Nick Sherry (Tasmania, Australian Labor Party, Shadow Minister for Banking and Financial Services) Share this | Hansard source

I indicate that, with respect to Democrat amendment (6), Labor agree that creeping acquisitions need to be taken into account. We did move a second reading amendment outlining this rather than making detailed amendments because this is a major change. We believe it is better to consult on the precise wording before drafting the amendments. Action on creeping acquisitions is something that Labor will be implementing in government if we are elected later this year, following consultation on that detail. For that reason we are unable to support this amendment tonight.