Chris Ketter (Queensland, Australian Labor Party) Share this | Link to this | Hansard source

In respect of the interim report of the Economics References Committee on the implications of financial advice reforms, dated 1 February, I move:

That the Senate take note of the report.

The interim report was finalised on 1 February and forwarded to the President. Essentially, the interim report seeks an extension for the final report of the inquiry to 31 August 2016. This inquiry has been extended on a previous occasion since it was first referred to the committee in September 2014. The latest extension proposed allows the committee an additional eight months or so to pursue a number of matters that have arisen over the course of the inquiry.

To date, it has become clear that the provision of inappropriate financial advice, with the resulting impacts on ordinary Australians, has been widespread, with a number of sophisticated mechanisms developed to access the secure assets held by individuals. The sheer breadth and complexity of matters raised by this inquiry have made it necessary to extend the inquiry in order to allow the committee sufficient time to fully investigate a range of different schemes and unacceptable behaviours undertaken by professional financial advisers. As a member of the committee, it is quite heartbreaking on occasions to hear some of the stories of ordinary mums and dads who have been affected by the unethical practices they have been subjected to. A number of key witnesses have come forward, which is leading the committee to hold additional hearings and to extend its investigations.

To date, the committee has inquired into several discrete but related matters, including the provision of financial advice, of course; the marketing of land banking schemes; and whistleblowing. Prior to tabling its final report, the committee intends to table an interim report specifically addressing land banking schemes. Further interim reports may also be tabled on other matters, depending on the course of the inquiry process.

I wish to thank the committee members and the committee secretariat for their very hard work to date and also to thank the many individuals from the public who continue to assist with this inquiry. I commend the interim report to the Senate.

Question agreed to.