Nick McKim (Tasmania, Australian Greens) Share this | Hansard source

I would like to move an amendment to the government's amendment, which I understand has been circulated. I move:

At the end of the proposed amendment, omit "12 March 2021", substitute "7 May 2021".

It's important that colleagues realise that the Treasury Laws Amendment (2021 Measures No. 1) Bill 2021 was introduced into the House only yesterday. Among other things, it will reduce the obligation on a company to publicly report information that might affect a company's position, whether that be a good position or a bad position. On the face of it, the watering down of continuous disclosure requirements will increase the opportunity for insider trading. It's incumbent upon the Senate to properly examine what the government is proposing here and whom it will impact. There are millions of Australians who depend on the proper functioning of the stock market so that their superannuation accounts aren't eroded by people trading on inside information.

This amendment would change the reporting date from 12 March to 7 May. The Australian Greens, to be frank, would prefer an even longer inquiry time and believe that this bill warrants an extremely thorough examination by the committee, but we are putting forward 7 May as a sensible compromise here. I urge senators, and particularly One Nation senators, to give the Senate enough time to understand exactly what is being proposed, who it is going to affect and whether or not, in fact, the watering down of continuous disclosure requirements will increase the opportunity for insider trading.