Daniel Mulino (Fraser, Australian Labor Party, Assistant Treasurer) Share this | Hansard source

Firstly, I would like to thank those members who have contributed to this debate, and I briefly acknowledge a few people who are in the chamber and also in the gallery for their contribution. I echo the words of previous speakers and acknowledge the work of Dr Jane Tiller, who has been working on this measure for many, many years. I remember first encountering this issue when I was on the Joint Committee on Corporations and Financial Services, and Dr Tiller, along with her colleague Paul Lacaze, gave a very detailed and compelling briefing. She had been working on this for a long time before that and has continued her advocacy along with other colleagues. Jane Tiller is an example of advocacy that is very impactful.

I also say that, through acknowledging Dr Tiller, there are many other experts and organisations who have contributed experts in medicine, in the law and in public policy, and I'm not in a position to acknowledge all of them. But, through her work, I want to acknowledge all of the others, and there are probably some of them in the gallery and in the building today. I acknowledge my predecessor Stephen Jones and his work on this. He made a lot of groundwork, as the previous speaker indicated, but also made key decisions, and that is extremely important. I acknowledge the member for Macarthur, who spoke very eloquently on this. I acknowledge his advocacy on this particular measure but also the great expertise and depth of knowledge and passion that he brings to issues right across the spectrum in this area. His views carry a great deal of weight in this area.

I also acknowledge that we have, in the chamber, members from across a range of parties. We have the member for Makin, who has just given a very thoughtful contribution; the member for Kooyong, who I know has an interest in this; and the member for Cowper, who I've worked with on this issue and others. Indeed, when we gave a major press conference to announce the imminent release of exposure draft legislation, we had members from across all the parties, and that to me reflected the fact that, on issues like this, this place operates well and best when we work together and draw on the expertise from right across this place. I want to acknowledge that we have a range of members in this place and acknowledge the thoughtful contribution from the member for Makin but also that the other members who are here have also contributed to this issue.

Schedule 1 of the bill implements the government's decision to ban life insurers from using information about an individual's genetic test results to inform the offer of life insurance cover or the terms and conditions of the cover that is offered. This provides certainty to individuals that undertaking genetic testing, either for personal medical reasons or as a participant in medical research, will not impact their ability to obtain life insurance cover or the terms and conditions of that cover. It is intended that the ban will lead to the uptake of genetic testing and therefore maximise the opportunity to realise the extensive individual public health and scientific benefits of genetic testing. As a number of speakers have indicated in the debate, the benefits of this testing for the individual and for society more broadly are expanding all the time.

Schedule 2 to the bill delivers on the government's commitment to ensuring that Australian professional and wholesale investors have access to the cross-border financial advice services they need by providing licensing exemptions to foreign financial service providers. The exemptions are designed to encourage the offering of foreign financial products and services in Australia to diversify investment opportunities for Australian professional and wholesale investors. ASIC will also be empowered with civil penalty provisions and other oversight and enforcement tools. With the schedule allowing ASIC to gain enhanced regulatory powers, ASIC can engage in stronger oversight of foreign financial service providers. The government is taking action to provide investors with access to global investment opportunities and increased competition in the Australian market.

Schedule 3 to the bill streamlines and modernises Australia's legislative framework for multilateral development banks and the IMF. The schedule reduces administrative and legislative burden and ensures that Australia does not fall behind in its ability to participate in future financing arrangements within these important institutions. These changes will also allow Australia to formalise agreements with the World Bank and the Asian Development Bank announced as part of the 2024-25 MYEFO.

Schedule 4 of the bill repeals schedule 2 of the Financial Sector Reform (Hayne Royal Commission Response—Better Advice) Act 2021 and implements the government's decision to no longer proceed with stage 2 of the registration process for financial advisers. This would have otherwise required individual financial advisers to register themselves annually with ASIC from 1 July 2026. This maintains the current system, which requires Australian Financial Services licensees to apply to ASIC to register their authorised financial advisers, and is consistent with the objective of removing unnecessary regulatory burden for individual advisers. Further, the operation of stage 1 registration has proven sufficient to meet the policy objectives of a functioning and effective disciplinary system. I commend the bill to the House.

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