John Watson (Tasmania, Liberal Party) Share this | Link to this | Hansard source

by leave—Before withdrawing a disallowance notice, I would like to make a short statement on that matter. In making my decision to withdraw this notice of motion in relation to the class order, I take this opportunity to thank the Minister for Superannuation and Corporate Law, Senator Sherry, for ordering a joint Treasury and ASIC consultation paper that provides a new framework for cross-border financial recognition. This detailed document is a positive step in addressing other aspects of the regulation that were of concern to me. Knowing that a great number of people have an interest in this, I seek leave to table that document.

Leave granted.

This consultation paper has identified some scope for improvement in the administration of the existing regime, including a new framework for mutual recognition. As a result of putting this notice down—which really started some time ago—we have made considerable progress. However, I do have strong views that dealings of this nature between national governments should be legislated rather than regulated, in that the parliament should be the prime originator of such arrangements as in double tax treaties, not the bureaucracy. Such significant outcomes should not be finalised during caretaker periods. Pursuant to notice given yesterday, I now withdraw business of the Senate notice of motion No. 1 standing in my name for today.