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

My question is to the Prime Minister. Can the Prime Minister confirm reports that he was the last senior member of the government holding out against having a banking royal commission? Can he also confirm that he is the key senior member of the government now holding out against extra sittings of the parliament to finally implement the recommendations of the royal commission that he delayed?

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

Can the member for McMahon confirm that there are 3,000 retirees in his electorate who he's told, 'Don't vote for Labor'? The reality is the member for McMahon has had an opportunity to provide to the Australian people a comprehensive, formal response to the banking royal commission. Despite all the huff and the puff about how important this is, he's been left wanting. He's been left wanting with empty hands. What is the member for McMahon saying to the 17,000 mortgage brokers across the country—including those in his electorate—employing 26,000 people? Is he saying that he will back the government and the judgement of the governor of the Reserve Bank of Australia who said that we were right to be cautious about changing the fee model for mortgage brokers? Or is he going to back the member for Hotham who said, 'We are going to accept and implement every single recommendation'?

The reality is not only was the member for McMahon a complete failure as the minister for border protection with 25,000 boats, but now, as shadow Treasurer, he has come up with a genius plan to slug Australians with $200 billion of taxes, including a retirees tax. And he's offended over one million Australians by telling them, 'If you don't like the policy, don't vote for Labor.' That was the most arrogant dismissal of the real concerns of over one million Australians. And it's a display of arrogance that the Leader of the Opposition has not dared repeat to back up his shadow Treasurer. And the question is: how long will it be before the Labor Party crab-walks away from its retirees tax? And if they don't, then over one million Australians will make their feelings known at the ballot box.