Jess Walsh (Victoria, Australian Labor Party) Share this | Hansard source

I thank Senator Dean Smith for his question to Senator Gallagher, to the minister, about our very important Financial Accountability Regime package. This, indeed, is a package of reforms that I am very proud to support, and it's a package of reforms the government remains committed to passing. And we make absolutely no apologies for being a government that is willing to consult with the sector about this package of reforms.

This is an incredibly important part of our financial architecture, and it's a part of our financial architecture that the previous government, the now opposition, completely walked away from. This package of reforms includes reforms to accountability for banks and financial services providers. It includes strong penalties. It includes a compensation scheme of last resort for victims of financial companies who refuse or can't pay determinations for compensation for victims of wrongdoing. Critically, it includes reforms to payday lending laws and consumer lease laws to get rid of predatory lending in our country, which just heaps debt onto vulnerable people. Again, we remain committed to passing this legislation.

When it comes to financial architecture in this country that protects consumers, it is quite extraordinary that the opposition would come in here and try to claim any moral high ground whatsoever when it comes to this issue. This is an opposition that voted, I think it was 26 times, against the Hayne royal commission into the banking sector. These reforms that we are continuing to consult on actually come out of that royal commission. They also come out of the small amount credit contracts review, which highlighted the absolutely tragic consequences of predatory lending. But, of course, those opposite chose not to pass this package of reforms. They chose not to try to protect consumers. They chose not to fully implement the Hayne Royal Commission recommendations or the SAC recommendations. Instead, they've come in here and attempted to heap criticism on us for introducing this incredibly important legislation and for consulting widely on it.

What we are doing is getting on with reforms that protect consumers in this country. What we are doing is getting on with implementing the Hayne Royal Commission recommendations in full. What we are doing is getting on with being a government that is restoring integrity to our political system and to our government.

I do want to note the comments of Senator Dean Smith in his take-note speech. He directly called into doubt the integrity of the minister with his words. That was a completely unwarranted attack. I think it was an attack that was, quite frankly, beneath the standards of Senator Smith, who I work with on the Senate economics committee. I've generally found him to be a very collegiate and reasonable person as we do our work, work like considering this particular package of reforms. So I do have to say that I'm incredibly disappointed with the approach of Senator Smith in this chamber today. There is absolutely nothing wrong with introducing a package of reforms that go to the heart of protecting consumers in our country from financial wrongdoing, and there is absolutely nothing wrong with consulting widely on those reforms and taking feedback as feedback arises. There is nothing wrong with talking to the crossbenchers about the reforms and making sure that they're fit for a purpose and they do the job. Minister Jones is getting on with doing the job, delivering the financial architecture that our country needs, and he will continue to do that work.