Stuart Robert (Fadden, Liberal Party, Assistant Treasurer) Share this | Link to this | Hansard source

I present a supplementary explanatory memorandum to the bill and I ask leave of the House to move government amendments (1) to (3) as circulated together.

Leave granted.

I move:

(1) Clause 2, page 2 (at the end of the table), add:

(2) Schedule 3, item 19, page 140 (lines 7 to 11), omit section 288K, substitute:

288K Provisions subject to an infringement notice

(1) The following provisions are subject to an infringement notice under this Part:

(a) strict liability offences against this Act;

(b) other prescribed offences against this Act;

(c) prescribed civil penalty provisions;

(d) prescribed provisions of the National Credit Code containing key requirements (as defined for the purposes of the National Credit Code).

(2) This Part applies in relation to a provision prescribed under paragraph (1) (d) in the same way as it applies in relation to a civil penalty provision.

[provisions subject to an infringement notice]

(3) Page 183 (after line 7), at the end of the Bill, add:

Schedule 5—Contingent amendments

Part 1—Amendments contingent on the Corporations Amendment (Strengthening Protections for Employee Entitlements) Act 2018

Corporations Act 2001

1 In the appropriate position in subsection 1317E(3)

Insert:

2 Schedule 3 (table item dealing with subsection 596AB(1))

Repeal the item, substitute:

Part 2—Amendments contingent on the National Consumer Credit Protection Amendment (Mandatory Comprehensive Credit Reporting) Act 2018

National Consumer Credit Protection Act 2009

3 Subsection 133CR(1) (penalty)

Repeal the penalty, substitute:

Civil penalty: 5,000 penalty units.

4 Subsection 133CR(3) (penalty)

Repeal the penalty, substitute:

Civil penalty: 5,000 penalty units.

5 Section 133CT (penalty)

Repeal the penalty, substitute:

Civil penalty: 5,000 penalty units.

6 Subsection 133CU(1) (penalty)

Repeal the penalty, substitute:

Civil penalty: 5,000 penalty units.

7 Section 133CW (penalty)

Repeal the penalty, substitute:

Civil penalty: 5,000 penalty units.

8 Subsections 133CZA(2), (3) and (4) (penalty)

Repeal the penalty, substitute:

Civil penalty: 5,000 penalty units.

9 Subsections 133CZC(1) and (2) (penalty)

Repeal the penalty, substitute:

Civil penalty: 5,000 penalty units.

10 Subsection 133CZG(6) (penalty)

Repeal the penalty, substitute:

Civil penalty: 5,000 penalty units.

11 Subsection 133CZG(7) (penalty)

Repeal the penalty, substitute:

Criminal penalty: 6 months imprisonment.

12 Subsection 133CZH(2) (penalty)

Repeal the penalty, substitute:

Civil penalty: 5,000 penalty units.

13 Subsection 133CZH(3) (penalty)

Repeal the penalty, substitute:

Criminal penalty: 6 months imprisonment.

14 Subsection 133CZI(1) (penalty)

Repeal the penalty, substitute:

Civil penalty: 5,000 penalty units.

15 Subsection 133CZI(3) (penalty)

Repeal the penalty, substitute:

Criminal penalty: 6 months imprisonment.

Part 3—Amendments contingent on the commencement of Schedule 5 to the Treasury Laws Amendment (Banking Measures No. 1) Act 2018

Division 1—Amendments contingent on the commencement of Division 2 of Part 2 of Schedule 5 to the Treasury Laws Amendment (Banking Measures No. 1) Act 2018

National Consumer Credit Protection Act 2009

16 Subsection 133BF(1) (penalty)

Repeal the penalty, substitute:

Civil penalty: 5,000 penalty units.

17 Subsection 133BFA(2) (penalty)

Repeal the penalty, substitute:

Civil penalty: 5,000 penalty units.

18 Subsection 133BFB(2) (penalty)

Repeal the penalty, substitute:

Civil penalty: 5,000 penalty units.

19 Subsection 133BFC(2) (penalty)

Repeal the penalty, substitute:

Civil penalty: 5,000 penalty units.

Division 2—Amendments contingent on the commencement of Parts 3 and 4 of Schedule 5 to the Treasury Laws Amendment (Banking Measures No. 1) Act 2018

National Consumer Credit Protection Act 2009

20 Subsection 133BS(1) (penalty)

Repeal the penalty, substitute:

Civil penalty: 5,000 penalty units.

21 Subsection 133BT(1) (penalty)

Repeal the penalty, substitute:

Civil penalty: 5,000 penalty units.

22 Subsection 133BU(2) (penalty)

Repeal the penalty, substitute:

Civil penalty: 5,000 penalty units.

23 Subsection 133BV(2) (penalty)

Repeal the penalty, substitute:

Civil penalty: 5,000 penalty units.

24 Subsection 133BW(2) (penalty)

Repeal the penalty, substitute:

Civil penalty: 5,000 penalty units.

Part 4—Amendments contingent on the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2018

Division 1—Amendments contingent on Schedule 1 to the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2018

Corporations Act 2001

25 In the appropriate position in subsection 1317E(3)

Insert:

26 In the appropriate position in Schedule 3

Insert:

Division 2—Amendments contingent on Schedule 2 to the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2018

Corporations Act 2001

27 In the appropriate position in subsection 1317E(3)

Insert:

28 In the appropriate position in Schedule 3

Insert:

National Consumer Credit Protection Act 2009

29 Subsection 301P(1) (penalty)

Repeal the penalty, substitute:

Civil penalty: 5,000 penalty units.

30 Subsection 301P(2) (penalty)

Repeal the penalty, substitute:

Criminal penalty: 5 years imprisonment.

31 Subsection 301P(3) (penalty)

Repeal the penalty, substitute:

Civil penalty: 5,000 penalty units.

32 Subsection 301P(4) (penalty)

Repeal the penalty, substitute:

Criminal penalty: 5 years imprisonment.

33 Subsection 301P(6) (penalty)

Repeal the penalty, substitute:

Civil penalty: 5,000 penalty units.

34 Subsection 301P(7) (penalty)

Repeal the penalty, substitute:

Criminal penalty: 5 years imprisonment.

Part 5—Amendments contingent on Schedule 6 to the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Act 2018

Corporations Act 2001

35 Schedule 3 (table items dealing with subsections 1021NC(1), (2), (3) and (4))

Repeal the items.

Part 6—Amendments contingent on the commencement of the Federal Circuit and Family Court of Australia Act 2018

Insurance Contracts Act 1984

36 Subsection 11(1) (paragraph (b) of the definition of relevant court )

Repeal the paragraph, substitute:

(b) Federal Circuit and Family Court of Australia (Division 2);

The amendments to the Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Bill 2018 clarify how the commencement of the strengthened penalty framework will operate with the commencement of certain other legislation that is currently before or has recently passed parliament and that introduces or amends certain offences and civil penalty provisions.

The amendments are made to the Corporations Amendment (Strengthening Protections for Employee Entitlements) Act 2018, the National Consumer Credit Protection Amendment (Mandatory Comprehensive Credit Reporting) Act 2018, Treasury Laws Amendment (Banking Measures No. 1) Act 2018, Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Power) Act 2018, Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Act 2018 and the Federal Circuit and Family Court of Australia Act 2018. The amendments also make very minor and technical changes to the bill to clarify the operation of the infringement notice regime.

Question agreed to.

Bill, as amended, agreed to.