Jo Briskey (Maribyrnong, Australian Labor Party) Share this | Hansard source

I rise to support and speak to this important piece of legislation, the Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Bill 2025. The work of good government often isn't about grabbing headlines. In fact, the most important work our government undertakes is quiet, practical and steady but nonetheless nation shaping. The work of good government is about delivering real results for Australians. It's the work of building a stronger, fairer Australia.

The bill we are debating today embodies just that. It's legislation that strengthens confidence in our markets, improves the way our regulators operate and supports the long-term growth of our economy. It is wide ranging, ambitious and forward looking. It covers corporate transparency, charity oversight, financial regulator reviews, energy market protections and support for small businesses through the extension of the instant asset write-off. On the surface these may appear as separate policy threads, but at its heart this legislation is bound by three principles: investment, transparency and accountability. These are not abstract concepts. They are the foundations that drive productivity, build public trust and will create a fairer, stronger Australia. They are the pillars upon which our economy rests and upon which communities thrive.

After a wasted decade under the previous government, a decade of drift, instability and economic neglect, it is refreshing to debate a bill that actually builds, rather than breaks down. Let's begin with corporate transparency. Trust is the foundation of any strong economy. Without it, our markets, institutions and investors are weakened and left exposed. When transparency fails, hidden ownership and undisclosed positions thrive and quiet power falls into the hands of those who operate in the shadows. It allows tax avoidance, corruption and manipulation to take root, threatening jobs, savings and public confidence.

But, as the saying goes, sunlight is the best disinfectant. If we want Australians to have confidence in our markets, if we want everyday investors, superannuation funds, journalists and academics to trust the system, we must know who really controls our companies. We must lift the veil on complex corporate structures and ensure that accountability is embedded into our economic framework. This is precisely what Labor governments do. We shine a light. We restore and build public trust. We ensure that the economy works for people, not the other way around.

Under our leadership, we have introduced world-leading, country-by-country reporting, requiring multinational companies to disclose where they make their profits and where they pay—or don't pay—their tax. We mandated that companies bidding for government contracts disclose the tax residency of their subsidiaries. These reforms weren't just bureaucratic exercises; they were about fairness, accountability and the integrity of our economy. This bill builds on that work. It strengthens corporate transparency, restores trust and ensures that the Australian economy is fair and accessible.

Compare this to the decade under the coalition, a decade where corporate tax avoidance was winked at, regulators were left toothless, and integrity and accountability weren't even on the radar. Nothing was done to prevent abuse or to ensure fairness. Under this government, integrity and accountability are well and truly back on the radar, because, when markets are fair and transparent, confidence grows and, when confidence grows, our economy grows. That growth reaches every worker, every household and every community across the nation.

But transparency isn't just about corporations. This bill also reforms the charity and not-for-profit sector, one of the largest employers in Australia, supporting over 1.4 million jobs and contributing more than $190 billion annually to our economy. Charities reach every corner of our nation, supporting those in need, promoting community and driving innovation in social services. A strong charity sector is vital for a strong Australia. It builds connection, trust and solidarity. It fills gaps, lifts people up and helps hold our country together in times of crisis. And yet, right now, public trust in charities is undermined by secrecy.

Currently, if a charity is under investigation for serious misconduct, the Australian Charities and Not-for-profits Commission, ACNC, cannot confirm this publicly. This lack of transparency diminishes public confidence and undermines the work of the vast majority of charities that operate ethically and effectively. Australians who donate their hard-earned money deserve the confidence to know that it's being used for good. Volunteers deserve to know that the organisations they serve are honest and accountable. This bill backs in the thousands of Aussies who give their time and their money. It strengthens trust in the sector by allowing the ACNC to make limited disclosures where necessary to prevent harm and reassure the public, because trust matters.

And trust is not just a national concern; it's local. In my electorate of Maribyrnong we are so fortunate to have some extraordinary community organisations: Helping Hands in Airport West, the Caroline Chisholm Society in Essendon, local neighbourhood houses in Niddrie and Kensington, and countless other grassroots initiatives that knit our community together. These organisations rely on donations and volunteers and on public confidence. They cannot afford for a few bad actors to undermine their work.

This bill also contributes to the broader vision, doubling philanthropic giving by 2030, harmonising fundraising rules, expanding pathways to deductible gift recipient status and ensuring that the charity sector has a real voice through representation on the ACNC board. These are nation-building reforms, strengthening the very fabric of our society.

Contrast this with the coalition's decade, a period where charities were muzzled, advocates gagged and resources directed to culture wars rather than community building. This government, in contrast, backs charities, backs philanthropy and backs Australians—the millions who give their time, their money and their hearts to making our communities stronger. And 'stronger' is the key word when it comes to our financial regulators. For too long ASIC and APRA have been constrained by inadequate oversight and weakened by the previous government's neglect.

Schedule 3 shifts the Financial Regulator Assessment Authority to a five-year review cycle. This is sensible and practical. It allows regulators to implement meaningful reforms between assessments, ensuring the stability of our financial system while avoiding the churn of constant short-term audits. Regulation should be about steady, thoughtful governance, and that is what our government remains methodically focused on.

This Labor government is strengthening foundations, ensuring that regulators can protect consumers, investors and businesses alike. In contrast, the coalition lurches from one crisis to the next. It is reactive and unprepared. This bill restores strength and oversight where it was absent, providing stability, predictability and confidence in the institutions that Australians rely on.

Schedules 4 and 5 may seem minor, but they are essential. They correct drafting errors, close loopholes and align provisions across legislation. These may seem technical, even mundane, but the impact is profound. Consider, for example: ensuring that sustainability reports, whether mandatory or voluntary, carry limited liability protections, encouraging disclosure rather than discouraging it; streamlining deregistration processes so that businesses are not hampered by red tape; and clarifying import tax credits to ensure that businesses are not penalised unfairly or caught in double claims. These measures demonstrate thoughtful, effective governance. They remove obstacles to compliance, strengthen clarity, and ensure that laws operate as intended.

The previous government had 10 years to implement such reforms. They did not, because good governance was not their priority. But it is ours, which is why we're also focused on delivering for Australians fairness and protection in the energy market, especially as we transition to cleaner sources of power. This bill extends the consumer safeguards of the Treasury Laws Amendment (Prohibiting Energy Market Misconduct) Act until 2031. Independent reviews confirm that these safeguards are effective. They constrain misconduct, protect households and businesses, and ensure a level playing field.

I've spoken to families in Keilor East and small businesses in Ascot Vale, who want to know that they've got a government that is focused on helping them manage their needs and their energy costs, and that's exactly what we're doing. Whether it's energy bill relief or cheaper batteries so they can take advantage of more renewable energy in the market, these are all safeguards that this bill delivers. When it comes to cleaner, cheaper energy, this is what this government will remain steadfastly focused on.

Contrast that with those opposite, who had previously opposed the original legislation, who are against cheaper power through renewable initiatives, and who said no to relief for households and small businesses. When it comes energy, all those opposite can offer is division and delay, whereas we will continue to offer protection, fairness and a just transition to cheaper, cleaner energy. Every day that we're in this place we're backing households and small businesses. This bill includes a measure to help Australian small businesses invest, grow and prosper.

Schedule 7 extends the $20,000 instant asset write-off until 30 June 2026. This helps businesses with an annual turnover under $10 million improve cash flow and reduce compliance costs. Small businesses can continue to immediately deduct eligible assets costing less than $20,000. Whether that's a cafe in Moonee Ponds buying a new coffee machine or a tradesperson from Oak Park purchasing new tools, up to 4.1 million businesses nationwide, including more than 1.15 million in my home state of Victoria, can access this support. Small businesses are the backbone of our economy. They are the tradies, the handymen and the family-run shops, cafes and hairdressers that give character and vibrancy to our suburbs.

This instance write-off was first introduced by Labor because cash flow is everything for small businesses. Time-limited extensions like this balance practical support with responsible fiscal management and allow settings to adapt to economic conditions.

This measure complements other steps to support small businesses, including $900 million through the National Productivity Fund to cut red tape; $33.4 million to improve payment times and strengthen oversight; over $60 million to boost digital and cybersecurity capabilities; and broader support, like our two new tax cuts, $150 in energy relief for over a million businesses, cheaper home batteries and protections against unfair trading practices.

The Albanese government is backing Australia's small businesses to thrive, with practical measures that improve cash flow, lift productivity and build confidence because this is how good government supports growth and opportunity—with actions, not hollow slogans like those opposite.

To conclude, let us be absolutely clear about what this bill delivers. It strengthens corporate transparency and accountability, ensuring markets are fair and trustworthy. It maintains trust in charities, giving confidence to donors, volunteers and our communities. It improves governance of financial regulators, providing stability and thoughtful oversight. It tidies up our laws so they can work as intended, removing unnecessary obstacles and clarifying protections. It extends energy market safeguards, protecting households and businesses alike. And it gives a small businesses certainty and confidence, supporting investment growth and local economies.

In short, this bill builds, protects and delivers. It rejects another decade of drift, secrecy and neglect. It demonstrates a government that understands its responsibility to everyday Australians, to businesses, to charities and to families. For the people of Maribyrnong, and indeed all Australians, this bill represents the kind of government they deserve: fair, transparent, accountable and committed to building a better future—a government that delivers on its promises, strengthens institutions and safeguards the economy for all.

This is not abstract policy; this is practical, nation-shaping work—work that restores trust, drives growth and protects the values Australians hold dear. That is why I commend to build the House.

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