Christopher Back (WA, Liberal Party) Share this | Hansard source

I will ask a direct question. It is lucky that the chair of the committee, Senator Marshall, is here, because he might be able to answer this question: is the Labor government now contemplating the introduction of switching-off powers by the ATO, by ASIC, by the ACCC or by the Prudential Regulatory Authority? Are we going to see even more interpretations of the law? The switching-off clause was not even requested by the participants; it was introduced into the agenda by the minister.

We have for some days been faced with the embarrassment of the committee chaired by Senator Marshall, and of which I am the deputy chair, considering matters associated with these amendments. I do not know whether or not Senator Marshall knew that Mr Bandt in the other place was going to bring in the last amendment. I hope he did not know, because I see it as a deep insult to this place, particularly, given the objectives under Odgers,as this amendment was brought in after this committee had concluded its work. Of course, this is the pay-off money. This is the money that allows two parties to settle behind the scenes in a manner which otherwise would have been seen as illegal should it be the subject of the regulator. This legislation must be terminated. (Time expired)