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

Firstly, I completely reject the assertion that 'many financial advisers' have done the wrong thing. There are some that have done the wrong thing and wherever they do, as I said earlier, they ought to have the book thrown at them. But most financial advisers across Australia do a very good job for Australians saving for their retirement every single day.

In relation to the allegation that we were somehow reintroducing commissions on general advice, I reject that out of hand. That is just not true. If you had caught up with developments, you would have read the ABC Fact Check—hardly an apologist for coalition policy—which said, in response to a similar assertion by shadow Treasurer Chris Bowen, that it was 'scaremongering' and that he had his facts wrong. If the senator had done a bit more research when he was putting his questions together he would have found out that that particular assertion is completely false.