Michael McCormack (Riverina, National Party, Minister for Small Business) Share this | Hansard source

2020-21, Member for Wakefield. It was years of economic mismanagement under those opposite. It works in tandem with the reforms being implemented by the Australian Prudential Regulation Authority—this is the bank levy—and the government. APRA will have the power to remove and disqualify senior executives and directors from all APRA-regulated institutions, and there will be civil penalties of up to $200 million for larger authorised deposit-taking institutions and $50 million for smaller authorised deposit-taking institutions. As well, APRA will also be able to impose penalties on authorised deposit-taking institutions that do not appropriately monitor the suitability of their executives to hold senior positions. The levy provides a more level playing field for smaller and non-bank competitors. That is what you can expect from the coalition government. We are the government which has amended section 46 to prevent the misuse of market power to help level the playing field for small business. We are the government which enacted unfair contract protections for small business. The bank levy will increase competition between the big banks and smaller regional and foreign banks. My message to consumers is that if they do not like the actions of their bank—

Mr Clare interjecting—

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