Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

I thank Senator Bishop for that question. With all due respect to Mr Kohler, he is wrong. That is not what we are doing. We are restoring some balance in the regulatory framework for financial services. The previous, Labor government was guided by one thing and one thing only—and that was how best to promote the vested interests of union dominated industry funds. The one thing that the Labor Party was focused on was how to leverage its position as the government of Australia using legislation to impose one business model across the whole of the financial services market—the union dominated industry fund model.

We are committed to ensuring the financial services sector is as efficient, transparent and competitive as possible—