Senate debates Bills
Treasury Laws Amendment (Putting Members' Interests First) Bill 2019; In Committee
Jenny McAllister NSW, Australian Labor Party, Shadow Cabinet Secretary
1:07 pm
I have an additional question for the minister. As you're aware, Labor has sought to amend the legislation and been unsuccessful in the changes that we propose, particularly in relation to the opportunities and obligations of trustees to gain relevant information. Our feedback is that funds consider that they will require some level of support or guidance from APRA to assist them in interpreting those obligations, particularly given that the amendment that we had proposed in relation to reasonableness has been rejected by the chamber. I wonder if you could brief us on what discussions you have had with APRA in this regard?
Jane Hume Victoria, Liberal Party, Assistant Minister for Superannuation, Financial Services and Financial Technology
1:08 pm
I'm not prepared to talk about discussions with APRA.
Jenny McAllister NSW, Australian Labor Party, Shadow Cabinet Secretary
Minister, the implementation arrangements for this bill are dependent on APRA. The timetable that's been set out by the government is tight. Indeed, it is less than the timetable recommended by APRA. I'm seeking to understand what advice you can provide about APRA's preparedness to implement the arrangements that are likely to pass the chamber this afternoon.
Jane Hume Victoria, Liberal Party, Assistant Minister for Superannuation, Financial Services and Financial Technology
1:09 pm
The bill was originally announced on 24 May 2018. I think everybody in the chamber, everybody in the industry, and APRA and ASIC are entirely aware of this legislation.
Jenny McAllister NSW, Australian Labor Party, Shadow Cabinet Secretary
Do you expect that APRA will be providing written guidance to funds about their expectations if they do seek to utilise the provisions for high-risk fund members that were passed today?
Jane Hume Victoria, Liberal Party, Assistant Minister for Superannuation, Financial Services and Financial Technology
You'll get a chance to ask APRA at estimates.
Jenny McAllister NSW, Australian Labor Party, Shadow Cabinet Secretary
Minister, are you telling us that you've made no attempt to assure yourself about that question or that you have no advice to provide funds that might be listening to this debate?
Amanda Stoker Queensland, Liberal Party
The question is that the bill, as amended, be agreed to.