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

My question is to the Treasurer. Will the Treasurer inform the House of how the government is strengthening Australia's financial system and providing greater protection for consumers from excessive credit card surcharging?

Mr Husic interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for Chifley has been warned.

Scott Morrison (Cook, Liberal Party, Treasurer) Share this | Link to this | Hansard source

I thank the member for Bass for his question. He will know that soon after the Prime Minister took office, last year, this government responded to the financial systems inquiry, the Murray review, and a number of key decisions were taken in response to that review, that excellent review commissioned by the previous Treasurer. A key part of that was to do with new laws to crack down on excessive card surcharging. This is a very practical thing the government can do, to take real action, to ensure that consumers out there are not getting fleeced by excessive card surcharging.

I am pleased to report that those new laws that protect consumers from excessive card surcharging passed the Senate yesterday, which means that that action has now become law in this country. As a result, we will be able to move forward to put those measures in place this year, and that ban on excessive card surcharging will be in place. Many merchants do pass the costs on unfairly but there are many others, who we know and have had great concerns on—and some 5,000 submissions to the review certainly made that point. The government was very pleased to take action on that, because consumers are entitled to a fair deal. When you see excessive card surcharges—from four to 10 to 17 per cent—these are the sorts of things that governments have to take action on. That is what this government has done. A very clear issue has been raised and a very clear response has been given. The government has introduced laws and had those laws passed, which shows that the government is clearly getting on with the job of ensuring that the important issues that need to be addressed are being addressed.

We are also going to ensure that the ACCC is given the powers to enforce this ban. Infringement notices and penalties of up to $108,000 will be in place where these laws are flouted by listed corporations. This is important to ensure that the measure has integrity and is backed up by enforcement. Yes, we can pass laws in this place, but it is very important that we give our authorities, whether it is the ACCC, the Australian Taxation Office or others, the enforcement powers and resources to go through and ensure that those things are put in place.

We are pleased to take that action. I wonder why those opposite said nothing about it and did nothing about it while they were in government. I am also surprised that those opposite like to talk about multinational tax today, but when they were in government they did nothing about it and said nothing about it. When we brought a law into this place to ensure multinationals pay their fair share of tax, they voted against it. Every single one of them voted against laws to ensure multinationals pay their fair share of tax in this country. Yesterday in this place I announced that we were now making a condition of foreign investment approval in this country that multinationals pay their fair share of tax. The response from those opposite was to scoff at it. This government is getting on with it. (Time expired)