Stephen Jones (Whitlam, Australian Labor Party, Shadow Assistant Treasurer) Share this | Hansard source

This is just briefly—I don't want to detain the members of the House for any longer than is absolutely necessary. I just think it's important that members understand the matter that's being voted on, and I note the attendance in the House at the moment by the Leader of the Greens, the member for Melbourne. For the benefit of members: this bill is one of those rare occasions where a matter has moved through the House, has been amended in the public interest in the Senate on the basis of a Greens amendment in the Senate and is an amendment which has attracted the support of both the government and the Labor opposition. So I thank the members in the other place who raised this particular matter.

For the benefit of members: it concerns an oversight body which was recommended by Commissioner Hayne and arose out of the royal commission recommendation 6.14. It recommended that the bodies ASIC and APRA be subject to a review every two years by a standing independent body. The way the government transformed that into law had the body established, but proposed that a representative of the Department of the Treasury be included on that independent review body. It was pointed out in the Senate, correctly in our view, that if there's a representative from the Department of the Treasury—that is, an executive agency—it's hardly separate and independent in reviewing those other two agencies. So Labor supports the proposition and wishes its speedy passage through this place.

Question agreed to.

Senate’s amendments—

(1) Clause 4, page 3 (line 1), omit ", the Departmental member".

(2) Clause 5, page 3 (lines 9 and 10), omit the definition of appointed member.

(3) Clause 5, page 3 (line 18), omit the definition of Departmental member.

(4) Clause 5, page 4 (line 6), omit "and the Departmental member".

(5) Clause 10, page 7 (line 8), omit paragraph (b).

(6) Clause 22, page 14 (lines 5 and 6), omit "The other member is the Secretary or the Secretary's nominee.".

(7) Division 2, clause 23, page 15 (lines 1 to 11), omit the Division.

(8) Heading to Division 3, page 16 (line 1), omit "Appointed members", substitute "Members".

(9) Clause 24, page 16 (line 3), omit "Appointed members", substitute "Members".

(10) Clause 24, page 16 (line 5), omit "An appointed member", substitute "A Member".

(11) Clause 24, page 16 (line 8), omit "an appointed member", substitute "a member".

(12) Clause 24, page 16 (line 15), omit "appointed".

(13) Clause 24, page 16 (line 16), omit "An appointed member", substitute "A member".

(14) Clause 25, page 16 (line 18), omit "An appointed member", substitute "A member".

(15) Clause 25, page 16 (line 20), omit "an appointed member", substitute "a member".

(16) Clause 26, page 16 (line 22) to page 17 (line 18), omit "an appointed member" (wherever occurring), substitute "a member".

(17) Clause 27, page 17 (line 20), omit "An appointed member", substitute "A member".

(18) Clause 27, page 17 (line 22), omit "appointed".

(19) Clause 27, page 17 (line 25), omit "An appointed member", substitute "A member".

(20) Clause 28, page 17 (line 30), omit "appointed".

(21) Clause 29, page 18 (line 2), omit "An appointed member", substitute "A member".

(22) Clause 30, page 18 (line 6), omit "An appointed member", substitute "A member".

(23) Clause 31, page 18 (line 10), omit "an appointed member", substitute "a member".

(24) Clause 31, page 18 (line 17), omit "appointed".

(25) Clause 32, page 18 (line 21), omit "An appointed member", substitute "A member".

(26) Clause 33, page 18 (line 26) to page 19 (line 21), omit "an appointed member" (wherever occurring), substitute "a member".

(27) Clause 48, page 29 (lines 19 to 21), omit subclause (2).

(28) Clause 50, page 30 (lines 30 to 32), omit subclause (3).

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