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

The interest that this government is putting first is the public interest. The interest that this government is putting first is the consumer's interest. You know what? Consumers have an interest in having affordable access to high-quality financial advice. It is very important that we get the balance right for the appropriate levels of consumer protection by making sure that access to high-quality financial advice remains available and remains affordable.

We understand that there is a particular commercial interest that is close to the heart of people on the Labor side, because every single one of those senators is a member of a union. Maybe some of them have been trustees on industry super funds in the past. Maybe some of them are lobbied from time to time by union-dominated industry fund trustees, because they do have a particular interest in a regulatory framework that makes it harder for others to compete. (Time expired)