Sam Dastyari (NSW, Australian Labor Party) Share this | Hansard source

This is a matter of urgency that needs to be dealt with by the Australian Senate. Today we have heard victims and we have heard from different groups. We have in the building today the Council on the Ageing, National Seniors, Choice and different victims' groups. I am urging senators to use the opportunity that is available to them today as part of this debate as it unfolds to make sure they meet with and speak to some of these groups, and that they come to the same understanding that a lot of us in this chamber have about just how important this is.

I also believe that it is a matter of urgency that needs to be dealt with today. This simple argument that it is going to create some kind of chaos and some kind of a problem within the sector if it is implemented, or if the regulations get rejected today, is completely and utterly false. I quote no-one other than the former assistant minister who was responsible for this portfolio, Senator Sinodinos—my good friend from New South Wales, who we hope will be back as a minister soon—who said:

And so what I think ASIC have done is what they have done before: try to provide some certainty to people about the impact of this changing legislative terrain around them and I think in that sense it is reasonable to do.

What was he referring to? He was referring to what ASIC is able to do, which is called a 'facilitative approach'. He was referring to a press statement on Friday 20 December which demonstrated unequivocally that ASIC has the power—either if asked to do so by the government, or of their own accord—to create a facilitative approach to make sure that when regulations get changed, when new laws are proposed and when there is a parliamentary debate that there is a level of certainty out there within the sector and within business.

I just want to reject this argument against urgency that some have raised, that somehow this is going to create chaos in this sector and that is why we cannot deal with it today. That is thoroughly untrue. ASIC is unequivocally clear on this; the former minister is unequivocally clear on this. Let me be clear: the minister has the opportunity to write to ASIC today to get them to produce what is called a 'facilitative approach' and allow them to have an implementation grace period. It has been done by the previous government and it has been done by this government in the past. It will allow a proper approach and implementation.

This is a matter of urgency. This is a matter that needs to be dealt with today. While we are sitting here speaking there are thousands of families and people who are the victims of financial crime and who for too long have had their voices silenced; for too long they have not been able to be heard on these issues. Frankly, I hope we will have an opportunity—and this is the reason I believe this is urgent—to get to the substantive debate at some point today and tell some of the stories from some of the victims. These are some of the people who have been ripped off, who have been conned and who have been cheated, and who rely on those of us in a place like this who have the opportunity that we have available to us to make sure that we provide them with some level of protection and some level of standard of care. Frankly, these regulations go too far and it is an urgent matter for the Senate to deal with these matters today.

I urge the senators and the Senate to take this matter seriously. I urge the Senate to realise that there are so many victims, there are so many stories and there are so many families out there. I urge the Senate to realise that, yes, while we can all play games and try to spend as much time as we want just talking about procedure there is an important substantive issue here that should be dealt with and which has a right to be dealt with. I accept that there are people in this chamber who will have a different view to mine on the substantive points. I respect the fact that good people can come to a different point of view. But I believe this matter should be dealt with as a matter of urgency today so that we can have this debate and so that people can actually stand up and speak about their different views. That is why I will support this urgency motion today. I will support this suspension of standing orders to allow us to be able to have this debate so that we can hear the many different voices and the many different views on what I believe it is a very important issue. (Time expired)