Matthew Canavan (Queensland, Liberal National Party) Share this | Hansard source

There were various criminals over there who were caught red-handed raiding people's bank accounts. I will give them this: when they were caught in the act of raiding people's money, they owned up to it. Congratulations to the Labor Party—they have done that now. I am thankful that they have owned up to the fact that they conducted this raid and they will now be making efforts to compensate people by returning the law to where it was. Thankfully, they have finally seen the light in that regard, and we can count of their support and the support of other sensible political parties in this chamber to make sure we return the savings of hardworking Australians to their control.

We need to pass this bill very quickly because we want it to take effect before the end of this year so that any uncertainty can be removed. It is a great credit to the government that it has brought this bill forward. This bill also provides a number of protections to improve its implementation and application. We will be exempting children's accounts; if someone has put money into their child's account and that money is not touched for seven years, it will not disappear—