Peter Whish-Wilson (Tasmania, Australian Greens) Share this | Hansard source

I must have hit a nerve there. And now we have this: the government's proposed changes to FoFA regulations. These changes are designed to help make more money, fee income, for the big banks and financial services companies such as AMP. As I have stated previously in this chamber, banks and financial services companies no longer make most of their income and profits from simple deposits and loans. They make the majority of their income from selling financial products and financial services. While these FoFA regulations are about protecting consumers and the reputation of the financial planning industry, who oppose these regulations, they are designed to help the profits of the big end of town.

What next, I wonder? I remind the Liberal-National Party, the government, that the public expects that the job of government is to protect the public good, not just the profits of big corporations that are determined to put the interests of shareholders ahead of the interest of the Australian public. It easy sitting in here all day listening to debate to forget the really important point that there is a world outside those doors and windows. We live in a society not in an economy. Contrary to what this government believe, they are not always the same thing. We need reform in this country. We need reform to drive clean energy transition. We need reform for a fairer tax system. We need reform to protect consumers. It takes bravery and courage to push through reform. We need legislation that strikes a better balance between the profits of the powerful and the people—consumers, Australian taxpayers and small businesses.