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

I rise to make a brief contribution on the Financial Sector Reform (Hayne Royal Commission Response—Better Advice) Bill 2021. I indicate to the chamber that I won't be moving my second reading amendment. The purpose of the second reading amendment was to refer the bill back to committee because the regulations had not been tabled. They have now been made available. I just want to say thank you to the Senate for standing up. The Senate indicated, through the whips system—or at least through the system that we all know takes place in the back rooms of this building to indicate whether or not there is support for an amendment such as the one that I was planning to move—that I had the numbers. The government knew that and then dropped the bill from the list, went away and produced the regulations. My office has now had some further consultation with the industry and with Senator Hume's office. There's been a little bit of argy-bargy, and there are some things I would like to have changed further. I accept I don't have the numbers on those, so, ultimately, I will support the bill. It's not perfect, but I won't let that be the enemy of the good.

In general, I would like to say thank you to the Senate. When I made my dissenting report to the committee, it was based on the principle that the first provision in our Constitution is that it is the responsibility of the parliament to make the laws. Whilst regulations have a place, it is not proper for someone to walk into this chamber and thump down half a law, to provide only half the picture, because often the devil is in the detail of the regulations. By indicating support for my second reading amendment, the Senate has forced the government to do the right thing. That is a good thing. I might just encourage senators: that probably sends a signal to the government for all future bills that the Senate is at least willing to delay things until such time as the regulations are tabled with the bill.

My advisers have now been forewarned that if the regulations aren't tabled with a bill I will automatically move a similar second reading amendment, and the minister will have to take a pot shot as to whether or not the bill will progress through the chamber. That's a really, really good thing. I would ask that senators consider this in relation to things like referrals to the Privileges Committee, the insistence upon compliance with orders of the Senate and the proper answering of questions by officials before the Senate.

We're in the unique situation of having the Australian public as our boss. We're at the very, very top of the chain. Unlike other bodies, where there's someone looking over and saying, 'No, you've got to do things in a particular way,' it's up to us. If we stand firm on things, then we will get much, much better process occurring. If we stand firm on things, we'll get much better answers. So I'm hopeful that, when the Privileges Committee considers some of the matters that are before it, it will recognise that when the Senate stands together we can actually change the way in which others treat us in this building, and if we don't stand together, if we don't stand up, make a point and take a stand, then we leave ourselves at the mercy of poor process and poor answers, and that doesn't help us with our oversight.

Thank you, Minister, for tabling the regulations. I will be supporting the bill.