John Madigan (Victoria, Democratic Labor Party) Share this | Hansard source

I have listened long and hard about this tonight and today, and I acknowledge the contributions of Senator Cameron, Senator Cormann, Senator Abetz, Senator Williams, Senator Canavan, Senator Muir and many others. Let me assure Senator Abetz, Senator Cormann and others that I am all for a level playing field—that rules that apply to one should apply to all without fear or favour, that the same disclosure and fees et cetera should apply to all so that you have a true level playing field. I am all for comparing apples with apples, in effect. Whether they be industry super funds or non-industry super funds, there are discrepancies there, and I note the contributions of people pointing out some of those discrepancies. They need to be addressed without fear or favour.

Earlier this afternoon, in response to Senator Day's frustration at losing his question today—I can appreciate how he feels—I and Senator Xenophon approached the ALP and asked them would they be prepared to give Senator Day a question next week. If not, both Senator Xenophon and I are prepared to give up either of our next questions to Senator Day to make up for that. But I would ask it of the ALP, as they did one other time in this place where question time was taken away and I lost my question and the ALP gave me my question. Mr President, I think that that would be the fair thing to do.

In light of all my remarks thus far, I am unable to ignore the thousands of Australians who have had their lives ruined by poor financial advice, and I would like to acknowledge the heartfelt work that I know that Senator Williams has put into this area. These regulations, I fear, have not been given proper scrutiny. These regulations are an abuse of process because they pre-empt the parliament. These regulations are not minor changes to the law. I believe they fundamentally change the operation of part 7 of the Corporations Act. The minister, I believe, has been caught out on these regulations by the Senate's own Regulations and Ordinances Committee. I do not say this to have a go at Senator Cormann personally, but, in the words of the committee, these regulations, in effect, suspend the law.