Stuart Robert (Fadden, Liberal Party, Assistant Treasurer) Share this | Hansard source

For the benefit of the young Padawans opposite, the longevity of history is actually a little useful when it comes to this debate. I was here during the post-GFC reforms. I was here for the post-GFC banking inquiries, set up by those opposite in government. I was here for the post-GFC MIS inquiries set up by those in government. I was there for the FoFA inquiry by the parliamentary joint committee, and I was there negotiating with Bernie Ripoll on the 11 recommendations that were bipartisan recommendations out of the FoFA committee that brought on the FoFA reforms. Out of all of that, out of the $65 billion to $70 billion that was wiped out during the GFC, and out of all of the post-GFC banking inquiries and post-MIS inquiries, after going through TimberCorp and shining the light at the malfeasance and the poor behaviour by financial institutions, let me tell you—let me tell those opposite—exactly how much they increased the penalties against banks and financial institutions, after all of those reports, after all of those inquiries, after all of that work. The answer is: a big fat zero.

So do not come in here lecturing on a high horse in a degree of self-righteousness of biblical proportions, of pharisaical proportions, saying, 'Oh, it is terrible what the royal commission has shown. The government's 400 per cent increases are not sufficient,' and, 'It must be 15 years, not 10 years', when, after everything that came out of those parliamentary joint committees over two, three and four years, those opposite did nothing on penalty regimes. Well, the tide is out, and those opposite are not particularly wearing trousers right now. If there was any substance, any substance at all, to the arguments of those opposite—and, frankly, the shadow minister opposite should know better—then these amendments would have been done by those in government after all of the malfeasance that was shown after the GFC and after all of those parliamentary inquiries.

We are acting. The royal commission hasn't reported yet, but we are acting. The full result of what Hayne is looking at hasn't come down yet, but we are acting. Those opposite had years and years and years, report, report, report, and post-GFC inquiry after post-GFC inquiry. I spent a couple of years doing the post-GFC banking stuff and heard all of the dismal stuff and the malfeasance that came out, and those opposite did nothing. But now that we are acting for a 500 per cent increase on civil penalties, now that this government is acting for a 400 per cent increase in criminal penalties, apparently now, oh, no, these are not harsh enough, even though, for the six years they were in government, after all of the destruction of the post-GFC and after all of the reports of those committees that those opposite had majority on, there was no move at all on penalties, none at all. Apparently none were needed. But now that the government is acting with such severity not seen in modern political history, apparently it is not enough for those opposite. Well, forgive me if I think this is a rolled-gold stunt, because it is. Those opposite know it is. I know it is. The Australian people know it is. Those opposite did nothing in the post-GFC banking inquiries. We are now dealing with a royal commission, another banking inquiry as it is, and we are acting before the conclusion of it. Those opposite couldn't even bother to act at the conclusion of multiple inquiries that they chaired. Give us all a break.

See this speech in context