Deborah O'Neill (NSW, Australian Labor Party, Shadow Assistant Minister for Innovation) Share this | Hansard source

Labor does not support this amendment today. The amendment will remove the changes in the bill that will require ASIC to consider the effects of the performance of its functions and exercise of its powers will have on competition in the financial system. Labor does not oppose requiring ASIC to take competition into account in exercising its powers. Labor is also on the record as saying that the time is right for a proper, considered and comprehensive examination of our institutional arrangements of the financial architecture. In recent years there has been a blurring of the lines of institutional capabilities with regard to our financial regulators and this is in fact a very serious issue, one that is worthy of proper and careful consideration. It is possible that the royal commission will make findings in relation to the financial regulatory architecture and, if so, these findings will be critical as an input into future consideration of the roles of mandates of our regulators. We should note that in the 2014-15 budget, this government reduced the resources at ASIC's disposal by $120.1 million over five years. We do know that the current leader of the Liberal Party for the moment, Mr Morrison, opposed the royal commission on 26 occasions. Despite the context—