Sam Dastyari (NSW, Australian Labor Party) Share this | Hansard source

I move:

That the Senate take note of the answers given by ministers to questions without notice asked by Opposition senators today.

The Minister for Finance has audaciously rolled back the consumer protections contained in the future of financial advice laws. Let's be clear about what has actually occurred. On 26 June 2014 the Corporations Amendment (Streamlining Future of Financial Advice) Regulation 2014 was signed by the Governor-General. But it was not until 30 June 2014—just hours before it was to come into effect—that the regulation was registered on the federal register of legislative instruments. Once the regulation has been added to the register, it must be tabled in the Senate. Ordinarily, this would have happened yesterday—the first sitting of the Senate since registration. But, as we have heard in this chamber again today, it has not been tabled and the government is afraid to tell us when it will be tabled.

What does this mean? Even if a regulation is made and registered and comes into effect, until that regulation is tabled the Senate cannot have a debate about whether it should be allowed or disallowed. The executive's ability to make regulations is an important function of government, but so is the ability of this place to scrutinise these regulations.

In keeping with the Senate's responsibilities to monitor executive action and hold the government to account, yesterday in question time I asked the acting Assistant Treasurer, Senator Cormann, when he would table the regulation. Senator Cormann referred to a press release—not the regulation, but a press release—and told this chamber that the government will table these regulations 'consistent with the laws and consistent with usual practice'.

The minister is determined to drag the FOFA process out. I say to the minister: given the failure of the minister to table the Corporations Amendment (Streamlining Future of Financial Advice) Regulation 2014, the time has come. I refer to Odgers' Australian Senate Practice, which says:

It is not essential, however, that regulations be provided for tabling by a minister, or any other member of the government. Once an instrument has come into effect, it is open to any senator to seek to table it.

I note further—also from Odgers' and recorded in the Journals of the Senatethat on 24 June 2009 an opposition senator, by leave, tabled ministerial directions under the Building and Construction Industry Improvement Act 2005. The Senate leader may recall that. Which senator took the unprecedented step of tabling a regulation that had come into effect? It was none other than Senator Abetz, who sits across from us today—now the Leader of the Government in this place. Accordingly, I now seek leave—and the government has been forewarned of this—to table the government's own Corporations Amendment (Streamlining Future of Financial Advice) Regulation 2014.