Julie-Ann Campbell (Moreton, Australian Labor Party) Share this | Hansard source

Higher taxes, lower wages, cuts to health care, sky-high inflation, nuclear-high electricity prices: these are the legacies and the plans of those who sit opposite. Every single one of these things makes it tougher for everyday Australians, who are living at an incredibly challenging time for cost of living. The Albanese Labor government has been focused on making sure the economy and the financial systems that sit around and are regulated by government must work for everyday Australians, every single day. That means we need financial systems that are resilient. That means we need financial systems that are trusted. And that means we need financial systems that are stable.

When we talk about the foundations of stronger productivity and public trust in our financial system, three pillars stand out as absolutely essential: investment, transparency and accountability. Investment is the engine that drives economic growth. It provides the capital that businesses need to innovate, to expand and to create jobs—ultimately, boosting productivity and improving the quality of life for our local communities. Investment alone is simply not enough. The system needs to be transparent, and when financial information and dealings are clear, accurate and accessible it builds trust into that system. Transparency allows investors, policymakers and the public to make informed decisions, and it helps prevent fraud and corruption. That confidence is absolutely critical. It is part of being accountable, which ensures that those managing public and, indeed, private funds are held responsible for their actions. This in turn promotes ethical leadership, good governance and compliance with the rules that protect everyone in our community.

These pillars of investment, transparency and accountability support a broader structure of a strong and resilient financial system—a system that is efficient, a system where funds move quickly and affordably to where they are needed the most, a system that is resilient and able to withstand shocks and recover with confidence and a system that is inclusive, ensuring that everyone has access to financial services and opportunities. It must also be innovative, embracing new technologies to stay competitive and to stay relevant, and stability is crucial in giving people and businesses that confidence to plan for the future. It doesn't matter if you are a small business, a big business or a family—being able to plan for the future is always important, and our systems must reflect that. And, above all, it has to be sustainable.

The Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Bill 2025 contains seven schedules which bolster the components that I have just spoken about, and it's an important piece of legislation that will strengthen confidence in our markets, enhance the operation of regulators and boost long-term economic growth. Schedule 1 of the bill focuses on delivering the first stage of Labor's commitment to develop a public beneficial ownership register as part of our multinational tax integrity package. At present, Australia lacks a comprehensive and consistent system for gathering, verifying and maintaining beneficial ownership data across all corporate entities. It's something that we need. It's something that's important. It's something that needs to change.

A beneficial owner refers to the real individual who ultimately possesses or controls a company, trust or asset, even if they are not listed as the legal owner. There are valid reasons for separating legal and beneficial ownership, but intricate ownership arrangements can be exploited to conceal true ownership, enabling activities such as tax evasion, money laundering and other illicit financial conduct. Again, people must have the confidence to know that these systems are fair, and they must have the confidence to know that unscrupulous people cannot take advantage of flaws in systems. The current gap undermines corporate transparency and creates vulnerabilities in the regulatory framework, which can be exploited by bad actors and hinder the effectiveness of enforcement agencies.

The Albanese Labor government's reforms will establish a robust and centralised framework for beneficial ownership disclosure. It will also align us with the Financial Action Task Force, and the FATF outlines global benchmarks for legal and regulatory measures to combat money laundering, terrorism financing and the misuse of corporate structure. The amendments provide ASIC with enhanced enforcement capabilities. ASIC will have more flexibility to identify what needs to be disclosed and how it needs to be disclosed. Compliance will be incentivised through the potential increased penalties for nondisclosure and freezing notices.

The increased transparency means that the public, journalists and academics will have access to the information on who really controls the companies operating in this country. These reforms follow on from Labor's commitment to transparency, with public country-by-country reporting, requirements for information on subsidiaries, tax residency and increased accountabilities for companies bidding for government tenders.

Schedule 2 of this bill concerns the changes Labor is making to help the not-for-profit sector to be more transparent and more trustworthy. One of the key updates in the new bill gives the Australian Charities and Not-for-profits Commission the ability to share information about investigations, either new or ongoing, if doing so could help prevent serious harm. This idea isn't new. It was part of a previous bill that lapsed in the previous parliament, as we've heard. This government is bringing it back because it is important that the generosity of Australians is matched with trust in our charitable organisations. When Australians put their hands into their pockets and take out their hard earned cash to give to charity, they need to know, they need to have confidence, they need to be sure, that that money is being used in a proper way. This change means that the ACNC can let the public know when it's looking into serious concerns about a charity, which helps reassure donors and the community that action is being taken. It's a way to strengthen oversight and to build trust, encouraging more people to support charities through donations and, of course, through volunteering.

Of course, there are strong safeguards in place. The ACNC can only disclose information if it passes the public-harm test—if the issue is already known publicly or if the risk of harm is serious enough to justify speaking out. If the issue isn't already public, the rules are stricter: the charity must be notified and it has the right to challenge the disclosure.

This reform is just the first step in a bigger plan to update secrecy rules around charities. As promised in the 2023-24 budget, the goal is to help double philanthropic giving by 2030. These changes are part of making the sector more open, they're part of making the sector more accountable and they're part of making the sector more trusted, to drive towards that goal. It is part of Labor's broader agenda in the not-for-profit sector, which includes implementing new pathways to deductible-gift-recipient status, consolidating fundraising guidelines and ensuring voices from the sector are part of the ACNC board.

The third schedule of this bill changes how frequently the FRAA can review ASIC and the Australian Prudential Regulation Authority, APRA. Currently, reviews are biennial, but this bill proposes a review every five years. The benefits of this are twofold. Firstly, it will enable the FRAA to conduct more thorough and comprehensive reviews. Secondly, it will support ASIC and APRA to have enough time to respond to and implement review recommendations. The minister will continue to have the power to appoint the FRAA members and will also be able to call for ad hoc reviews of either ASIC or APRA.

Schedule 4 makes small but important changes to laws managed by Treasury, and these tweaks help make sure the laws work the way they were meant to. It's part of an ongoing commitment to keep our tax and financial systems running smoothly. These updates fix drafting errors, clarify wording and implement administrative improvements. They have been flagged by Treasury, other government agencies and legal drafters.

Similar to schedule 4, schedule 5 deals with technical adjustments that require some urgency. These changes are needed quickly to keep key government programs functioning properly. They fix problems caused by earlier legislative changes that didn't work as intended. When we make laws, we need to make sure that they work as intended. Without these fixes, some programs could face delays or disruptions.

Schedule 6 of the bill extends the rules that help ensure Australians receive fair treatment in the energy market. Known as the prohibiting-energy-market-misconduct provisions, the PEMM provisions, these rules give the ACCC the power to investigate and act against energy companies that simply aren't playing fair. The extension until 2031 will ensure that consumers receive protection and that affordability and fairness are upheld as we undergo energy transition.

The final part of this bill will help small businesses invest and grow by extending the $20,000 instant asset write-off for another year until 30 June 2026. This means that small businesses can continue to claim a full deduction for the cost of eligible assets—not just one asset but eligible assets—under $20,000 as long as they are first used or installed by that date. The limit applies to each asset, so businesses can claim multiple purchases separately. We heard Minister Aly talk about this earlier. She talked about it in the context of the fact that this Labor government, the Albanese Labor government, has also introduced the first National Small Business Strategy, which is designed to make sure that small businesses have clarity on this government's vision, that small businesses have a voice and that that voice is clarified in a strategy which includes critical reforms like this.

Up to 4.1 million small businesses—817,000 in my home state of Queensland—will benefit from improved cash flow and reduced compliance. In my electorate of Moreton, on Brisbane's south side, we have so many small businesses. We have many small businesses that are driven by our multicultural communities. Whether it's a small business selling newspapers, serving coffee, or operating as a restaurant in some of our key areas for small business like Sunnybank, it's important that they are part of this and it's important they have benefits to them as small-business owners.

This is part of a suite of support for small business that includes energy relief, cutting red tape and boosting competition through the $900 million National Productivity Fund and extending unfair trading practice protections. Labor has also provided over $60 million to support small businesses to enhance their cybersecurity measures, and this government wants to see the small-business sector thrive. The targeted support offered by this bill balances practical assistance with responsible economic management.

The Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Bill 2025 reinforces the foundational pillars of investment. It reinforces the foundational pillars of transparency and it reinforces the foundational pillar of accountability. Each one of those is critical to building a resilient and trustworthy financial system.

This bill 's seven schedules translate these principles into practical action. Key reforms include the creation of a public beneficial ownership register to enhance corporate transparency, stronger oversight of charities to protect public trust and more strategic reviews of financial regulators. Fundamentally, technical amendments will ensure smooth legislative function while extended protections in the energy market and support for small businesses will demonstrate that Labor's commitment to fairness and economic resilience is paramount. They collectively strengthen our financial architecture and promote long-term transparency.

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