Senate debates

Thursday, 29 November 2018

Questions without Notice

Banking and Financial Services

2:12 pm

Photo of Mathias CormannMathias Cormann (WA, Liberal Party, Vice-President of the Executive Council) Share this | Hansard source

The shameless dishonesty of that question is just breathtaking. The Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Bill 2018, which was passed by the House of Representatives, significantly strengthens the penalties for misconduct for banks, and we want to put it to the Senate next week. Labor have now told us that they don't want it in the Senate next week; they want to consider it next year. You are actually standing in the way of higher penalties for the banks for misconduct. You are standing in the way. So, don't come here misleading the Australian people. You could be increasing penalties from five years imprisonment to 10 years imprisonment for individuals and you could be increasing the penalties significantly right across the board for corporations. You are trying to stop us increasing penalties. You are the ones who are standing on the side of corporate crooks, as you did over the six years you were in government when you did nothing to increase penalties.

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