Andrew Nikolic (Bass, Liberal Party) Share this | Link to this | Hansard source

My question is to the Assistant Treasurer. Will the Assistant Treasurer update the House—on the government's plans to protect the savings of Australians, particularly senior Australians, and is he aware of any alternative approaches?

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

The member will resume his seat. The Manager of Opposition Business on a point of order.

Mr Tony Burke (Watson, Australian Labor Party, Shadow Minister for Finance) Share this | Link to this | Hansard source

Under what standing order was that question ruled out?

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

It was under standing order 100. I call the honourable member for Bass.

Andrew Nikolic (Bass, Liberal Party) Share this | Link to this | Hansard source

My question is to the Assistant Treasurer. Will the Assistant Treasurer update the House on the government's plans to protect the savings of Australians, particularly senior Australians, and is he aware of any alternative approaches?

Josh Frydenberg (Kooyong, Liberal Party, Assistant Treasurer) Share this | Link to this | Hansard source

I thank the member for Bass for his passion about this issue and his commitment to good economic policy. Last week, the Prime Minister announced that the government will be reversing the desperate cash-grab by the Leader of Opposition, when he changed the unclaimed money rules from seven years to three years, and now we are taking it back to seven years. This is consistent with the recommendation of David Murray's Financial System Inquiry. It has been welcomed by a large number of stakeholders. Michael O'Neil, the CEO of National Seniors Australia, with over 200,000 members said:

The former legislation was ridiculous. This is the people’s money—not the government’s money. Today is a win for common sense.

Ian Yates, the CEO of the Councils on the Ageing, said:

The decision … will give many older Australians peace of mind …

Mark Degotardi, the CEO of Customer Owned Banking Association, said that this is a 'good outcome for consumers'.

I am asked: am I aware of any alternative approaches? Well, the member for Fraser was trying to defend the efforts of 'Bankrobber Bill' when he came out the other day and said:

We put these rules—

Mr Burke interjecting—

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

The Manager of Opposition Business will resume his seat and the Assistant Treasurer will kindly refer to members by their proper titles.

Josh Frydenberg (Kooyong, Liberal Party, Assistant Treasurer) Share this | Link to this | Hansard source

I withdraw. The member for Fraser was trying to defend the efforts of the Leader of the Opposition by saying:

We put these rules in places to stop the value of these accounts being eroded over time by thieves.

This was little comfort to 82-year-old Moira Stanford, whose story was documented in the Daily Telegraph, when she went down to her local bank to take money out of her rainy-day fund to pay a tradesman. When she went to the bank she was told the money was no longer there. Had she withdrawn those funds? No! Had she been targeted by an internet scammer? No! What had happened? In the words of the late Michael Jackson, she had been targeted by a 'smooth criminal'. There was the Leader of the Opposition, moonwalking bank to bank, seeking to raid the savings of—

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

The Assistant Treasurer will resume his seat. The Manager of Opposition Business on a point of order?

Mr Tony Burke (Watson, Australian Labor Party, Shadow Minister for Finance) Share this | Link to this | Hansard source

Madam Speaker, I rise a point of order. The Assistant Treasurer is clearly on unparliamentary-language ground now, and is clearly making accusations and imputations.

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

The member will resume his seat. There will be silence! The Leader of the Opposition had approached the Speaker, and I was in conversation with him. If the Assistant Treasurer made an unparliamentary use of language, he will kindly withdraw it.

Mark Dreyfus (Isaacs, Australian Labor Party, Shadow Attorney General) Share this | Link to this | Hansard source

Withdraw!

Josh Frydenberg (Kooyong, Liberal Party, Assistant Treasurer) Share this | Link to this | Hansard source

I withdraw.

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

The member for Isaacs: I do not need his help.

Josh Frydenberg (Kooyong, Liberal Party, Assistant Treasurer) Share this | Link to this | Hansard source

There was the Leader of Opposition going from bank to bank raiding the savings of ordinary Australians. He had the gall on 15 November 2012 to put out a press release describing his $550 million bounty as a 'windfall'.

Mr Clare interjecting—

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

The member for Blaxland!

Josh Frydenberg (Kooyong, Liberal Party, Assistant Treasurer) Share this | Link to this | Hansard source

Yet, again, the Leader of the Opposition has shown that if you do not know where you are going any road will get you there, even if it is at the expense of the savings of hardworking ordinary Australians.

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

I call the honourable the Prime Minister.

Madam Speaker, I ask that further questions be placed on the Notice Paper.