Stephen Jones (Whitlam, Australian Labor Party, Assistant Treasurer) | Hansard source

I thank the amazing member for Swan for this question. I remember fondly the meeting that we had in her electorate. I think it was in Forrestfield. There were hundreds of people there very engaged in the issue. I've got to say, Member for Swan, the interest you've shown in this issue is in complete contrast to those opposite. It's been over nine months since they've had a shadow spokesperson for consumer affairs or financial services. We can only draw the conclusion that the Leader of the Opposition thinks there's nobody on that side who's good enough to do the job.

If you want to be a party that represents and aspires to represent the interests of Middle Australia, you want to ensure that Middle Australian are earning more, keeping more of what they earn and keeping their money safe. Our scams agenda is about ensuring that we keep Australians' money safe, particularly in the area of investment scams. It's a big job to do. Because of the complete indifference and indolence of the member for Deakin when he had my job, scams were growing at $3 billion a year. They doubled, then they doubled again, and they were on course to double by another $3 billion. I'm pleased to inform members of the House that we have arrested that growth because of the comprehensive policy we've put in place. It's a team job between myself, the Minister for Communications and the Minister for Home Affairs working comprehensively across the economy. It is important that we ensure that scammers know we're taking them on.

Phase 1 is already in place. The National Anti-Scam Centre is already up and running; ASIC has been funded to pull down fake investment websites; and the work that the Minister for Communications is doing is blocking over a million SMS scams going through each month. It's sensational work.

There's more work to come. Phase 2 is already underway, and this is about ensuring that new codes of practice are in place to ensure tougher obligations on banks, on telecommunications companies and on social media platforms as well.

We also want to ensure that Australians get access to affordable, qualified and helpful advice. That's why we're putting in place reforms in the area of financial advice—to ensure that Australians can get access to qualified advice instead of having to go to Instagram, TikTok or Facebook, which is what they were doing under those opposite.

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