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

I thank the members for North Sydney and Warringah for their engagement and for their thoughtful contributions to this debate. I don't doubt for a moment the genuineness of the sentiment which motivates them to bring these amendments to the House. Ultimately, these are questions of balance and judgement, and on balance and judgement we won't be supporting the amendments. Many of the factual contributions they've made are correct, and I don't cavil with those, but we've had to get the balance right.

I do simply make the point that throughout the transition period the corporate regulator will still have the power—in fact, the function—of ensuring that any breaches of those disclosure obligations are enforced and may be prosecuted through the court system. It's not as if that through the transition period there is no enforcement available. There is enforcement through ASIC in its function as the corporate regulator responsible for the enforcement of these and other provisions under the Corporations Law.

With those comments, I confirm that government members won't be supporting the amendments.

Question negatived.

Bill agreed to.

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