Dean Smith (WA, Liberal Party, Shadow Assistant Minister for Competition, Charities and Treasury) Share this | Hansard source

The opposition will not be supporting the amendments on sheet 1913. These amendments go beyond the scope of the recommendations of the royal commission that the coalition committed to implementing. Extending penalties as set out in these amendments has not been the subject of a public consultation process, and it is not clear that it will provide any additional disincentive on top of the already significant penalties for financial institutions set out in the bill currently.