Julian Hill (Bruce, Australian Labor Party) Share this | Hansard source

Let's not speculate! Prime minister Bruce was the only Prime Minister until John Howard who lost his seat in a general election.

Anyway, schedule 5, 'Rationalisation of ending ASIC instruments', amends the Corporations Act and the National Consumer Credit Protection Act 2009 to incorporate longstanding matters currently contained in the Australian Securities and Investments Commission legislation. This long-term reliance on ASIC's exemption and modification powers to update the law for changing circumstances makes it difficult for regulated entities to understand the full state of the law as it applies to them. And so the amendments in schedule 5 improve the clarity of the law, provide certainty and make it simpler for regulated entities and consumers to understand their rights and obligations.

It's really important, as I said—and I will finish where I started—that, overall, these amendments flowed from the ALRC's work in relation to schedules 2 and 3, but they both have a mix of important policy measures such as in relation to insurance while improving the clarity and the understanding of the law for all those in the country who need to read it. And look, I apologise to the member for Forde. I haven't had time to read out the glossary of terms or to take you through the consultation that preceded the bill.

Ordered that the resumption of the debate be made an order of the day for a later hour.

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