Nick Sherry (Tasmania, Australian Labor Party, Minister for Superannuation and Corporate Law) Share this | Hansard source

Thank you, Mr President. I take Senator Abetz’s interjection. He asked which regulations are going to get knocked out. Let me tell the Liberal opposition: 2,500 pages of inconsistent state and territory regulation are going to get knocked out, Senator Abetz, through the introduction of these standard national laws, and many of the 2,500 rules and regulations in respect of the state regulation of financial services have existed for well over 100 years. So, if you want to blame past governments, it is both state Labor and Liberal governments that have built up 2,500 pages of regulation in respect of financial services, and, in our new single standard national regime, we will reduce it down to approximately 300 pages. Business, at least, welcome this particular aspect because they want one set of rules— (Time expired)