Jason Falinski (Mackellar, Liberal Party) Share this | Hansard source

I know, it's on the Hansard now; I'll have to own those words—I agree, Jonesy. Having owned and run my own business, I have always been committed to ensuring that Australian entrepreneurs are given every available opportunity. Our small and medium-sized business owners remain pivotal to this country's ability to innovate and provide jobs. We have always punched above our weight when it comes to our small businesses as global innovators expanding internationally.

Schedule 2 of this bill increases the luxury car tax refund available to eligible primary producers and tourism operators. This will support small to medium-sized businesses around Australia and proactively assist industries critical to the livelihoods of many communities.

This is the Asian century, and Australia is perfectly positioned to take full advantage of this opportunity. There is no better way to do that than by reducing the tax burden on Australian businesses so that they are empowered to do what Australian businesses do best. To give full effect to schedule 2 of the luxury car tax, primary producers or tourism operators who have acquired an eligible vehicle on or after 1 July 2019 will be able to apply for a current partial refund of the luxury car tax paid up until the legislation comes into effect. We are aiming for the positive outcomes of this bill to be felt as soon as possible. At the point when the legislation does come into effect, an increased refund amount on eligible vehicles will be adjusted for any amount of the partial refund which may have already been paid.

Businesses in this country can have full confidence that this government is their strongest advocate both internationally and in ensuring that the domestic climate is supportive of the entrepreneurial ecosystem, encouraging businesses to grow, innovate and hire. Running my own business taught me just how constraining and dumb government overregulation, overtaxation and red tape can be. Australians are always at their best when free from the imposed limitations of the government and bureaucratic apparatus. At the very heart of this government is the commitment to small and struggling businesses to give them every opportunity to thrive and grow in an increasingly competitive domestic and international marketplace.

Another component of this Treasury laws amendment bill is the extension of the concessional tax treatment of genuine redundancy and early retirement scheme payments to those under the age pension qualifying age. The effect of this is to align the pension age with the early retirement scheme payments. This is an important step in enacting the government's commitment to retirees while helping to reduce the burden on future generations. This amendment will benefit Australians under the age pension qualifying age who receive a genuine redundancy payment or early retirement scheme payment. The tax-free component is not being made available to people at the age pension qualifying age or over as there are a number of other government assistance schemes available, such as concessionally taxed superannuation and the age pension.

Whilst the tax-free component is not available for those at the age pension qualifying age or over, the termination payment they receive is concessionally taxed at 15 per cent up to the employment termination payment cap. Payments made in relation to the termination of employment will continue to attract significant tax concessions to ensure that people are able to pay their own way and make the life choices they want to make. This amendment's focus is on providing seamless support to older Australians and retirees to maximise their quality of life whilst ensuring that we don't pay for the present at the expense of future generations.

Another key element of the bill is working to expand the board of the Australian Energy Regulator. The composition of the increased board will include two Commonwealth members and three state or territory members. Providing Australians with affordable and reliable energy remains a priority for this government. The energy security of Australia and Australians and the protection of Australian consumers in the energy market must be a continuing priority. Whilst this is primarily an administrative change, increasing the board's resources and implementing these changes will increase the regulator's efficiency and help to enforce effective competition that puts the customer first.

Further protecting the rights of consumers, schedule 4 of this Treasury laws amendment bill is focused on giving consumers more power over their own data. We live in the century of data. This is the Asian century and the data century. This amendment is focusing on giving consumers more power over their own data. This is enshrined in the consumer data right, which provides individuals and businesses with the right to access data related to them but held by businesses. This may include information related to their raw bank transaction data. The consumer data right also enables the authorisation of accredited third parties to access this data. The right does not allow businesses who hold or receive data to transfer or use this data without the consent of the customer.

The consumer data right drives improved outcomes for the consumer and businesses alike by giving greater access to data on goods and services offered by them. In short, it untangles the complexity which so many businesses have used to confuse and conflate consumers and drive them into products that are not the best possible products for them. By improving this access to their own data, consumers will be able to compare services more effectively and there will be increased competition. Australians will be able to get a better deal and select products and services that are more tailored to their individual circumstances. This is particularly critical in relation to the banks and financial services sector at large. Open banking is about serving the interests of the customer by creating a more effective marketplace through honest product comparison and driving competition into the market.

In a fintech age, the consumer data right, or CDR, may prove critical to supporting data driven innovation and insights. In helping to create and sustain a strong start-up system, we have to begin with providing a legislative framework conducive to protecting the consumer whilst empowering entrepreneurs and industry disrupters. New jobs and economic growth come in the wake of innovation in Australia. As a government, we will continue to work to ensure that they are supported.

Instrumental in the protection of consumer rights over their own data is the requirement of the ACCC to create consumer data rules that include an obligation on accredited data recipients to delete CDR data in response to a request. Practically, this gives consumers the right for their data to be deleted—the right to be forgotten. Part of strong privacy safeguards embedded within the legislation is the encryption of communication, as part of the implementation of wider data standards related to the transfer and securitisation of data. This is coupled with further requirements requiring explicit consumer consent for the collection, use and disclosure of data.

This bill, the bill in front of this parliament now, will also work to ensure that regulators such as the Office of the Australian Information Commissioner are strengthened and given significant resources to ensure that consumers are protected. In cases where data breaches do occur, we are putting in place a framework where adequate remedies and dispute resolution arrangements are in place to help safeguard privacy.

Due to the rapidly changing nature in how data is utilised, the CDR enables the ACCC to make consumer data rules to determine the detail of how the right will apply in different circumstances. This flexibility in rule-making will enable a system tailored to the industry itself. By taking into account different industries, business and existing regulatory frameworks, the ACCC will be able to better make provisions benefitting all stakeholders.

As technological advancement continues to evolve, it is important that our regulatory framework does not lag behind, especially when it relates to the protection of consumers. This similarly assists in addressing different and emerging risks which may occur as technology continues to develop. The rule-making freedom that the ACCC has is constrained within the limitation of matters related to datasets and data portability. In the rapidly changing field related to consumer big data, this will ensure that government remains responsive and engaged.

The fifth schedule of the bill introduces a regulation-making power to allow the Commissioner of Taxation to pay interest on lost, unclaimed or inactive low-balance superannuation amounts that are proactively returned to members' active accounts. This change is long overdue. The objective of this section of the bill is to protect lost, unclaimed, inactive or low-balance accounts from erosion by paying interest while they are held with the ATO. Protecting superannuation from being needlessly depleted is important to take care of future retirees relying on their super. This is important to ensure the integrity of the superannuation system at large and protect consumers from having their superannuation needlessly depleted due to accidental mismanagement.

Protecting the rights of consumers remains fundamental to maintaining the integrity of businesses operating in sensitive spaces, whilst minimising the downside for entrepreneurs trying to innovate. The response to these amendments has been overwhelmingly positive, as reflected in the submissions and consultation that took place. As a government, we are committed to markets powered by innovation and defined by protection of consumers, for it has never been any other way. We stand by retirees seeking to fund their own future and by the next generation, who won't have to foot the bill. We are a government dedicated to supporting small businesses, whether they are operating as primary producers, as tourism operators or as start-ups and innovators. This bill works to continue to implement the government's strong economic agenda, and for this reason I commend it to the House.

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