Susan Templeman (Macquarie, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Prime Minister. Dwayne and Jenny live in the member for Warringah's electorate. They were advised by a finance broker to borrow $500,000 against the value of their home and put it into dodgy investments. Dwayne and Jenny have spent the past seven years struggling to stay afloat and fighting to save their one remaining asset: the family home. Will the Prime Minister explain to Dwayne and Jenny why he refuses to listen to victims like them who are calling for a royal commission? (Time expired)

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

I thank the Prime Minister for the opportunity to respond. I would be very grateful if the member for Macquarie could provide the details of Dwayne and Jenny. We would be very happy to have a look at the case issues that she is raising. The Minister for Revenue and Financial Services, I am sure, will take that forward. I would seek commitment from the members of the opposition to provide those details.

I noticed in the member's question that she referred to Dwayne and Jenny having been dealing with this for seven years. Seven years, Mr Speaker! This government has been in power for three years, not seven years. I know that Senator Gallagher said today that others she had met with have been 'arguing for years—eight to 10 years … for some sense of justice'. During that period of time, when they were arguing for this, this is what the Leader of the Opposition said in relation to our banking and financial system and what was necessary:

… the Australian 'twin peaks' regulation model has worked very well and continues to work.

He said on another occasion:

… Australia has some of the best banks in the world.

The shadow Treasurer, back when he was the Assistant Treasurer, said:

The standard they set is world's best practice.

I do not know what comfort that was to Dwayne and Jenny at the time when they were struggling as the member has said, but clearly there was nothing being done by those opposite when they sat on these benches.

By contrast, rather than offer Dwayne and Jenny the crass populist approach of the Leader of the Opposition—who has only had one interest in this issue since he started, and that is to pursue his own political gain and not to pursue the genuine interests of Dwayne and Jenny or any of the others who have had serious cases—we have the great work of the parliamentary joint committee and members on this side of the House in pursuing cases. Those cases are now being referred to the Small Business Ombudsman for specific review. On top of that, there is the Financial System Inquiry, which has dealt with the system-wide changes we need to make to the financial system. Those changes are already being delivered. On top of that there is Professor Ramsay's review, which will look at how we can have more of a small claims tribunal process so that the Dwaynes and Jennys of the future will be able to get their cases heard.

Now, what this government is doing is addressing those concerns. What the leader of the opposition is doing is just using those concerns and using those constituents' genuine issues to promote his own crass, populist agenda. That is not in the national interest.