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

I haven't got it—I'm sorry—but it's available at all good bookstores and all good garage sales for about $2, marked down in one of those little bins. In that book he told the story that tax cuts were a Labor thing. That's what he said—that tax cuts were a Labor thing. But now, as the shadow minister for small business, he should come to the despatch box at the next opportunity and say he supports the Liberal-National government's tax cuts. If he doesn't, he is a hypocrite. If he doesn't, he doesn't support small business. Why won't he fess up to the fact that he is beholden to the unions and beholden to high taxes? They want high taxes to fund all their ridiculous policies that they will put forward if ever they get the Treasury bench back.

We had the Leader of the Opposition, the member for Maribyrnong, come to the despatch box just after question time and give a personal explanation on the story that appeared today in The Daily Telegraph titled 'Bill Shorten declares war on business'. The largest selling newspaper in New South Wales did not get it wrong, because the member for Maribyrnong has waged war on business. Today we've seen confirmed what we've long suspected, and that is that the member for Maribyrnong will proactively destroy Australian jobs if it means that he can get the Lodge. He will. He's saying to Australian workers employed by business, 'Your livelihood does not matter.' That's what he is saying, so long as he gets the keys to the Lodge. That is confirmation of his anti-business, anti-jobs, anti-growth war with big business. It is a disgrace, but it is not a surprise. The new shadow minister for small business needs to support the tax cuts. Does he support the 27½ per cent tax rate for small businesses—the employers and job creators of our economy—or does he not? There is the challenge to the new shadow minister for small business. By his silence I know that he doesn't support that tax rate. He doesn't support the lowest tax rate since 1940. Shame on him.

The government recognise that, in some circumstances, people and small businesses have been treated poorly by the banks. We've taken action. The government released the report of the Ramsay review in May and accepted all 11 recommendations, including establishing the Australian Financial Complaints Authority, a one-stop shop for financial disputes.

AFCA will be a fast, free and binding dispute resolution service for consumers and small businesses in relation to all financial disputes. Small businesses will have access to redress of up to a million dollars if they are found to have a viable case. We've beefed up the Australian Securities and Investments Commission and adequately resourced it by putting a levy on industry not just to police the levy but to make sure that standards across the financial industry are lifted.

On this side of the House we act; we get on with the job of governing. AFCA will take effect from 1 July, 2018. The Australian Small Business and Family Enterprise Ombudsman has welcomed the government's landmark move to establish this new one-stop shop to respond to small business disputes with banks. Its principal adviser at the AFCA hearing on 9 October, Anne Scott, has said it considers that AFCA, as a single body where there's clarity and transparency around access to justice and oversight by ASIC, is appropriate. I have spent extensive time with the ombudsman, Kate Carnell, on my small business roadshow, which has visited nearly 80 electorates, including many Labor electorates. I have visited the electorate of the member for Lindsay, and we had a very bipartisan small business forum. The member for Macquarie is up there—I visited her electorate, too. This small business roadshow heard from small businesses what they wanted, what they expected and what they demanded of us as parliamentarians. There were, I admit, concerns over access to capital and there were concerns at times about the big banks' approach to small business. That is why I'm very glad that we have backed all 11 recommendations of an inquiry into reforms for cooperatives, mutuals and member-owned firms conducted by Greg Hammond OAM—the Hammond review.

The Turnbull government will increase competition in our banking sector. I was in Brisbane at the Business Council of Co-operatives and Mutuals annual dinner on 9 November, the night that the Hammond review recommendations were agreed to by the Treasurer, the member for Cook. I can tell you that the CEO of the BCCM, Melina Morrison, and all those present were heartily cheered by our agreeing to those 11 recommendations. Cooperatives, mutuals and member-owned firms make a significant contribution to gross domestic product in this nation. More competition in the banking sector means more options for customers and puts them well and truly at the centre of things, with better choices and more cost effective options. They represent a real alternative model for delivering important customer and community focused services, especially banking and financial services.

I was delighted to talk to Mike Lawrence, who just this week has succeeded Mark Degotardi at the Customer Owned Banking Association, and to hear his vision for COBA and indeed what he has in mind for small businesses. These co-ops, mutuals and smaller banks represent a real alternative model for delivering important customer and community focused services—especially, as I said, banking and financial services. The Hammond review highlighted that mutuals, co-ops and member-owned firms are an important part of our economy and could be making an even larger contribution. The government wants more competition and more options for customers. These organisations are all about the customers because they are owned by them. The Turnbull government is committed to ensuring the regulatory and legislative settings that govern the sector are up to date. Unleashing a stronger cooperatives and mutuals sector through the Hammond review will provide Australian consumers with better choices and more cost-effective options.

We also have the House of Representatives Standing Committee on Economics, headed by the member for Banks. The government is continuing to strengthen accountability in the banking sector. The committee regularly calls for the four major banks to answer annually on domestic and international financial market developments as they relate to Australian banking; developments in prudential regulation, including capital requirements and how these are affecting the policies of Australian banks; the cost of funds; impacts on margins and the basis for bank pricing decisions; and how individual banks and the banking industry as a whole are responding to issues previously raised in parliamentary and other inquiries, including through the Australian Bankers' Association's April 2016 six-point plan to enhance consumer protections and in response to the government reforms and actions by regulators. This has already resulted in very real, tangible outcomes for small business and consumers, with a commitment from the ANZ to cutting interest rates on credit cards following questions from the member for Wright.

But there's more. We've got the Banking Executive Accountability Regime to increase executive accountability and increase transparency and accountability. Financial firms will be required to report internal dispute resolution outcomes and strengthen issuer and distributor accountability on financial products. The regime will introduce greater intervention powers for ASIC and provide greater whistleblower protection and transparency improvements of beneficial ownership on companies. This is all coming. This government is delivering. The Treasurer said:

Today's national accounts is another encouraging set of numbers—

a set of numbers that the member for McMahon could have only dreamt of when he was Treasurer—

reinforcing an economic strategy that is based on driving growth through increased investment to secure the better days ahead.

This has been the heart of the Turnbull Government's growth strategy to support jobs, by driving investment that in the September quarter created more than 100,000 jobs. That's more than 1,000 jobs every day.

Delivering for Australia, delivering for Bennelong—that's the Liberal-Nationals government.

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