Chris Bowen (McMahon, Australian Labor Party, Shadow Treasurer) Share this | Link to this | Hansard source

My question is to the Treasurer. It has been reported today that the CEO of the Financial Services Council, John Brogden, has said in relation to financial advice:

The level of trust as at an all-time low. We need a circuit breaker. Self-regulation is not enough.

Treasurer, why is the government so determined to rely on self-regulation when the savings of millions of Australians are at risk?

Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Link to this | Hansard source

Labor set up the system. Now Labor is criticising the system they set up. Don't you guys have any consistent principles? Is there anything you are consistent about in your lives? The system was established under the FOFA laws that were set up by the man who asked the question. Not once, not twice, not three times but on five separate occasions he came into this parliament and tabled the new information memorandum to the legislation. He was in here amending his own amendments in relation to financial advice. He did not understand his own laws when he was the minister. The Leader of the Opposition is critical of his own laws now that he is in opposition. I mean, cut us a break here! Really, you cannot be that stupid. It is a new benchmark for the Labor Party to be this insultingly stupid.