Peter Whish-Wilson (Tasmania, Australian Greens) Share this | Link to this | Hansard source

My question is to the Minister for Finance, Senator Cormann. Last week, the Treasurer announced a six-month delay in legislation associated with the 76 recommendations from the Hayne banking royal commission. These recommendations would underpin the biggest sector reform to financial services and our financial system in decades, and many of them will be crucial to Australians in the difficult economic times ahead. The sector has had over 15 months to prepare for this reform but still has recently been on public record calling for legislative delays due to this pandemic. Minister, why have you succumbed to lobbying pressure from the big banks and delayed this much-needed critical reform, and what's to stop big business putting up other reasons in the future that it is not a convenient time for legislative reform for them?

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

I don't think that any reasonable Australian would argue with the proposition that given the circumstances—given the extent of the crisis and given the need to ensure that our banks and our financial system can focus 100 per cent on supporting our economy through this period—the decisions that were made by the Treasurer to defer the implementation of relevant measures is appropriate. I don't think that anyone would disagree—that is, I don't think anyone reasonable would disagree—with the proposition that, in the circumstances, it is entirely appropriate for this deferral to have occurred, and of course, at the right time, we will revisit those reforms.

Scott Ryan (President) Share this | Link to this | Hansard source

Senator Whish-Wilson, a supplementary question?

Peter Whish-Wilson (Tasmania, Australian Greens) Share this | Link to this | Hansard source

Minister, has the government considered simply legislating this reform now with extensions to effective start dates, which is common for a lot of legislation in this place, or are you working directly with the big banks on writing this legislation?

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

Legislation is developed in the usual way, subject to proper consultation with all relevant stakeholders.

Scott Ryan (President) Share this | Link to this | Hansard source

Senator Whish-Wilson, a final supplementary question?

Peter Whish-Wilson (Tasmania, Australian Greens) Share this | Link to this | Hansard source

Minister, all political parties agreed to legislate the full suite of Hayne recommendations on the day they were released, which makes this royal commission unique, and I'll stress again that that was 15 months ago. Given the legislation is non-controversial, why won't you recall parliament and support the Greens' motion to do so in the coming weeks so we can do our job and pass this critical reform now?

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

Right now, what the Australian people want us to do is to ensure that we keep them safe from a second wave of the coronavirus, and then they want to ensure that we continue to support them through this difficult economic transition and that we maximise the opportunities for all Australians to benefit from a strong economic recovery on the other side. That is, of course, precisely what we're focusing on. At the next election, you will be able to deliver your report card on our performance as a government. We'll be putting forward our report card and our plans for the future, and the Australian people will make a decision on whether they'd prefer your approach or our approach.