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

I thank Senator Murray for his cooperation in agreeing to split amendments (7) and (8) from amendment (9). Amendment (7), similar to amendment (6), would make a major important change to the Trade Practices Act. I have indicated how Labor would deal with that in the context of the second reading amendment. Labor does not agree to amendment (8). Labor believes that the current, well-settled case law outlining the meaning of unconscionable conduct, while strict, is appropriate. Finally, Labor indicates its support for amendment (9). We support this because it is effectively the same as Labor’s amendment to remove the $3 million threshold from section 51AC, regarding unconscionable conduct, which we will get to shortly.