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

I certainly did not intend to verbal Senator Xenophon. I readily concede that the characterisation of our changes as improvements is my characterisation and that Senator Xenophon has consistently indicated to me that he was not supportive of those changes. But, be that as it may, from a process point of view, the Senate has voted on these changes—what we would say are improvements—twice now over the last 12 months. There is a reasonable expectation out in the marketplace across the financial services industry and across those saving for their retirement that this is the law of the land. Senator Xenophon then indicates to me, 'Well, after this is voted down we can then have a conversation how we can put together a better package.' The problem is that this puts the industry in a terrible position, because it makes them essentially noncompliant with the law as of whenever this passes.