Dean Smith (WA, Liberal Party, Shadow Assistant Minister for Competition, Charities and Treasury) Share this | Hansard source

H () (): In regard to Senator McKim's amendments on sheets 1596 and 1597, the opposition won't be supporting these amendments. Specifically, in regard to the amendments on 1596, as I said, the opposition will not be supporting the Greens amendments. The effect of these amendments is to increase red tape on Australian owned companies. By lowering the thresholds, these amendments will equalise the reporting obligations of foreign owned entities and Australian owned entities. The opposition supports reducing red tape and the regulatory burden on Australian companies to support a prosperous and productive economy. For these reasons, as I said, the opposition opposes those amendments.

In regard to the amendments on sheet 1597, again, the opposition will not be supporting the Greens amendments. The effect of these amendments is to increase the red tape and compliance burden in the economy. It further removes regulatory certainty for a limited class of companies and constrains the ability of ASIC to make instruments to implement its regulatory decisions. The opposition supports reducing red tape and the regulatory burden on Australian companies to support a prosperous and productive Australian economy. Again, for these reasons, the opposition will oppose the amendments on sheet 1597.