Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

We are keeping all of the consumer protections that matter. We are keeping the requirement for financial advisers to act in the best interests of their clients. We are keeping the ban on conflicted remuneration, despite the erroneous and dishonest assertions that have been made by various people on the Labor side. In fact, the ABC's Fact Check came out and said that the assertions by shadow Treasurer Bowen that we were reintroducing commissions for financial advisers were inaccurate and scare-mongering. That is not the government saying it; this is the ABC Fact Check saying it. We are keeping in place the consumer protections that matter, but we are getting rid of the excessive, unnecessary red tape that Labor imposed at the behest of the union movement in order to protect the commercial interests of the union movement. We are focused on the public interest—not on the commercial interests of the union movement. I know that Senator Dastyari is very focused on the best interests of the union movement. We believe that not every bit of red tape is good for consumers. (Time expired)