Jo Briskey (Maribyrnong, Australian Labor Party) Share this | Link to 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.

Sophie Scamps (Mackellar, Independent) Share this | Link to this | Hansard source

I rise to speak on the Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Bill 2025 and, whilst not declining to give this bill a second reading, I move:

That all words after "House" be omitted with a view to substituting the following words:

(1) notes that the bill continues the practice of legislating the instant asset write-off measure annually, which creates uncertainty and discourages investment at a time when many small businesses are already struggling; and

(2) calls on the Government to do more to support small businesses, including:

(a) making the instant asset write-off permanent; and

(b) adopting a $20,000 tax-free threshold for small business operators with annual turnover of less than $10 million, as proposed by the member for Mackellar".

Let me start by saying that much of what's in this bill is sensible. It makes some important technical fixes and introduces a range of amendments across financial services, corporate regulation and taxation, including enhanced ownership disclosure for listed entities, implementing a recommendation of the Australian Charities and Not-for-profits Commission legislation review and extending consumer protections in the energy market.

It also legislates the instant asset write-off for small businesses. But, once again, we see this important measure being extended for just one year. Once again, small businesses will be left in limbo, holding on, waiting to see if the government will renew the measure next year. This is not how we should be treating the backbone of our economy. It is beyond time that we gave small businesses the certainty they deserve.

As I said, the bulk of this bill is sensible and necessary. Schedule 1 is about corporate transparency. It enhances the rules around substantial holdings and beneficial ownership for listed entities, making it clearer who really owns and controls companies operating in Australia. It brings interests arriving from equity derivatives into the disclosure regime so that all types of interests are treated consistently. It also ensures that foreign registered entities listed on Australian markets meet the same disclosure standards as local companies. Importantly, it gives ASIC stronger powers to enforce compliance and increases penalties for misconduct, ultimately cracking down on hidden ownership and improving corporate accountability—something I strongly support and something that is broadly supported by major interest groups, including the Australasian Investor Relations Association, the Australian Council of Superannuation Investors, the MUFG Corporate Markets, Ownership Matters, Transparency International Australia and the Tax Justice Network Australia. People in Mackellar expect fairness and they expect transparency. They want to see government hold corporations to account, and this measure helps deliver that.

Scheduled 2 deals with the charities and not-for-profit sector. It gives the Australian Charities and Not-for-profits Commission more power to disclose information about investigations and regulatory actions when it is in the public interest. This comes directly from the independent review of the ACNC, which recommended:

… The Commissioner be given a discretion to disclose information about regulatory activities (including investigations) when it is necessary to protect public trust and confidence in the sector.

Charities and not-for-profits do vital work in our communities. They support mental health, homelessness, education, the environment and so much more. Public confidence in their integrity is essential, and transparency is the foundation of that confidence.

Schedule 4 makes the technical amendments to the Scams Prevention Framework. These may be minor and technical amendments, but they matter. The people of Mackellar consistently tell me, loud and clear, that they are sick of scams. Whether it is credit card fraud, cybercrime and data breaches or transactions involving faulty products or impersonation fraud: it is hurting people and it is eroding trust. This bill clarifies the functions and powers of the Scams Prevention Framework general regulator, but let's be clear: the government's Scams Prevention Framework only goes part way. We need a whole-of-government crackdown on scams and a presumption of reimbursement as recommended by consumer advocates, including the Consumer Action Law Centre, Choice and the Australian Communications Consumer Action Network. Victims should not be further punished by having to wait months, and often years, for reimbursement, and I will keep pushing for this reimbursement model.

Schedule 5 is a set of machinery amendments. Schedule 6 extends the energy market misconduct provisions. In 2017, the ACCC was asked to conduct a detailed inquiry into the retail electricity market, looking at both supply and the competitiveness of pricing. This inquiry, the retail electricity pricing inquiry, or REPI, delivered its final report to the government in July 2018. It found that over the previous decade, average residential electricity bills had risen by more than 35 per cent in real terms.

The report identified a wide range of contributing factors and put forward 56 recommendations, aimed at bringing down prices and restoring consumer confidence. In addition to implementing many of those recommendations, the government introduced the Treasury Laws Amendment (Prohibiting Energy Market Misconduct) Act in 2019. It was designed to address some of the causes of sharply increasing electricity prices in the decade to 2017.

With key provisions due to sunset shortly, it's reasonable for the government to extend these provisions for another five years following the review by the Department of Climate Change, Energy, the Environment and Water into how they have impacted market efficiency, reliability, affordability, emissions and investment, but let's be honest: extending misconduct rules is not enough. If the government is serious about lowering energy prices, it must go beyond market reforms and regulations and home energy efficiency upgrades. It must stop backing and approving expensive fossil fuel projects, like Narrabri gas.

Research by the Institute for Energy, Economics and Financial Analysis shows that gas from Narrabri is up to 40 per cent more expensive than gas from Queensland. Narrabri gas will drive up prices, not to mention locking in decades of pollution and making our already weak climate targets harder to meet. It will lock us into high-cost fossil fuels and it will undermine our transition to clean energy. Extending energy market misconduct provisions as this bill does may be a sensible step, but cheaper, more reliable energy will be a pipedream if the government continues to lock in expensive gas infrastructure that undermines affordability and competitiveness.

As I said, much of this bill is reasonable and sensible; however, I am concerned about the measures in schedule 3. These change how often the Financial Regulator Assessment Authority conducts reviews of the Australian Securities and Investments Commission, ASIC, and the Australian Prudential Regulation Authority, APRA. The bill increases the frequency of those reviews from every two years to every five years, ostensibly to lessen the regulatory burden on ASIC and APRA and to allow for a more comprehensive review process of these financial regulators. However, this is contrary to the recommendations of the Senate Economics References Committee, which in its inquiry into ASIC's investigation and enforcement activities recommended that the Australian government reverse its decision announced in the 2023-24 budget to reduce the frequency of Financial Regulator Assessment Authority reviews from every two years to every five years and that the FRAA undertake an inquiry into the effectiveness of the oversight mechanisms of corporate regulators.

The ability of our corporate regulators to do their job to hold financial entities to account and to regulate financial services and products in a way that protects consumers is absolutely paramount. This has been made painfully clear by the collapse of the First Guardian and Shield master funds, which have left more than 12,000 investors, including many retirees, facing devastating losses exceeding in total $1 billion. These Australian managed investment schemes were allegedly riddled with misconduct. ASIC is now conducting multiple investigations into these collapses and seeking to preserve any remaining assets, but this case exposes serious flaws in our financial regulatory system and the importance of our regulators.

I have heard directly from people in my community who have been devastated by the collapse of First Guardian and are desperate for answers. We must ensure our regulators are empowered, resourced and independent enough to act swiftly and decisively in cases such as this, and I do not believe the government has sufficiently explained their decision to reduce the frequency of assessments of the effectiveness and capability of ASIC and APRA at a time like this.

Finally, schedule 7 is about the instant asset write-off. This measure has been rolled over year after year, one year at a time, always tucked into the Treasury laws amendments bills like this one, and every year small businesses are left wondering, 'Will it be renewed? Can I plan ahead? Can I invest?' The write-off is good itself. It helps small businesses invest in tools, equipment and upgrades. It improves cash flow and it reduces compliance costs. But the way it's delivered, one year at a time, with no certainty, is just not good enough. I've spoken to many local businesses—cafe owners, tradies, retailers and creatives—all trying to grow their businesses and trying to plan ahead, and they're tired of the uncertainty. To give small businesses the confidence they deserve, I implore this government to finally make the measure permanent.

But we should go further. That's why I have proposed a $20,000 tax-free threshold for all small businesses with an annual turnover of less than $10 million. This simple change could reduce a small business's tax bill by up to $5,000 a year—money that could be reinvested in innovation, energy efficiency, staffing, renovations or simply provide some much-needed cost-of-living relief. I strongly believe that it is the small-business owners themselves that are best placed to decide how to reinvest the savings into their businesses.

This policy is the product of months of conversations, listening and walking the streets of Mackellar. I have spent countless hours doorknocking local small businesses and hearing from them about just how tough the last few years have been. Businesses have told me repeatedly about rising costs, shrinking margins and the sheer pressure of trying to stay afloat. Our shopping strips have too many empty shopfronts, and behind every one is a story of struggle, resilience and, often, frustration. I ran a local business survey, and the results were clear. A staggering 86 per cent of respondents said that the escalating cost of doing business was their No. 1 concern.

Additionally, the Council of Small Business Organisations Australia has long called for meaningful release from the tax burden placed on small businesses, and they are right. Small businesses don't need gimmicks or policies that reward long lunches. They need real, practical support to help them grow, innovate and invest in their future. When small businesses thrive, they create jobs, lift productivity and strengthen our communities. But COSBOA has identified a major barrier to innovation. It is access to finance. A $20,000 tax-free threshold for small businesses would help unlock the capital they need to invest in new ideas, improve efficiency and build resilience. These are the kinds of reforms we need, not just temporary fixes like the yearly extension of the instant asset write-off but structural changes that give small businesses the certainty and support they deserve because they are the backbone of our communities. They are our cafe owners, florists, tradies, creatives and carers. They deserve a tax system that works for them.

So, in conclusion, yes, much of this bill is sensible. It improves transparency, strengthens oversight and supports consumer protections. While I support the extension of the energy market misconduct rules, I urge the government to take real action on energy affordability, starting with cancelling expensive gas projects like Narrabri. Secondly, I believe the government needs to better explain the decision to reduce the frequency of the assessments of ASIC and APRA, particularly at a time when many Australians are reeling from the collapse of First Guardian and looking to our corporate regulators for answers and resolutions. Finally, I urge this government to stop extending the instant asset write-off in a piecemeal fashion one year at a time. Small businesses deserve better.

Lisa Chesters (Bendigo, Australian Labor Party) Share this | Link to this | Hansard source

Is the amendment seconded?

Kate Chaney (Curtin, Independent) Share this | Link to this | Hansard source

I second the amendment and reserve my right to speak.

Renee Coffey (Griffith, Australian Labor Party) Share this | Link to this | Hansard source

I rise to speak on the Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Bill 2025. Before coming to this place, I had the honour of working and volunteering in the Australian charity and non-profit sector for more than two decades as a volunteer, a fundraiser, a leader of teams, a CEO and a board director of other charities and nonprofits working within the sector. In that time, I had the opportunity to work to advance reconciliation between the broader community and First Nations people in South Australia, to empower young people across Australia to thrive beyond the impacts of family mental illness and to support more than 1,000 First Nations young people to gain transformative scholarships from communities throughout Australia. With each of the charities and non-profits I worked, I have been proud to work at the intersection of government, corporate and philanthropic bodies to help deliver remarkable outcomes for our community through genuine partnerships, where the whole is truly greater than the sum of its parts.

Every single day in my career and my volunteering in Australia, and especially in my electorate of Griffith, I saw volunteers, donors, partners, fundraisers and community organisations roll up their sleeves to help where governments and markets cannot. In Camp Hill, a Care Kits for Kids volunteer packs a backpack for a child who has recently entered foster care. In Musgrave Park, a Rosies volunteer hands a warm cup of coffee to someone sleeping rough. In a Morningside warehouse, a Foodbank worker manoeuvres a forklift to place another pallet of rescued food in place, ready for collection. In South Brisbane, a new, life-saving, state-of-the-art incubator is wheeled into a ward with funding from the Mater Foundation and Mater Little Miracles.

Charities and non-profits enrich our communities. They support families and vulnerable Australians in tough times, and they deliver services that we, as governments, could not deliver alone. I am so proud of our Australian charity and not-for-profit sector.

The sector has grown significantly in the last 20 years, becoming a vital economic contributor and employment powerhouse. In 2012 the Labor government established the Australian Charities and Not-for-profits Commission, ACNC, the national regulator of charities. The ACNC was established to achieve the following objects: (1) maintain, protect and enhance public trust and confidence in the Australian not-for-profit sector; (2) support and sustain a robust, vibrant, independent and innovative not-for-profit sector; and (3) promote the reduction of unnecessary regulation obligations on the sector. The ACNC's five values—fairness, accountability and transparency, independence, integrity and respect—underpin their regulatory approach.

In the most recent charities report, ACNC commissioner Sue Woodward AM revealed:

Our data confirms the charity sector should not, and cannot, be ignored or underestimated. It is a powerhouse of good, bringing benefits to many people, and is an active economic contributor and driver.

Ms Woodward said:

Charities provide such a broad range of services that they touch almost every part of the economy.

She also said:

Charities continue to be a key driver of the economy.

The ACNC has helped the charity sector by boosting public trust through its public register and accountability measures, reduced red tape for charities via the report-once-use-often framework and Charity Passport, and supported charities with guidance, education and resources to meet their obligations and improve operations. Charities that maintain their reporting to the ACNC demonstrate accountability not just to the ACNC but to donors, beneficiaries and the broader community. The ACNC's data is available to the general public online. The use of data acts as a model of good practice for the sector and provides information that can be used for advocacy, planning and program development. In 2023-24 there were 3.8 million views on the ACNC website. This oversight has helped build on the trust and confidence the Australian public feels towards our vibrant, innovative and essential charitable sector.

The contribution of Australian charities to the Australian workforce and the economy is significant. As of the most recent ACNC reporting period, Australian charities employ 1.4 million people, which is 10.7 per cent of the entire Australian workforce. In my time in the charity and non-profit sector, I have worked alongside some of Australia's most influential, inspiring and impactful leaders, including the late Lowitja O'Donoghue AC, CBE, DSG and Professor Peter Buckskin PSM, FACE from Reconciliation SA; Michelle Penfold and Andrew Penfold AM from the Australian Indigenous Education Foundation; and, more recently, Patricia Reid, Sean O'Halloran and Mark Paterson AO from the Australian Kookaburra Kids Foundation—and so many others. The opportunity to have worked with these leaders in this sector is an opportunity that I remain incredibly thankful for, and that's not to mention the dozens of remarkable colleagues I was also able to work alongside over the last two decades.

Susan Pasco AM, the inaugural ACNC commissioner, observed: 'What is it that prompts people to work in the charity sector? After all, they are paid less than their counterparts in government or business and they work under considerable public visibility, scrutiny and red tape. Overwhelmingly, charity workers are motivated to do good for others. Whether they are providing assistance to vulnerable members of the Australian and international communities, advocating on human rights or environmental issues, fundraising for the arts or medical research, or providing spiritual support, these tireless workers generally see a gap, deficit or area for enrichment and commit their energies, intellects and personal resources to making their communities better places.' This sector is filled with over 1½ million workers, working hard and with integrity to advance health, social and public welfare, education and animal welfare and to protect the natural environment.

For the sector, we know, as the Assistant Minister for Productivity, Competition, Charities and Treasury, Andrew Leigh, recently shared in this place, 'transparency provides the oxygen that accountability requires'. This is what the ACNC offers the sector. And in this, my new role, here in this place, I see that an important part of our work in this place is to ensure that the sector is supported with appropriate legislative changes where needed.

Each month, the ACNC receives reports of concerns about a number of charities. In 2023-24, for example, just over 2,000 concerns were received. I understand from the ACNC that many of the concerns can be handled with guidance and regulatory advice or through referral to a relevant agency. However, a small portion are referred to the ACNC compliance area for examination. When complaints are raised with charities, I understand, overwhelmingly, they will move to rectify the situation or to improve their practice. The more serious or persistent cases move to investigation, often with the involvement of other regulatory intelligence or security agencies.

The ACNC make judicious use of their enforcement powers and are able to revoke a charity's charitable status. In the 2023-24 financial year, the ACNC revoked the registration of nine charities due to compliance action and separately revoked a total of 190 charity registrations for reasons that include failure to submit their annual information statements. This legislation, the Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Bill 2025, will allow the ACNC to assure charities and donors that it is acting on issues of public concern and strengthening compliance, which will in turn boost public confidence that the sector is doing the right thing.

Schedule 2 of the legislation allows the commissioner of the ACNC to make disclosures about new or ongoing investigations where the disclosure would prevent or minimise the risk of significant harm. Secrecy provisions previously prevented the ACNC from disclosing whether it is investigating alleged misconduct by a charity. This adversely impacted public trust and confidence in the sector and in the ACNC as an effective regulator. By increasing public trust and confidence in charities and the ACNC, this reform will help to ensure donors and philanthropists continue their support for the sector. This will contribute to the government's commitment to double philanthropy by 2030.

In my previous work in the charity and non-profit sector I saw firsthand how important donor trust is. Every dollar we received was a dollar entrusted to us by the community. Without transparency and without accountability, we simply could not do the work and we couldn't achieve the outcomes. Sue Woodward AM recently shared:

Trust is the foundation upon which the charity sector is built. It underpins donor confidence, volunteer engagement and the overall effectiveness of charity activities. While charities are traditionally viewed as one of our most trusted institutions, this can't be taken for granted.

When we speak about fostering and upholding trust in the sector, I am compelled to also recognise the outstanding work of Fundraising Institute Australia, which is an organisation I had the honour of working alongside as a board director. As a national peak body for professional fundraising, FIA sets the standards that ensure integrity, transparency and accountability across the sector. Their training, accreditation and advocacy support thousands of fundraisers to do their work ethically and effectively, building confidence among donors and strengthening the impact of every dollar raised. I acknowledge their important work in the sector.

This bill doesn't just stand alone. It complements a suite of reforms, including new pathways to deductible gift recipient status, harmonisation of fundraising rules across states and territories and greater sector representation at the ACNC board. Together these measures strengthen governance, reduce red tape and give donors confidence that their generosity is respected. I am a passionate supporter of our charities and non-profit sector and I am heartened by these reforms. We, as the Australian government, should do all we can to support this vital sector and its work. My wholehearted vision for the Australian charity and non-profit sector is where government and community have high expectations for transparency, compliance and, most importantly, outcomes, and where government builds capacity, provides clarity and delivers certainty for individual not-for-profits and to the broader sector.

In every corner of our country Australians give their time, their skill and their hearts to make life better for others, and our charities and not-for-profits are the engines of that generosity. This bill strengthens the framework that supports their work, ensuring that trust, transparency and integrity remain at the centre of our national charitable life. When donors, volunteers and communities have confidence in the system, they give more, and together we can achieve more. By reinforcing the ACNC's ability to uphold accountability, we are safeguarding the sector's future and honouring the millions who contribute to it. This bill is another important step to building a stronger, fairer and more compassionate Australia.

Kate Chaney (Curtin, Independent) Share this | Link to this | Hansard source

I'd like to speak today in support of the Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Bill 2025. Schedules 1 to 6 of the bill contain reforms that address consumer protection, financial transparency and responsible lending. These are measures that I believe are in the public interest and would be supported by the constituents and businesses in Curtin. I think they're sensible measures, and I won't be specifically addressing them in any more detail today. But I would like to take the opportunity to make very brief remarks on schedule 7, which amends the Income Tax (Transitional Provisions) Act 1997 to extend the $20,000 instant asset write-off for small businesses until 30 June 2026.

As I've said in the House before, the $20,000 write-off is a practical and effective way to support the small businesses that form the backbone of our economy. It allows eligible businesses to immediately deduct the cost of assets up to $20,000, rather than depreciating them over time. This improves cash flow, simplifies accounting and encourages investment in productivity-enhancing equipment. The measure applies to up to four million small businesses with turnover of under $10 million. It's a practical change that will make measurable differences for small businesses, including about 20,000 small businesses in my electorate of Curtin, many of whom I've spoken to.

It's worth noting that this was almost a failed Labor promise earlier this year, when the announced extension to June 2025 was still not legislated in the last sitting week before the end of the financial year. We were contacted by small businesses who were stuck in limbo and uncertainty as they were waiting and hoping for the extension to be enacted. This had been announced but not legislated, and many small businesses had incurred the expense on the expectation that the $20,000 write-off would apply in the 2024-25 financial year and were shaping up for a nasty surprise. It was only after crossbench pressure, advocacy from me and other Independents, that the legislation was passed in time in May this year. It's a good example of how the crossbench is listening to the community and holding the government to account.

I commend the government for extending and legislating the write-off to 30 June 2026, this time in a timely fashion. It does gives small businesses the confidence to continue to invest and plan ahead. But we also must consider the long-term stability of the measure. The threshold has changed multiple times over the years, and that inconsistency undermines its effectiveness. Small businesses in Curtin need this certainty so they can keep investing in growing our local economy. If we're serious about supporting small businesses, we should make the write-off permanent and index the threshold to inflation to ensure that it remains relevant and reliable. That's why I've seconded the member for Mackellar's amendment to extend this measure beyond one year and make it a more permanent feature of our tax system so that small businesses can make investments in productivity-enhancing improvements with certainty. So I commend that amendment and this bill to the House.

Ed Husic (Chifley, Australian Labor Party) Share this | Link to this | Hansard source

There are two central ingredients in our financial system. One is obvious, and the other one Labor recognises as equally important. Obviously the first one is money, but the other necessary, vital ingredient is trust. Australians should be able to trust their financial system and know when they save, invest or seek help that they're dealing with institutions that will act with integrity. I know that there's a bit of a trend at the moment. We're going through our normal cycle of focusing on red tape and reducing regulation. I understand that we have to go through these phases, and we'll go through it, no doubt. But, when it comes to the financial system, regulations are there for a very important reason—the reasons I mentioned before, not the least of which is to underscore, reinforce and support trust in the system.

The Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Bill 2025, as my colleagues have reflected, covers a number of areas that will be of great interest to Australians, but one of the big areas in here will be around improving the frequency of assessments of how our regulators are performing and supporting their work in maintaining that trust, that vital ingredient that I mentioned earlier, specifically delivering more comprehensive reviews of the Australian Securities and Investments Commission and the Australian Prudential Regulation Authority. This will help deliver more considered recommendations that are impossible under their current review cycle. It's designed to improve the effectiveness of our financial system regulations. It is exceptionally important.

Trust itself, in our financial system, isn't a given; it's got to be earned, and it's got to be continually protected. I have to say that, like many people in the public, I was simply staggered to see ANZ fined a record $240 million in penalties after admitting to widespread long-standing misconduct that affected tens of thousands of Australians. This was the largest penalty that ASIC had ever sought against a company—the largest ever. Why? It was because ANZ, one of the big four banks, misled the Commonwealth on a $14 billion bond deal, overstating bond trading volumes by tens of billions of dollars. It failed to respond to hundreds of customer hardship notices. It underpaid interest to tens of thousands of customers. It charged fees to the deceased while ignoring grieving families trying to settle estates.

This isn't a one-off. ASIC has—and this is, again, just as staggering—taken action against ANZ nearly a dozen times in the decade. This points to systemic misconduct. Even more importantly, it's happening against the backdrop of a 2019 royal commission into the banking system that was designed to weed out this type of misconduct and, equally, to improve governance—exceptionally important. When you look at ANZ's performance, given the things that I've just mentioned to the House, it seems like ANZ is not getting the message. If they can't get the message after a royal commission, then sterner, harder action needs to be followed up until they do get it.

I think it's important for the House to understand why ANZ was the target of the biggest fine that has been levied against a company. Let me read into Hansard, based on information released by ASIC, what happened. They were accused of 'unconscionable conduct when managing a $14 billion government bond deal and inaccurate reporting of secondary market bond turnover'. The ASIC media release reads:

On 19 April 2023, ANZ was assisting the Government's sovereign debt management agency, the Australian Office of Financial Management (AOFM), to help deliver a $14 billion bond issuance.

Instead of trading gradually throughout the day to limit market impact, ANZ sold a significant volume of 10-year Australian bond futures around the time of pricing which placed undue downward price pressure on the bond price. ANZ knew—

according to ASIC—

its trading could expose its client to significant risk of harm, but did not disclose to its client that ANZ still had significant volumes to sell before pricing nor provide its client an opportunity to consult with ANZ about delaying pricing.

This is extraordinary behaviour. The release continues:

This denied the Government an opportunity to protect itself and the public interest—

when it came to $14 billion worth of bonds—

The Government was relying on ANZ's expertise and professionalism. When the Government later asked what happened—

this is equally damning—

ANZ's reports were misleading or deceptive.

The point I would make about this is that, if ANZ did not even blink to do this to the Commonwealth, imagine how they are treating mum and dad consumers. If they are prepared to mislead the Commonwealth and do what they did, what else are they doing in terms of impacting on the security and the interests of mum-and-dad consumers? This is critically important.

It's also worth noting just the number of times that this bank, ANZ, has been found to engage in misconduct. Again, with the indulgence of the House, I will read this into Hansard:

over 150,000—

contraventions of the ASIC Act, Corporations Act and Credit Act for failing to provide promised benefits to customers with offset transaction accounts or under a 'Breakfree' package over 20 years …

We had a banking royal commission. This type of behaviour was supposed to be weeded out. We clearly have a bank, in ANZ, that has not picked up the message. As I indicated to the House earlier, if ANZ is prepared to deceive the Commonwealth on bond issuance, you can see what it's prepared to do to other people, based on some of the contraventions I just read into Hansard, which have genuinely affected mum-and-dad and other regular customers as well.

I congratulate ASIC, most definitely, on the fact they've taken this stand. It is really important not just that our regulators have the teeth but that they use them, and they did. But if anything, with the greatest of respect and regard to ASIC, while I do acknowledge the scale of the penalty that has been imposed, given the rap sheet for ANZ it would certainly be within their ability to go even harder than the $240 million. I'm not alone in thinking this. Jeannie Paterson, professor of law in consumer protection at the University of Melbourne, said that, while the $240 million is the largest penalty ever sought, the amount that actually can be imposed on financial institutions for contraventions of financial services law is way higher. So, while $240 million is big, it could and should have been bigger. Professor Paterson said:

Under provisions in place from 2019, the civil penalty could have been set at 10% of ANZ's annual turnover, currently capped at $825 million per contravention.

One point of comparison is the $125 million penalty ordered against Volkswagen in 2019 for misleading consumers about emissions (and later upheld on appeal). Notably, this was one contravention, not four as the case with the ANZ.

ANZ agreed to the penalty because they would rather do that than fight this in court and be further exposed for their poor governance behaviour and framework. But certainly we do need to take a harder line. In particular, where ASIC has the ability to pursue tougher penalties against banks, it should.

It's often said that the big four are too big to fail. But they can't be too big to be fined, and they should be fined hard where they breach trust. As I said, it's absolutely critical that people have trust in our financial system and that they have faith in the way the regulators pursue breaches of trust. This legislation will be an important step in giving further strength and improving the efficiency of our financial regulations. But if the behaviour of ANZ post the banking royal commission is anything to go by, and the number of contraventions and the fact that it secured the biggest corporate fine, then we need to go harder to protect trust in the financial system, and I'd certainly urge ASIC to do so.

Elizabeth Watson-Brown (Ryan, Australian Greens) Share this | Link to this | Hansard source

I rise to speak to the Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Bill 2025. The Greens are supporting the bill in the House, but we reserve our position for the Senate, pending a Senate inquiry into the bill. This bill introduces several Treasury measures, and I'm going to speak to schedule 1 of the bill, relating to beneficial ownership reforms, and schedule 7, relating to the instant asset write-off. Schedule 7 extends the $20,000 instant asset write-off for small businesses until 30 June 2026. This was a policy the Greens took to the election, so we welcome the Labor government's getting onboard.

The Greens understand how important small businesses are to our communities and to the broader economy. I very much understand this myself from deep and long-term personal experience—many decades as a director of my own small and then larger business. Small businesses make a huge contribution to Australian society and to the economy. And we know that too many small businesses are struggling right now in the wake of the pandemic and with high inflation and interest rates, and these employers of so many Australians need some extra support.

Extending the instant asset write-off will give small businesses the certainty they need to invest in their businesses, which will have flow-on benefits for their customers, workers, the communities they're based in and indeed the whole economy. Schedule 1 of the bill relates to beneficial ownership obligations for listed entities. Last term, Labor failed their election promise to legislate to create a public register of ultimate beneficial ownership. This term, we get this bill, which marginally improves existing disclosure obligations but does not address private companies or trusts and does not create a publicly accessible register.

Did you report your income and investments to the ATO? If you did, then you're probably not a billionaire or a massive multinational corporation. Just last week a report from Global Energy Monitor found that people profiting from 22 million tonnes of Australia's annual CO2 emissions are hiding their identity behind nominee companies. Nominee companies are the fossil fuel industry's favourite middle men. They hide the real owners of shares, letting coal, oil and gas profiteers cash in from the shadows. Last term, Labor failed on their election promise to legislate to create a public register of ultimate beneficial ownership. That's because billionaires and the powerful owners of these companies lobbied the government and convinced them to back down on their election promise, because they just don't want that gravy train to stop.

If you're a nurse, a teacher or a small-business owner living in my electorate of Ryan, you paid more income tax than almost a third of Australia's largest companies. We need a public register of ultimate beneficial ownership, because billionaires and massive multinational corporations hide behind trusts and shadowy corporate structures to avoid accountability and to avoid paying their fair share of tax. Are you one of the lucky one in three massive multinational corporations that pays no tax in Australia?

Let's take a stroll down the corporate tax avoidance lane. The world's biggest meat producer, JBS, made $19 billion in income and paid zero dollars in tax. Massive gas and energy producer AGL made $12 billion in income and paid zero dollars in tax. Massive mining corporation Santos made $8 billion in income and paid zero dollars in tax. Transurban, the infrastructure company that owns and operates almost every toll road in Brisbane, received $3.2 billion in income and paid $0 in tax. Rupert Murdoch's media empire, News Australia Holdings, received $1.8 billion in income and paid $0 in tax. Microsoft's data centre in Australia received $1.5 billion in income. Guess what? They paid $0 in tax. Sony Australia received $1.5 billion in income and paid $0 in tax. Netflix Australia received $1.1 billion in income and paid $0 in tax. Optus telecom, infamous for its recent triple 0 outages, and its parent company received $8 billion in income and paid $0 in tax. You'd think, with that income, wouldn't you, that they could afford to spend some on reliable services for Australians.

So why aren't the massive multinational corporations, who are recording billions in income, paying no tax? That's because Labor and the LNP refuse to close the huge loopholes that let big corporations keep stealing from everyday Australians. 'Hello? Triple 0? Yes, I have an emergency. My phone provider, Optus, made $8 billion in income last year and paid no corporate tax. Hello? Hello? Oh, the line dropped out again.' Optus is once again responsible for an outage in their service that has left customers unable to contact triple 0. Four-and-a-half thousand people were affected by that outage, and services were impacted for nearly nine hours. That includes 9 triple 0 calls made during that time. Last year, Telstra shut down its 3G services, which left some rural Queenslanders with either much poorer service or no mobile coverage at all. Despite making those billions in profits, they're providing poorer service to their customers.

But, in fairness, just like everyday Australians, these companies are doing it tough! In the 2023-24 financial year, Optus recorded a measly $8 billion in income, while Telstra reported a trivial $23.5 billion in income. With tiny incomes like those, how can we really blame these massive corporations for offering us more and more unreliable and poorer services for increasingly higher prices? Optus has clearly shown again that they choose profit over people. It's time these massive corporations started paying their fair share of tax and actually providing the essential services they claim to provide.

Privatisation has been an utter disaster for Australia. Labor started the asset fire sale in the nineties, and their greatest hits include Qantas, the Commonwealth Bank and CSL. But it was the Howard coalition government that initiated the sale of then publicly owned Telstra in 1997. Let's check in on just how Telstra is going. Just last week, Telstra was fined $18 million by the ACCC for misleading customers about NBN speeds. That's just last week. They've proudly told their investors they will sack Telstra staff across the country and provide a poorer service to customers by embracing AI. It's no wonder that, according to a Roy Morgan Research survey, Telstra are Australia's sixth-least-trusted corporation alongside such esteemed company as Temu and News Corp.

None of this is news to everyday Australians. Selling off public assets has led to the downfall of both state and federal governments. Poll after poll shows people know that privatisation leads to higher prices and mainly benefits the corporate sector. Everyday Australians know what our politicians and the big corporations just don't seem to get: privatisation of essential services, like telecommunications, isn't sensible economic management, it just means higher prices for worse service. Essential services should stay in public hands.

Overall, the Greens are supporting this bill in the House because we know small businesses need more support, and we acknowledge that the bill makes marginal improvements to existing beneficial ownership obligations. However, we're reserving our position in the Senate. We need Labor to implement their 2022 election promise to deliver a public beneficial ownership register with actual teeth. Labor cannot let massive corporations and billionaires off the hook for another term.

Ash Ambihaipahar (Barton, Australian Labor Party) Share this | Link to this | Hansard source

I rise to speak on the Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Bill 2025. This bill introduces a suite of measures that enhance transparency and accountability while also supporting our small businesses. These measures are at the core of the Albanese government's commitment to fairness. No matter whether you're a big multinational company or a mum and dad corner store, you should be upfront about your business and its structures. That's what the Australian public expects, and that's what this reform delivers. Too often, Labor governments are wrongly labelled as antibusiness or anticompetition. We're smashed as being hostile to hardworking Australian taxpayers who are just trying to get ahead, but this bill proves this wrong. The Albanese government is proud to introduce this bill to back small businesses, charities and consumers.

In this speech, I want to focus on four measures that this bill introduces or extends. They are the introduction of the public beneficial ownership register, the extension of the small business instant asset write-off, the new powers given to the Australian Charities and Not-for-profits Commission and the extension of the prohibiting-energy-market-misconduct provisions. Each of these measures stand up for the people who open up their High Street shop each morning, staff their shop counters and pay the wages of local workers. In turn, these measures send a message to the multinational corporations who have the power to move their assets and hide their identities. We're backing family businesses who play by the rules, not the big corporations that bend them. No-one held back, no-one left behind and no-one more equal than others—that's the transparency, fairness and accountability that this bill and this government represent and which I'm proud to detail now.

The bill delivers on the first stage of the government's commitment to implement a public beneficial ownership register. A public beneficial ownership register is a database that is accessible to everyday people. On it, you'll be able to see who actually owns, controls or benefits from big multinational companies who operate here in Australia. If you conduct your business in Australia, then Australians should know who you are. This register is a huge step forward in increasing transparency, and from transparency comes greater fairness for taxpayers. The register will make it harder for multinationals to hide assets in shell companies. It will expose conflicts of interest and shed light on where exactly these businesses are based. All in all, this will crack down on multinational tax avoidance. Australia is not the place for big, powerful, multinational companies to hide. If you don't want to play by the rules, expect consequences.

These reforms also enhance ASIC's enforcement powers. It will be able to issue freezing notices when multinationals fail to comply. It can also issue tracing notices to entities to compel respondents to disclose details. The penalties for failing to disclose have also been increased. Of course, ASIC is also given the flexibility to determine what should be disclosed and how in order to protect the personal information of those people involved. Such flexibility flows from the consultation undertaken by Treasury for this bill. It ensures that individual privacy is not compromised while still retaining strict enforcement mechanisms. These are reforms with teeth. We are not just introducing a register for the sake of it. We want multinationals to be upfront about their structures, their tax and their activities.

What is particularly important is that this information will be accessible to everyone, not just the regulators. Any person will be able to look at this register and understand who controls the big companies that impact their lives. Dodgy operators have nowhere to hide. Everyday Australians and small local businesses have to be transparent come tax time. They spend their time and money crossing their t's and dotting their i's. It's time that billion-dollar companies do the same. This new public ownership register makes sure the same rules apply to everyone.

This bill also delivers the government's commitment to support small businesses by extending the $20,000 instant asset write-off by 12 months until 30 June 2026.

The instant asset write-off is a tax break for small businesses that lets them immediately claim the cost of new equipment or assets rather than spreading the deduction over several years. The threshold applies per asset, which means a small business can claim multiple purchases. To be eligible, the business must have an annual turnover of under $10 million. In Barton, our high streets depend on small operators. We have buzzing local neighbourhoods because small businesses are able to set up shop. This write-off is about continuing to support these businesses and the locals they employ.

With this instant asset write-off, offices might choose to upgrade their computer software, whilst tradies might purchase new tools and machinery. Takeaway shops might improve their point-of-sale systems, while hairdressers might install new signage on their facades. All of these common purchases go a long way to increasing the efficiency and effectiveness of the business. In turn, they can help bring more money through the front door and support their employees. Moreover, small businesses employ other locals to undertake upgrades and refurbishments. They look to local tradespeople, suppliers, service firms and fit-out contractors. The benefit is multiplied as the local community lifts each other up. Furthermore, by claiming the full tax deduction upfront, small businesses are able to reduce their taxable incomes and thus increase their refund. This means that cash stays in their business. This makes all the difference for small businesses operating with very tight margins. I know that the cost of doing business in Sydney is pretty difficult—rents are high, insurance can be expensive, technology is ever evolving. The $20,000 instant asset write-off is just one of the measures that this Albanese government is implementing to address these pressures.

We have also delivered additional energy bill relief for around one million small businesses and delivered two new tax cuts for every taxpayer. These cuts benefit around 1.5 million sole traders. On top of this, we've rolled out cheaper home batteries, so small businesses can slash energy bills for good, and extended unfair trading practice protections to small businesses. Small businesses are the heart of unique and diverse local communities. From along Princess Highway in Rockdale to Railway Parade in Kogarah and the hub around Forest Road in Hurstville, small businesses employ local people, cook incredible food and keep us caffeinated, fix our car, cut our hair and help us do our taxes. They help make Barton what it is. I'm proud to be part of a government aiding these small businesses.

The Australian Charities and Not-for-profits Commission is the national regulator for charities in Australia. It keeps track of which organisations qualify as charities, makes sure they play by the rules and helps the public see where charitable money goes. Clearly, the ACNC is essential for retaining public trust in our charity sector. That's why the Albanese government is making sure that the ACNC can disclose information about new and ongoing investigations where the disclosure would prevent or minimise the risk of significant harm. Previously, the ACNC could not publicly disclose whether it was conducting an investigation. In 2018, the ACNC review called out the secrecy provisions as being overly restrictive, as they meant that the public or donors may not know whether the allegations or concerns about a charity were being addressed.

Before entering parliament, I worked in the charity sector, and I still make sure to volunteer with local not-for-profit organisations. I hate that there are bad faith actors that take advantage of the title 'charity'. It's a blight on the sector. It's an insult of the worst kind to the good people working every single day for the benefit of others. The fact that these bad faith actors would take advantage of the most vulnerable in our community is disappointing. When a charity rorts the system, everyone loses, including donors, volunteers and the people who need help most.

These reforms protect our sector and punish those who seek to take advantage of it. Specifically, these reforms will allow the ACNC to assure charities and donors that it is acting on issues of public concern. It will now be able to disclose information about ongoing or newly commenced investigations. Of course, however, significant safeguards will apply to these disclosures, including a public harm test, which will balance transparency with risk to charity reputation, due process and confidentiality.

Taken as a whole, these reforms will assure donors and charities alike that we have confidence in our sector. In turn, this will contribute to the government's commitment of doubling philanthropic giving by 2030. This is about protecting those who give back and ensuring that the good in our community isn't undermined by the few who exploit it.

Finally, this bill extends the Treasury Laws Amendment (Prohibiting Energy Market Misconduct) Act provisions until 1 January 2031. This will allow the ACCC to continue to investigate and address misconduct by retailers and generators in the electricity markets. Like much of this bill, this goes to increasing transparency and accountability in the sector. Such an extension comes off the back of an independent review which found these were effective in constraining market misconduct and protecting households and businesses. When speaking about the application of these compliance powers, ACCC Chair Gina Cass-Gottlieb said:

With electricity prices increasing, and many Australians looking for a better deal, it's crucial that the information people receive from their energy company is correct and can be relied upon.

Indeed, without these checks and balances, households are beholden to the claims made by these providers and left in the dark. The extension of these powers means that the ACCC can continue to stamp out false and misleading claims. That way, Australians can continue to make informed financial decisions about their energy bills whilst balancing their household budgets.

This particular bill upholds the Albanese government's commitment to transparency and accountability. It sheds a light on the constitution and personnel of big multinational companies whilst also enabling small businesses to get ahead, because backing hardworking regular people whilst holding power to account has always been a part of Labor's agenda. As much as those on the other side would like to claim that we are an enemy of small business, these reforms prove this is not true.

At the same time, this bill backs in our charity sector. It does so by giving the ACNC the power to disclose information about its investigations. Such reform will give donors and the public the confidence to donate generously and volunteer their time to trustworthy organisations. Moreover, it will assure those who have made complaints about organisations. All in all, it means that bad-faith actors that undermine the reputation of our charity sector will be exposed, whilst the rest of the sector benefits from greater confidence and security.

Finally, the bill extends the powers of the ACCC in the energy market so it can continue to address misconduct by retailers and generators, because a fair, transparent economy isn't just good policy; it's who we are as Australians. We believe in a fair go. We believe in doing the right thing, and this bill helps make sure everyone else does too.

Lisa Chesters (Bendigo, Australian Labor Party) Share this | Link to this | Hansard source

I give the call to the member for Warringah for two minutes.

Zali Steggall (Warringah, Independent) Share this | Link to this | Hansard source

This omnibus bill, the Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Bill 2025, looks to improve corporate disclosure, widen transparency and extend the instant asset write-off for small business. I support these measures. They are welcome.

Schedule 1 delivers the first stage of a public beneficial ownership register to tackle tax avoidance. Schedule 2 allows for the ACNC to disclose investigations to prevent harm. Schedule 3 adjusts the frequency of the Financial Regulator Assessment Authority's reviews of ASIC and APRA from biennial to every five years. These measures, taken together, implement sensible changes to bring greater efficiency and transparency.

Schedules 4 and 5 make minor and technical amendments, including minor amendments to strengthen the Scams Prevention Framework. The government continues to tweak the operation of the Scams Prevention Framework, but I point out that there has been no movement to implement any of the regulatory rules that would put the Scams Prevention Framework into action. We've been contacted by local constituents who are being impersonated and scammed online without any recourse or ability to use the framework that was passed in this place earlier this year. It was supposed to be implemented by July 2025, and we are still waiting, so I call on the government to implement those rules without further delay.

Sharon Claydon (Newcastle, Australian Labor Party) Share this | Link to this | Hansard source

This debate is interrupted in accordance with standing order 43. The debate may be resumed at a later hour, and the member will be granted leave to continue speaking when the debate is resumed.