Penny Wong (SA, Australian Labor Party, Minister for Foreign Affairs) Share this | Hansard source

The information I have is that the impact analysis estimates upfront costs of $28,000 a year and an annual ongoing burden of $33,000 for new regulated small business with turnover of up to $2 million. The cost of introduction of reforms is—your point—over 10 years, $13.9 billion. The cost of money laundering to Australia is estimated at over $60 billion a year. I am very surprised that the one of the people in this chamber who talks so much about being tough on crime is actually coming into here and saying that we shouldn't act on money laundering. Tough on workers but not tough on criminals who use money laundering—that's Senator Cash.