Senate debates

Monday, 4 July 2011

Bills

Tax Laws Amendment (2011 Measures No. 2) Bill 2011, Corporations Amendment (Improving Accountability on Director and Executive Remuneration) Bill 2011, Tax Laws Amendment (2011 Measures No. 4) Bill 2011, Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2011, International Tax Agreements Amendment Bill (No. 1) 2011, Acts Interpretation Amendment Bill 2011, Midwife Professional Indemnity Legislation Amendment Bill 2011, Social Security Legislation Amendment (Job Seeker Compliance) Bill 2011, Social Security Amendment (Parenting Payment Transitional Arrangement) Bill 2011, Families, Housing, Community Services and Indigenous Affairs and Other Legislation Amendment (Election Commitments and Other Measures) Bill 2011, Tax Laws Amendment (2011 Measures No. 3) Bill 2011, Family Assistance and Other Legislation Amendment Bill 2011, Families, Housing, Community Services and Indigenous Affairs and Other Legislation Amendment (Further Election Commitments and Other Measures) Bill 2011, Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy Bill 2011

5:41 pm

Photo of Nick XenophonNick Xenophon (SA, Independent) Share this | Hansard source

I just thought it was a weak argument! And Senator Ronaldson said that I have a weak argument. He is not shy in coming forward, and I respect that. But let us wait and see, I guess. I still believe this amendment has merit. It is about tying in a test to make it clearer as to what is reasonable or not. It does not seem unreasonable to have a material link between the actual costs of providing a service and what a consumer is charged. Some banks and credit institutions charge a fee that is completely disproportionate to the cost of providing that service, and that is what this amendment is intended to provide clarity on. The minister has indicated that he will provide an answer in due course in relation to the matters raised. I think ASIC has one hand tied behind its back by virtue of the vagueness involved in these current regulations. So I will maintain this amendment and, if there is another voice with me, I will be seeking a division.

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