Senate debates

Monday, 26 November 2018

Committees

Select Committee on Misconduct by Bank Agents and Associates; Appointment

4:29 pm

Photo of Fraser AnningFraser Anning (Queensland, Independent) Share this | | Hansard source

I move:

(1) That a select committee, to be known as the Select Committee on Misconduct by Bank Agents and Associates, be established to inquire into and report upon:

(a) the actions of lawyers, receivers, liquidators, valuers, police, real estate agents, stock squad, trustees, and anyone else involved with banks and their dealings with bank customers;

(b) legal and regulatory frameworks that may allow impropriety by bank agents and their associates;

(c) the redress options available to bank customers;

(d) possible regulatory reforms to discourage misconduct by bank agents and associates; and

(e) any related matters.

(2) That the committee present its final report on or before the second sitting day in March 2019.

(3) That the committee consist of six senators: two nominated by the Leader of the Government in the Senate, two nominated by the Leader of the Opposition in the Senate, one nominated by minority groups and Senator Anning.

(4) That:

(a) participating members may be appointed to the committee on the nomination of the Leader of the Government in the Senate, the Leader of the Opposition in the Senate or any minority party or independent senator;

(b) participating members may participate in hearings of evidence and deliberations of the committee, and have all the rights of members of the committee, but may not vote on any questions before the committee; and

(c) a participating member shall be taken to be a member of the committee for the purpose of forming a quorum of the committee if a majority of members of the committee is not present.

(5) That the committee may proceed to the dispatch of business notwithstanding that not all members have been duly nominated and appointed and notwithstanding any vacancy.

(6) That Senator Anning be appointed as chair of the committee, and the committee elect a member as deputy chair.

(7) That the deputy chair shall act as chair when the chair is absent from a meeting of the committee or the position of chair is temporarily vacant.

(8) That the chair, or the deputy chair when acting as chair, may appoint another member of the committee to act as chair during the temporary absence of both the chair and deputy chair at a meeting of the committee.

(9) That, in the event of an equally divided vote, the chair, or the deputy chair when acting as chair, have a casting vote.

(10) That the committee have power to appoint subcommittees consisting of 3 or more of its members, and to refer to any such subcommittee any of the matters which the committee is empowered to examine.

(11) That the committee and any subcommittee have power to send for and examine persons and documents, to move from place to place, to sit in public or in private, notwithstanding any prorogation of the Parliament or dissolution of the House of Representatives, and have leave to report from time to time its proceedings, the evidence taken and such interim recommendations as it may deem fit.

(12) That the committee be provided with all necessary staff, facilities and resources and be empowered to appoint persons with specialist knowledge for the purposes of the committee with the approval of the President of the Senate.

(13) That the committee be empowered to print from day to day such documents and evidence as may be ordered by it, and a daily Hansard be published of such proceedings as take place in public.

Photo of Anne RustonAnne Ruston (SA, Liberal Party, Assistant Minister for International Development and the Pacific) Share this | | Hansard source

I seek leave to make a short statement.

Photo of Sue LinesSue Lines (WA, Deputy-President) Share this | | Hansard source

Leave is granted for one minute.

Photo of Anne RustonAnne Ruston (SA, Liberal Party, Assistant Minister for International Development and the Pacific) Share this | | Hansard source

The government established the financial services royal commission to ensure Australia's financial system works efficiently, effectively and in the interests of consumers. The commission has received over 3,200 phone calls and over 5,500 emails from members of the public, and 10,140 public submissions detailing consumers' experiences with financial service providers. Each and every one of these submissions has been read and considered by the royal commission. The government awaits the outcome of the royal commission and will take the necessary action to restore the public's confidence and trust in our financial system, and to ensure our financial system operates in the best interests of consumers.

4:30 pm

Photo of Anthony ChisholmAnthony Chisholm (Queensland, Australian Labor Party) Share this | | Hansard source

I seek leave to make a short statement.

Photo of Sue LinesSue Lines (WA, Deputy-President) Share this | | Hansard source

Leave is granted for one minute.

Photo of Anthony ChisholmAnthony Chisholm (Queensland, Australian Labor Party) Share this | | Hansard source

Labor will not be supporting Senator Anning's motion for another broad-ranging Senate select committee inquiry into financial services and banking. The most effective inquiry mechanism with the strongest, broad-ranging powers to compel documents and witnesses is actually the current banking royal commission. This royal commission would never have been called except for years of pressure from Shorten Labor. Labor would prefer to see the royal commission have its reporting date put back to allow more witnesses and victims of banking scandals to be able to appear before it. This should be the focus of the Senate and the parliament at this time.

Question negatived.