House debates Questions without Notice
Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry
Matt Thistlethwaite Kingsford Smith, Australian Labor Party, Shadow Assistant Minister for Financial Services
2:15 pm
My question is to the Attorney-General and Leader of the House. What bills are before the House that implement the recommendations—
Tony Smith Speaker
Sorry, the member for McEwen interjected, and actually it's not a bad point. I didn't hear the start of the question. I don't think the microphone was on. Could you begin the question again if that's okay.
Matt Thistlethwaite Kingsford Smith, Australian Labor Party, Shadow Assistant Minister for Financial Services
My question is to the Leader of the House. What bills are before the House that implement the recommendations of the banking royal commission?
Christian Porter Pearce, Liberal Party, Attorney-General
It might be slightly unusual for the Leader of the House to take a point of order on a question to him as Leader of the House but that clearly is a question that needs to be directed to the minister responsible for those bills.
Tony Smith Speaker
The Manager of Opposition Business on a point of order.
Mr Tony Burke Watson, Australian Labor Party, Shadow Minister for the Arts
The role of Leader of the House is meant to be a real job. As part of that job, members of parliament are able to ask about the legislation on—
Mr Wood interjecting—
Tony Smith Speaker
The Manager of Opposition Business can pause. The member for La Trobe can cease interjecting. We make very clear with these points of order. We need to go directly to the point of order. I'm not at all interested in the commentary. I'm giving fair warning. Just go straight to the point of order.
Mr Tony Burke Watson, Australian Labor Party, Shadow Minister for the Arts
It has always been in order to ask the Leader of the House about the business of the House regardless of what portfolio that business falls into otherwise.
Chris Bowen McMahon, Australian Labor Party, Shadow Minister for Health
Christopher Pyne would've loved that!
Tony Smith Speaker
Member for McMahon, you're testing not just my patience. I'll make two points. Whilst it's unorthodox, certainly the Manager of Opposition Business well knows I've seen many examples where that has occurred. But practice also makes very clear, and I can point out to ministers, that they are entitled, if a question relates to another portfolio, to refer that to a relevant minister if they wish to. That's a right they have. I will leave it in the hands of the Leader of the House whether he wishes to answer it or refer it to a relevant minister.
Christian Porter Pearce, Liberal Party, Attorney-General
I'm happy to leave it in the hands of the Treasurer.
Josh Frydenberg Kooyong, Liberal Party, Treasurer
2:17 pm
I can confirm to the House that this parliament has actually passed legislation implementing the royal commission's recommendations, including recommendation 3.6 to prohibit super funds from inducing employees and recommendation 3.7 introducing civil penalties for trustees and directors of super funds. We have also passed regulations that extend AFCA's remit, in terms of dealing with financial complaints, back to 1 Jan 2008. We have legislated product intervention powers—
Tony Smith Speaker
The Manager of Opposition Business has the call on a point of order.
Mr Tony Burke Watson, Australian Labor Party, Shadow Minister for the Arts
The question simply asks what bills are before the House. It doesn't ask for the history of previous parliaments. That was why the question was originally directed where it was.
Tony Smith Speaker
I think that's a reasonable point but I don't at all think what the Treasurer has said up to this point is unreasonable in terms of giving some context. He's on the policy topic but he does need to bring himself to that aspect of the question or wind his answer up.
Josh Frydenberg Kooyong, Liberal Party, Treasurer
There are 76 recommendations. We're taking action on all 76. Currently we have exposure draft legislation to end grandfathered commissions for financial advisers. After that consultation it will make its way to the parliament and we'd expect those opposite to support our legislation. But the point remains that, after the royal commission was handed to us, we took four days to respond; those opposite took 22 days. We have already legislated a significant number of recommendations from the Hayne royal commission. Others are in the pipeline. We're taking great care to do this properly, to get this right, so Australian consumers get a better deal.