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

When we released our implementation plan to the royal commission, we said that, by the end of this year, more than 20 commitments would either be implemented or before the parliament, and I'm pleased to tell the House that it is actually 24. The speed at which we have responded to the banking royal commission is in stark comparison to the record of those opposite when they had the Cooper review, which was provided to them in 2010. The first piece of legislation was introduced in the parliament in November 2011, 16 months after the completion of the review. And, with FOFA, it took them almost 23 months from when the PJC tabled its report to when the legislation was introduced.

I'm pleased to say that last week I introduced into the House an omnibus bill that would extend the unfair contract terms to insurance contracts, ensure adequate consumer protection provisions apply to funeral expense policies, introduce a best-interest duty requirement for mortgage brokers and reform mortgage broker remuneration. Only this side of the House can be relied on to implement the recommendations out of the royal commission.

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