Download Current Hansard 
View/Save XMLPrevious Fragment Next Fragment
-
Hansard
- Start of Business
-
BILLS
- Personally Controlled Electronic Health Records Bill 2011, Personally Controlled Electronic Health Records (Consequential Amendments) Bill 2012
- Tax Laws Amendment (2012 Measures No. 2) Bill 2012, Pay As You Go Withholding Non-compliance Tax Bill 2012
- Financial Framework Legislation Amendment Bill (No. 3) 2012
- COMMITTEES
- MOTIONS
- COMMITTEES
- REGISTER OF MEMBERS' INTERESTS
- COMMITTEES
-
BILLS
- Social Security Legislation Amendment (Fair Incentives to Work) Bill 2012
- Tax Laws Amendment (2012 Measures No. 4) Bill 2012
- Corporations Legislation Amendment (Financial Reporting Panel) Bill 2012
- Appropriation Bill (No. 5) 2011-2012, Appropriation Bill (No. 6) 2011-2012, Corporations Amendment (Future of Financial Advice) Bill 2012, Corporations Amendment (Further Future of Financial Advice Measures) Bill 2012, Skills Australia Amendment (Australian Workforce and Productivity Agency) Bill 2012, National Water Commission Amendment Bill 2012, Corporations Legislation Amendment (Audit Enhancement) Bill 2012, Corporations Amendment (Proxy Voting) Bill 2012, Telecommunications Interception and Other Legislation Amendment (State Bodies) Bill 2012
- COMMITTEES
- BUSINESS
- BILLS
- STATEMENTS BY MEMBERS
- STATEMENTS ON INDULGENCE
- DISTINGUISHED VISITORS
- STATEMENTS ON INDULGENCE
- BUSINESS
- QUESTIONS WITHOUT NOTICE
- DISTINGUISHED VISITORS
- QUESTIONS WITHOUT NOTICE
- DISTINGUISHED VISITORS
- QUESTIONS WITHOUT NOTICE
- DISTINGUISHED VISITORS
- QUESTIONS WITHOUT NOTICE
- MOTIONS
- QUESTIONS WITHOUT NOTICE
- PERSONAL EXPLANATIONS
- QUESTIONS TO THE SPEAKER
- PERSONAL EXPLANATIONS
- AUDITOR-GENERAL'S REPORTS
- DOCUMENTS
- BUSINESS
- COMMITTEES
- BILLS
- DOCUMENTS
- QUESTIONS TO THE SPEAKER
- MATTERS OF PUBLIC IMPORTANCE
- BILLS
- MOTIONS
- BILLS
- COMMITTEES
- ADJOURNMENT
- NOTICES
-
Federation Chamber
- Start of Business
-
CONSTITUENCY STATEMENTS
- Canning Electorate: Mandurah Aquatic Centre
- Franklin Electorate: Rail Infrastructure
- Parliamentary Friendship Group of Women in Science, Maths and Engineering
- Canberra Electorate: Sporting Legends and Business Awards
- Dawson Electorate: Mackay Harbour Beach Race Day
- Holt Electorate: Cranbourne Special Needs Interest Group
- Carbon Pricing
- Tibet
- Red Nose Day
- New South Wales: Workers Compensation
- BILLS
- BUSINESS
- DELEGATION REPORTS
-
ADJOURNMENT
- Husic, Ed, MP
- Carbon Pricing
- Ferguson, Mrs Mary Ellen Clare
- Carbon Pricing
- Ottawa Declaration on Tibet
- Carbon Pricing
- Amazon Kindle
- Imports, Employment
- International Mathematics and Science Olympiad
- Carbon Pricing
- NAIDOC Week
- Carbon Pricing
- Indonesia
- Carbon Pricing
- Carbon Pricing
- Carbon Pricing
- Technical and Further Education
- Carbon Pricing
- Fowler Electorate: Festival of the Chariots
-
QUESTIONS IN WRITING
-
School Education, Early Childhood and Youth, and Employment and Workplace Relations: Credit Card Breaches (Question Nos 919 and 930)
(Briggs, Jamie, MP, Garrett, Peter, MP) -
Health and Ageing: Credit Card Breaches (Question Nos 928 and 932)
(Briggs, Jamie, MP, Plibersek, Tanya, MP) -
Mackay GP Super Clinic (Question No. 963)
(Christensen, George, MP, Plibersek, Tanya, MP) -
Townsville GP Super Clinic (Question No. 1019)
(Jones, Ewen, MP, Plibersek, Tanya, MP)
-
School Education, Early Childhood and Youth, and Employment and Workplace Relations: Credit Card Breaches (Question Nos 919 and 930)
Page: 8452
Mr TONY SMITH (Casey) (10:02): It is my pleasure to speak on behalf of the opposition on the Corporations Legislation Amendment (Financial Reporting Panel) Bill 2012. The opposition will not be opposing this legislation, which was introduced last week by the Parliamentary Secretary to the Treasurer. I will briefly run through what the parliamentary secretary outlined in his second reading speech in the House. The Financial Reporting Panel was established some six years ago, in 2006, to resolve disputes between ASIC and companies over accounting standards and financial reporting. It was—I think the parliamentary secretary, those participating in this debate and all members would agree—something that industry had argued for, and its intentions were certainly good. It was intended to help avoid court action and speed up the process of resolving disputes.
Since the inception of the Financial Reporting Panel, only five cases have been referred to it, and none have been referred to it since August 2010. Given this, the government announced sometime ago its intention to close the panel. There was then a delay while some consultation could take place, via a discussion paper that was issued on the future of the panel in 2011. But the government, having considered the views of stakeholders and having considered the fact that so few matters had been referred—in fact no matters in recent months, getting on to almost two years—announced in February that it would close the panel.
The coalition did not express any opposition to the government's announcement in February this year. Certainly given the lack of referrals to the panel, it is hard to justify the ongoing costs in keeping it. On behalf of the opposition I indicate that we are not opposing this legislation. I note that my good friend, the member for Blair, from the other side, is speaking on this bill. It is our happy duty to keep the wheels turning on these matters of technicality to do with taxation—in this case, the Corporations Law.