Katy Gallagher (ACT, Australian Labor Party) Share this | Hansard source

Labor will not be supporting this amendment. We note that Treasury has considered issues relating to foreign banks when designing the measure that is before us in the bill. Labor believes the government should release this work to explain why large foreign banks should be excluded, and we agree with the recommendation of the Economics Legislation Committee that Treasury provide greater explanation of the rationale for the method of liability calculation, which presently excludes foreign banks. Such information is important to consider the significant policies such as this, but in the absence of this information we emphasise that the importance of this legislation before the Senate is for budget repair, and we cannot let the government off the hook for its poor management of the budget. We will not delay the passage through the Senate of this legislation, which has a start date of 1 July.