Rex Patrick (SA, Independent) Share this | Hansard source

I rise to make a brief contribution to this debate and indicate that I will be supporting the disallowance that has been moved. Just to summarise what Senator O'Neill talked about: there was an inquiry established and, part way through the inquiry being established, a regulation was then tabled by the Treasurer. It caught ASIC completely by surprise. And, indeed, there aren't many people on the other side of the chamber itching to stand up and defend this particular regulation.

It is a regulation that I believe will reduce access to justice for small people. That is my deep concern in relation to this regulation. I do understand that Senator Hanson is actually trying to work constructively with the government to find perhaps a more sophisticated arrangement that seeks to balance out protections. I note that, in some sense, this regulation may have come as a result of some senior lawyers actually doing the wrong thing. But I point out that in that situation, in that particular case, the court actually dealt with those people in a very, very firm way. So we can have the status quo whilst a bill is developed with Senator Hanson, and I'd be very open to supporting such a bill.

But I'd just point out that we have heard one of the difficulties with not disallowing something and then waiting for the government to do something. We've mentioned whistleblowers. Whistleblower legislation is the example foremost in my mind. ICAC is another one. There is a stream of different pieces of legislation promised by the government. I thank Senator Hanson; I note she has come into the chamber. Often she does sit and listen to what everyone's got to say and considers what is being said. I'd just say that it would be much better to disallow this and have the Treasurer wanting Senator Hanson's support rather than letting this through and then having Senator Hanson needing the Treasurer to make a decision. She will be in a much stronger position negotiating the legislation that she's seeking if this instrument is disallowed.