Rebekha Sharkie (Mayo, Centre Alliance) Share this | Hansard source

I wish to speak briefly on this amendment that originated from my Centre Alliance colleague Senator Rex Patrick. I think Senator Patrick must be commended for identifying this longstanding inequity in our tax system that has created and then protected a privileged class of exceptionally wealthy Australians and their private companies. These private companies are benefiting from an unfair loophole that allows them, and only them, the special privilege of not having to lodge reports with the government regulator, the Australian Securities and Investments Commission. This creates an unfair two-tier system where transparency and accountability are applied to most but are absent for a special select few. The ASIC is on the record: it supports the removal of this exemption. A fundamental aspect of the rule of law and, indeed, democracy is that we should all be treated equally before the law. It is such a fundamental principle that it finds its origins in Solon's laws in ancient Athenian democracy in the sixth century BC. And yet, in this place, we're allowing a two-tier system. It's time for the government to prove that they stand for democratic equality before the law and not for special deals for mates. I can't think of a single reason why any member on the other side of the chamber would not vote for this amendment. So I call on the House to support the amended bill from the Senate.

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