Jamie Briggs (Mayo, Liberal Party, Chairman of the Scrutiny of Government Waste Committee) Share this | Hansard source

Madam Deputy Speaker, I am being completely relevant regarding this legislation, because we know that there are members on that side who are very uncomfortable with these pieces of legislation, for very good reason: because it makes no economic sense. We know how much this Labor government have wasted over the last five years. Now we are going to hand them $10 billion to give to their mates in the Greens as a little reward for the support in keeping them in government. That is what this bill is all about. It is a shameful waste of Australian taxpayers' money. That is why there is so much sensitivity from those on the other side, trying to interrupt coalition speakers on this bill—because they know this will hang over them for a generation of Labor MPs who have stood by this piece of legislation.

One of the other issues that I will touch on, briefly, as I have been interrupted on so many occasions during this contribution, is that it strikes me as passing strange, in relation to the appointment of the CEO of this organisation, that the CEO's remuneration will not be set by the Remuneration Tribunal. I wonder how the member for Melbourne stands by that in his electorate? Presumably we will see an NBN-style CEO payment of about $2 million a year. I wonder if the member for Melbourne will go out to his electorate and tell his Green constituents that—that the member for Melbourne's piece of legislation, that he and Senator Christine Milne want and support, would encourage and allow market rates for this so-called bank. The market rate is not going to be anywhere under seven figures. So I look forward to the brochure from the member for Melbourne talking about executive salaries. What hypocrisy! What utter hypocrisy! What an absolutely hypocritical thing for you to do, sir, when you claim that you stand by the low-paid in society and rail against high bank salaries. I bet you this salary will be nothing under seven figures. Why else would it be outside the Remuneration Tribunal? And those on the other side know it. They know it.

This is a terrible piece of legislation. It should not pass the parliament. It will inflict damage on our economy for years to come. They should be ashamed of themselves for supporting it. (Time expired)

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