Angus Taylor (Hume, Liberal Party, Shadow Treasurer) Share this | Hansard source

While the opposition voted for the bill at second reading, and we strongly support getting on with the bill, we don't support it in its amended form. The amendments moved in the Senate by the Greens, which were not part of the original bill—let's be very clear—and which were accepted by the government, do increase red tape and compliance burden in the economy and for private companies. These are not public companies; they are private companies. It removes the regulatory certainty that's been there—which is something that those opposite ask for all the time—for a limited class of companies, and it constrains the ability for ASIC to make instruments to implement its regulatory decisions.

The other effect of this amendment is to increase red tape for Australian owned companies over their foreign owned competitors. This will mean Australian companies are put in a position where they are less competitive than their foreign competitors, at a time when we need Australian companies being as competitive as they possibly can in a brutal international and global environment. Many of these businesses know how difficult it is to compete globally and win. And winning is what we want Australian companies to do, because that creates jobs and drives investment and drives opportunity. That, of course, is the key to Australians realising their aspirations: Australian world-beaters out there on the world stage without absolutely unnecessary red tape and compliance being imposed on them.

The opposition supports reducing red tape for compliance. That's something we believe in very, very strongly for Australian companies. We want a prosperous, productive economy that can help Australian households, Australian families and Australian businesses to realise their aspirations. For these reasons, we oppose the bill as amended.

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