Jason Falinski (Mackellar, Liberal Party) Share this | Hansard source

After such a stirring speech, I am inclined to sit down and just say we agree with the member for Whitlam. No-one else can take 10 minutes to say 'I agree' as well as the member for Whitlam. So stirring was his speech that even Siri wanted to get in on the act! I can't follow that. I can't beat what he said, so I will keep it brief. We are moving the Financial Sector Reform (Hayne Royal Commission Response—Stronger Regulators (2019 Measures)) Bill 2019. The bill seeks to do the following. The financial sector reform bill forms part of the government's comprehensive response to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, which is set out in the Financial services royal commission implementation roadmapreleased on 19 August 2019. The bill implements a number of recommendations of the 2017 ASIC enforcement review taskforce report, and will benefit Australians by strengthening ASIC's regulatory powers, helping ASIC to better protect consumers—

(Quorum formed) What a disgrace. The Labor Party claims to be in favour of consumers and this is how they treat this House. They say that they want to pass the Hayne royal commission recommendations. They can't help but play games. They are a disgrace. They say they want to protect consumers. They just want to protect their union mates and industry super, who are only interested in ripping money off consumers in Australia. They will shut down for as long as they possibly can any speaker who points out their hypocrisy. They say that no-one in this House who wants to speak on consumer protection is important enough to shut down, but they can't help but move their silly recommendations and their stupid amendments while they say that they're in favour of the bill. They are a disgrace. The people of Australia should realise that the one party in the parliament of Australia that is standing between them and consumer protection is the Labor Party.

I will also say this: the Labor Party had six ignominious years in government between 2007 and 2013.They gave ASIC more powers, more resources than they've ever had before, and what did it result in? It resulted in the Hayne royal commission. They talk about Trio. They talk about Storm. When did they happen? They happened under Julia Gillard, under Kevin Rudd, under Bill Shorten, under all of their ministers, under their entire government. They have nothing but the most reprehensible record when it comes to financial services. They have nothing but the most ignominious record when it comes to protecting consumers, but they have the gall to come into this House and lecture us. And the minute someone stands up and tries to point out their hypocrisy all they can do is shut down debate, because that's what the once great Labor Party has turned into. This House should pass this bill and it should do it now. It should do it without considering the amendments of the member for Whitlam.

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