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Thursday, 12 May 2011
Page: 3816

Mr TONY SMITH (Casey) (11:28): I will just speak very briefly. We reject for the second time the opposition of the parliamentary secretary to these sensible amendments. I will not restate all of the obvious reasons why we believe—

Mr Bradbury interjecting—

Mr TONY SMITH: Excuse me, Madam Deputy Speaker. You are in the chair. I listened—

Mr Bradbury: You were interjecting when I—

Mr TONY SMITH: I did not interject. It is a case of mistaken identity, I say to the parliamentary secretary.

The DEPUTY SPEAKER ( Ms S Bird ): The member for Casey will hold up for a moment. I will indicate that I am indeed in the chair and people will not interject while someone has the call.

Mr TONY SMITH: The member for McEwen would defend me! These amendments were outlined by the shadow Treasurer on 24 March. We believe they are sensible amendments. The issue the parliamentary secretary will not address is that under the existing legislation a small number of shareholders could potentially dictate the envisaged result.

Mr Bradbury interjecting—

Mr TONY SMITH: The parliamentary secretary, having spoken for 13 minutes, obviously still has not got to his critical point. We will give him another opportunity if he wants it. These amendments are well framed and they are the result of consultation. We have already outlined that we support the bill with all its seven schedules, but we think there is a flaw with respect to the 25 per cent trigger test. As it stands, a small number of shareholders could dictate the terms and the result. These amendments, we believe, rectify that. It will be the case, if these amendments are passed, that 25 per cent of all available votes will be required. We believe that is an appropriate threshold. I commend the amendments to the House.