Nick Sherry (Tasmania, Australian Labor Party, Minister for Superannuation and Corporate Law) Share this | Hansard source

Currently in Australia there is no regulation or supervision of margin lending—none whatsoever. Following on from the neo-liberal interjections of Senator McGauran—perhaps I should say neo-national; certainly not neo-national party—maybe he believes there should be absolutely no regulation and supervision of margin lending, given what we see has happened in this country over the course of the last 18 months. For the first time, the Commonwealth government, the Rudd Labor government, intends to take responsibility for the regulation of margin lending. For the first time, lenders will have to hold an Australian financial service licence, be regulated by ASIC and be members of low-cost external dispute bodies. Lenders will also have to effectively and clearly disclose all fees and commissions before lending, and the new responsible lending rules will also apply in respect of margin lending, and we make no apologies— (Time expired)