Brian Mitchell (Lyons, Australian Labor Party) Share this | Hansard source

This bill, the Treasury Laws Amendment (Banking Executive Accountability and Related Measures) Bill 2017, to introduce a banking executive accountability regime is nicknamed the BEAR. To quote financial sector expert Pat McConnell, a visiting fellow at Macquarie University:

Rather than being a terrifying polar or grizzly, it is already an old teddy bear that has had the stuffing knocked out of it.

So, rather than growl, this bear purrs like a pussycat. When it comes to the banking sector, that is how those opposite like it: purr like a pussycat and have your belly scratched.

Pat McConnell further states:

The government's new Banking Executive Accountability Regime (BEAR) legislation is a confused mess that is not going to do what it claims to do, which is make bankers accountable for scandals.

It is hardly a ringing endorsement of the government's approach.

This bill appears to echo the Senior Managers and Certification Regime, established by the May government in Britain, which came into force last year. Copying the British Chancellor's homework, our Treasurer proposed the BEAR in last year's budget, initially in order to take effect from 1 July this year. I'm pleased that I understand the Treasurer has now agreed to an amendment put forward in the Senate that that implementation be delayed.

For years, Labor has kept pressure on the government to act on the concerns of the tens of thousands of Australians and small businesses who have smelled something rotten going on in our finance and banking services sectors. It is why Labor has been calling for a banking royal commission. I couldn't understand the member for Berowra, who just spoke on the bill. One minute he was belting Labor for not supporting a banking royal commission early enough, and then he was belting us for supporting one two years ago. I didn't understand his logic, and I don't understand it now.

Labor has been on the record consistently as wanting a banking royal commission to get to the heart of the scandals in the banking sector in this country. Too many people and too many businesses have been ruined by the scandals engulfing this sector. We're pleased that the government's finally come to the table—kicking and screaming—on a banking royal commission. It took too long to get there, and it shouldn't have taken so long. This government's been reluctant to do anything regarding the banks, but finally it's been dragged into action, not because it wanted to, not because of the evidence provided to parliamentary committees of ruined lives and ruined businesses, but the consequence of banking malfeasance—

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