Senate debates Bills

Treasury Legislation Amendment (Small Business and Unfair Contract Terms) Bill 2015; In Committee


Mathias Cormann

Mathias Cormann WA, Liberal Party, Minister for Finance

12:48 pm

I would just say this is an approach that has been used by governments of both persuasions. Indeed, when I was sitting on the other side of the chamber, that is exactly the way the previous government pursued the implementation of changes to our financial advice laws. So this is a well established principle. When you have a regulatory change of this nature, regulatory agencies like ASIC and the ACCC obviously implement these changes sensibly in the early period of implementation.

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