Sarah Henderson (Corangamite, Liberal Party) Share this | Hansard source

I welcome the opportunity to speak about the ways in which our government is protecting consumers in their dealings with the banks.

Before I do so, on indulgence, Mr Deputy Speaker, as the chair of the UK parliamentary friendship group, I just want to associate myself with the remarks of the Prime Minister and the Leader of the Opposition in question time today on the abhorrent, senseless crime that has occurred in Manchester. Our hearts go out to Manchester and to the people of the United Kingdom in the wake of this terrible tragedy.

I have spent my working life fighting for justice for consumers, as a journalist with the ABC, including on the consumer advocacy program The Investigators, as a lawyer and now as the member for Corangamite. There is a glaring irony in today's MPI before the House. In contrast to members opposite, who have no policy to combat bad bank behaviour, what we are presenting to this parliament, as announced in our budget, is comprehensive reform. It is extraordinary that the members for Perth, Wills, Wakefield and Newcastle have not presented one idea in this discussion today about how to protect consumers—because proposing a royal commission is not a policy. Proposing a royal commission is a policy cop out. It demonstrates that the Labor Party does not have any ideas. It demonstrates that the Labor Party is prepared to put on hold the strong action that is required to deliver justice to consumers, to customers and to small businesses who are being ripped off, misled and deceived and who are being delayed and who are being denied justice by the banks.

Today in my contribution I want to focus on the significant reform that has been announced in the budget by way of the establishment of the Australian Financial Complaints Authority, which will be established by 1 July 2018. This is an industry funded, one-stop-shop disputes resolution body. What is so significant about this body is that it will provide free, fast and binding determinations for consumers. AFCA will be able to award fair compensation when consumers have wrongfully suffered a loss as a result of the conduct of a financial services provider and will therefore be able to deliver real outcomes for consumers.

The Turnbull government is focused on delivering genuine outcomes for Australian consumers—unlike those opposite, who are only interested in playing politics. Today was an opportunity for the Labor Party to present some policy ideas about what it might do about its aspirations—how it will stand up for consumers, how it will stand up for those who have been ripped off by the banks. But all we have seen from members opposite is a policy vacuum. This complaints authority is fundamental reform. It gives consumers the opportunity to go straight to this authority and get the justice they deserve. The Labor Party want to inflict years and years of litigation on consumers and businesses either in the Federal Court or in the Supreme Courts around this nation.

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