:30 pm

Photo of Josh FrydenbergJosh Frydenberg (Kooyong, Liberal Party, Treasurer) Share this | Hansard source

The question is: is the Leader of the Opposition sorry for the 10,000 victims of Trio? Is the Leader of the Opposition sorry for what happened to the Storm Financial victims and the Opes Prime victims? The reality is that we, on this side of the House, have provided a comprehensive response to the Hayne royal commission. We are taking action on 76 recommendations. We are putting in place greater protections for Australian consumers. We are putting in place greater accountability mechanisms for the financial system. We are ensuring that our regulators are fit for purpose—regulators that the Leader of the Opposition, when he was the financial services minister, said were the best in the world. We are also taking action to ensure that people get redress—an opportunity to be heard and compensation—where they have suffered misconduct. There's a clear contrast: those opposite are playing politics; we're getting on with taking action. We are getting on with ensuring that the financial system will put the interests of consumers first. We understand the misconduct that has occurred which has been documented in detail by the Hayne royal commission: broken businesses and broken lives; profits put before people; greed that led to those outcomes. And that is why we are taking action on all 76 recommendations. As for the Labor Party, I don't know what they're waiting for and I don't know whom they're trying to appease, but, with double the amount of time to consider the royal commission, they haven't even produced their response.


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