David Bradbury (Lindsay, Australian Labor Party, Assistant Treasurer ) Share this | Link to this | Hansard source

I present a supplementary explanatory memorandum to the bill. By leave—I move government amendments (1) to (3) as circulated together:

(1) Schedule 1, item 3, page 3 (line 24), at the end of the definition of depository nominee, add:

; or (c) has a beneficial interest in.

(2) Schedule 1, page 4 (after line 30), after item 7, insert:

7A At the end of Part II

  Add:

13C Arrangements etc. relating to stock and depository interests

  On behalf of the Commonwealth, the Treasurer may enter into, vary, administer or otherwise give effect to a contract, agreement or arrangement relating, directly or indirectly, to one or more of the following:

(a) the issue, management or transfer of stock or depository interests;

(b) the trading of stock or depository interests on a financial market;

(c) services relating to one or more of the following:

  (i) a registry that relates to stock or depository interests;

  (ii) a clearing and settlement facility;

  (iii) depository nominees.

(3) Schedule 2, item 2, page 13 (line 8), after "3A,", insert "13C,".

Andrew Robb (Goldstein, Liberal Party, Chairman of the Coalition Policy Development Committee) Share this | Link to this | Hansard source

I rise to indicate that the coalition will support these amendments. In saying so, I recall that the member for Throsby, who was on his feet just a minute or so ago, made in the context of this debate, some very unnecessarily denigrating comments about previous speakers, including myself. Yet—

Dick Adams (Lyons, Australian Labor Party) Share this | Link to this | Hansard source

Order! I remind the member that we are into the committee stages of the bill, not open debate.

Andrew Robb (Goldstein, Liberal Party, Chairman of the Coalition Policy Development Committee) Share this | Link to this | Hansard source

Thank you, Mr Deputy Speaker. He was as boring as all get out, but it was a reflection of this amendment. We got pilloried by members opposite for our contributions, which were substantive—

Bill Shorten (Maribyrnong, Australian Labor Party, Minister for Financial Services and Superannuation) Share this | Link to this | Hansard source

You complain about denigrating; you have let yourself down.

Andrew Robb (Goldstein, Liberal Party, Chairman of the Coalition Policy Development Committee) Share this | Link to this | Hansard source

It was a reflection of this amendment. This amendment had been brought in—

Government members interjecting—

We got pilloried by members opposite for our contributions, which were substantive—

Government members interjecting—

We could have some less intervention, yelling and screaming here. We have been denigrated here and yet both the member for Lindsay, who introduced this amendment, and previous speakers, have spent hardly any time discussing the bill. All they have done is get hot-headed about denigrating us, state governments and others. They got hot-headed and dismissive. The fact that the—

Dick Adams (Lyons, Australian Labor Party) Share this | Link to this | Hansard source

Order! I ask the honourable member to come back to the committee stages of the bill and the amendments before the chamber.

Andrew Robb (Goldstein, Liberal Party, Chairman of the Coalition Policy Development Committee) Share this | Link to this | Hansard source

Thank you, Mr Deputy Speaker. My point simply is that we are asked to accept amendments at the eleventh hour. There was a briefing yesterday—not a word of any of this. This is symptomatic of a government, time and time again, incapable of completing legislation on time in an orderly manner. Yet they have the hide to stand up here and make assertions and pillory what we might do in government. Why don't they get down and do the business of government? Here we are with a core issue at the heart of this amendment—it relates to extending additional powers to the Treasurer—yet yesterday at the substantive briefing there was not one word of it, not one whit of it. This is happening again and again. The haphazard approach to legislation has got to stop if we are going to get some confidence back into the community and the business sector.

In some cases we have even had ministers moving amendments to their own amendments. It is not good enough. The coalition is required to take on good faith so much of what comes through this place. So much of it now is overarching legislation without regulations. Again we have to take on good faith that how these things will operate will be properly put in place by regulation where we have no influence. It is unacceptable the way this process has taken place. We will support this amendment but I make the point, in doing so, that this is symptomatic of a government that has lost the confidence of people and lost the confidence of the business sector. Again, I fear that they will create an almighty mess and we will be expected to come in and clean it up.

Question agreed to.

Bill, as amended, agreed to.