Cory Bernardi (SA, Liberal Party) Share this | Hansard source

One thing that I have learnt in this place is that when an honourable senator stands up and claims things as facts, they best be true. Senator Gallacher, who, to his credit, is a very well-meaning individual, has stated repeatedly that Senator Arthur Sinodinos was director of the National Australia Bank. To my knowledge, I have never known that he was a member of the board of directors of the National Australia Bank. He may well have been an executive there. But, Senator Gallacher, you should not state them as facts when they are incorrect. And if you cannot get basic information like that right, how are we entitled to rely on the rest of the things that you have put to us?

There are some certain facts which I would like to put on the table. There was indeed a bipartisan approach to reform of the financial services regulations in this country. It is an area where I have a modicum of expertise, given that I spent 10 years or thereabouts in the financial services industry and I understand it. I also understand that there is a need for reform. There was a bipartisan inquiry—colloquially known as the Ripoll inquiry—that was a broad agreement between the Labor Party and the coalition about the way forward on how we could make financial services advice affordable, accessible and ensure that it is continually in the best interests of the client. That report was signed off. But between the report and the bill, which the Labor introduced, between the legislation that was introduced in this place and the other place, something happened. The deal that was made to reform financial services became a deal to enrich unions. You overstepped the mark. You rejected the agreed position that was in the best interests of the country and you overstepped the mark in order to favour those who favour the Labor Party.

This is the tragedy: you cannot do a deal with those on the opposite benches, because they will not honour it. They will not honour their deals through the committee system and they will not honour their deals to the Australian people. When they get into government or when they get into a circumstance of power, they say one thing and do another. This is the tragedy of the Labor Party. They are captive to internal machinations. The union movement determines what happens within the Labor Party. This is an unhealthy party. It is a party with an unhealthy culture.

If you want a prime example, Senator Gallacher said there needs to be transparency and openness. He mentioned something about opting into continuing financial services provided by an adviser. I would like to see that translated to within the union movement. I would like to see those who pay their union dues opting in, to allow those dues to support slush funds, electoral funds, union brawling, internal fights, donations to political campaigns and causes that the individual union member might not agree with. What has happened to the role that unions used to play in representing the working man? Every day that I look into the royal commission and continue to hear evidence it appears it is more about union bosses looking after each other and themselves.

There is a noble cause representing those who are voiceless or unrepresented: going in and having a fight for them, to put up and say, 'Hey, we're here to do the best for you.' But the entire thing is sullied. I will not listen to the sanctimony of the other side about financial-services advice when things are designed to enrich individuals. This is the great tragedy of where we have come. The once great union movement and once proud Labor Party has become a farce. It has become a shadow of its former self. I know there are many on that side who are concerned about that.

When we say, 'Let's work out the best ideas,' and reach an agreement on a committee in this place, you expect the government of the day to listen to it. Unfortunately, the future of financial-advice reforms were overcooked by the former government. They overreached. They betrayed the trust of the parliament and the Australian people. Now we have to address that. (Time expired)