Scott Buchholz (Wright, Liberal Party) Share this | Hansard source

Thank you, Madam Deputy Speaker. I was just alluding to the fact that the Australian Bankers Association articulated a concern that the banking industry had not been able to fully assess the potential impact or the likelihood of unintended consequences of the new rules. Predominantly, that was as a result of the time frame that they had to work with. Groups also broadly shared the concern that, as many of the substantive provisions would be included in this regulations, comprehensive comments on the policy detail were not possible at this stage of the legislation. Predominantly that speaks to the lack of substantial regulation included in this bill.

Often you will hear us, as the opposition, oppose. We oppose policy that is put up for a very good reason: often it is pretty ordinary policy. But on this particular occasion I am more than happy not to oppose it but to support it. I can see the intent. (Quorum called)While we have the members of the government in the House, this is the first time that we have actually supported a bill and you called a quorum. I was actually speaking for your motion. That is how disconnected you guys are from reality. It was bad policy, but I could see that you were having a go. I could see your intent.

Government members interjecting—

You guys have just absolutely lost it. For the first time you can no longer say no, no, no, no. You guys have just screwed this one. You have taken it the wrong—

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