Andrew Bragg (NSW, Liberal Party) Share this | Link to this | Hansard source

I move:

That the following matter be referred to the Economics References Committee for inquiry and report by the last sitting day in June 2024:

The capacity and capability of the Australian Securities and Investments Commission to undertake proportionate investigation and enforcement action arising from reports of alleged misconduct, with particular reference to:

(a) the potential for dispute resolution and compensation schemes to distort efficient market outcomes and regulatory action;

(b) the balance in policy settings that deliver an efficient market but also effectively deter poor behaviour;

(c) whether ASIC is meeting the expectations of government, business and the community with respect to regulatory action and enforcement;

(d) the range and use of various regulatory tools and their effectiveness in contributing to good market outcomes;

(e) the offences from which penalties can be considered and the nature of liability in these offences;

(f) the resourcing allocated to ensure investigations and enforcement action progresses in a timely manner;

(g) opportunities to reduce duplicative regulation; and

(h) any other related matters.

Deborah O'Neill (NSW, Australian Labor Party) Share this | Link to this | Hansard source

I seek leave to make a statement.

Sue Lines (President) Share this | Link to this | Hansard source

Leave is granted for one minute.

Deborah O'Neill (NSW, Australian Labor Party) Share this | Link to this | Hansard source

I draw the Senate's attention to the reality of the work of the Parliamentary Joint Committee on Corporations and Financial Services. It is the statutory responsibility of that committee to inquire into the effectiveness of ASIC's enforcement measures and to make sure that we do our proper judicious work in supervising that entity. Senator Bragg and Senator McKim are both members of that committee, and it was within that committee this morning that we adopted the terms of reference that are here on the Notice Paper before senators, with the addition of one further item: the effectiveness of ASIC's enforcement measures in protecting vulnerable Australians.

If this bill is supported it will lead to a duplication of this inquiry in two different places. In fact, this is the construction of a platform for Senator Bragg, who is on both committees, to provide himself with an opportunity for media, not for the service of the Australian people. I urge senators to vote against this. We should be absolutely working on this in the Parliamentary Joint Committee on Corporations and Financial Services. (Time expired)

Sue Lines (President) Share this | Link to this | Hansard source

The question is that business of the Senate notice of motion No. 1, standing in the name of Senator Bragg, be agreed to.