Andrew Leigh (Fraser, Australian Labor Party, Shadow Assistant Treasurer) Share this | Hansard source

Thank you, Deputy Speaker, I appreciate your guidance. I was simply referring to the importance of seeing this bill in the broader context of what the government is doing across the financial sector. This bill enjoys bipartisan support, but it is important to recognise that the bill, which contains a number of measures brought forward by the former Labor government, is but one part of what we are doing. When we are debating legislation in this place it is important to give bills their proper context.

I commend the government for its commitment to expanding the corporate bond market. At the same time I am concerned about cuts to the tax office, deals on financial advice and measures which ultimately do not shore up the integrity of the financial system, as we need to do. A strong financial sector is vital for Australia not just because it creates jobs but because finance is the lifeblood of the economy. We have seen recently in places such as Greece that when the financial sector gums up, the entire real economy suffers. A strong financial sector is important for all Australians.

I am concerned about suggestions from the government that, for example, they might step back from the four-pillars policy, a policy which both sides of the House have been committed to which prevents mergers among the big four banks. The notion that Australia needs more consolidation at the top of the financial sector is a strange one indeed. I hope the government will clearly state—perhaps the parliamentary secretary might do so today—its commitment to the four-pillars policy as a way of ensuring that the Australian financial sector retains a strong sense of integrity and health within it. I commend the government for their support for the corporate bond sector. I encourage them to pursue with the same vigour across the spectrum of financial reforms this commitment to openness, transparency and the integrity of the financial sector.

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