Malcolm Roberts (Queensland, Pauline Hanson's One Nation Party) Share this | Link to this | Hansard source

I move:

That the Senate—

(a) notes that on 31 January 2020, the Treasurer issued a press release which made the following statement in respect of the Financial Services Royal Commission: "We are on track to meet the accelerated timetable outlined in our implementation roadmap which committed that, excluding the reviews to be conducted in 2022":

  (i) by the end of 2019, more than 20 commitments, around one third, will be implemented or with legislation before the Parliament,

  (ii) by mid-2020, more than 50 commitments, close to 90 per cent, will have been implemented or have legislation before the Parliament; and

  (iii) by the end of 2020, remaining Royal Commission recommendations requiring legislation will have been introduced",

(b) further notes that the Hayne Royal Commission Response – Protecting Consumers (2020 Measures) Bill 2020 was circulated in January for public comment, which closed on 29 February 2020, and

(c) calls on the Government to ensure that:

  (i) the Financial Sector Reform (Hayne Royal Commission Response – Protecting Consumers (2020 Measures) Bill 2020 is introduced in the Senate by 17 August 2020, and

  (ii) the bill includes measures to implement recommendation 1.15 of the Financial Services Royal Commission (enforceable code provisions).

Jonathon Duniam (Tasmania, Liberal Party, Assistant Minister for Forestry and Fisheries) Share this | Link to this | Hansard source

I seek leave to make a short statement.

Scott Ryan (President) Share this | Link to this | Hansard source

Leave is granted for one minute.

Jonathon Duniam (Tasmania, Liberal Party, Assistant Minister for Forestry and Fisheries) Share this | Link to this | Hansard source

On 8 May the government announced a six-month deferral to the implementation of commitments associated with the royal commission as a result of the significant impacts of the coronavirus. As stated by the Treasurer at the time, the deferral will enable the financial services industry to focus their efforts on planning for the recovery and supporting their customers and their staff during this unprecedented time. Importantly, since Commissioner Hayne's final report was released, the government has implemented 24 commitments and has substantially progressed a further 35 through consultation and the preparation of draft legislation.

Question agreed to.