Ian Macdonald (Queensland, Liberal Party) Share this | Hansard source

I am sure it was not a charity, Senator Smith—you are quite right there. Forgetting the political implications, can anyone tell me why it is that part of the financial advice industry is going to be subject to these rules but another part is not? If anyone can give me a reasonable explanation of that I would be very keen to hear it. That is why I am very much supportive of the regulation as it has been proposed and oppose this disallowance motion.

Finally, can I indicate to all of those literally hundreds of small businessmen who have approached me about this issue over a long time that I am sorry if this goes through today. I know what it will do to your small business; I know the impact it will have on you. I cannot honestly tell you why you are being treated differently from the union industry super funds. I am sorry if it costs your employees' jobs—that should not be happening. Senator Cormann has worked very hard to get the right balance here, to make sure there are protections for these Storm-like victims. He has done that assiduously. I think the arrangements that were in place had that nice balance between the need for regulation and oversight and not imposing undue demands on small businessmen.

I am still hopeful that honourable senators may rethink the position they have taken so far in the debate and stick by the deal done. Those two senators will be here for another 5½ years at least, and they need to ensure they do not get a reputation for not being able to stand by their commitments. These are not just commitments that they have made; they are commitments that they almost bought by asking the government to do certain things, which the government then went out and did. The government did them. The government did what you wanted. The government did not want to do those things but they did, on the basis that you would support them and maintain certainty in the industry. That is why they did it, only to find that, having played their part in the deal, suddenly you, for reasons best known to yourselves, reneged. That is very, very, very unfortunate and I appeal to the senators involved to stick by the arrangements they made, which would provide a better regime that is fair to consumers and fair to the small businesses involved.