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

This is an incredibly reckless and irresponsible move by the Labor Party today. Do not let anybody think that this has anything to do with the best interests of consumers. This is all about the commercial interests of the Labor Party's main shareholder, the union movement. That is what this is about. We have the union movement with a clear commercial interest in large industry super funds that are fighting very hard for market share in the financial services market across Australia. They have never liked small business financial advisers and they have used their preferential and privileged access to the previous government to make life for small business financial advisers and their clients as hard as possible. Ever since Labor lost the last election, they have been desperate to protect the commercial advantages that Labor delivered to the union dominated industry funds in the financial services market.