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Wednesday, 15 May 2013
Page: 3233


Mr BILLSON (Dunkley) (12:05): As I have already stated, the coalition will allow the government's amendments to pass through this parliament. However, as I said in my speech on the second reading on this bill, the government has once again been forced to bring in a raft of changes to its own legislation after it has been introduced. As I mentioned, the government's amendments follow the outcomes of the inquiry by the Parliamentary Joint Committee on Corporations and Financial Services into this bill, which found many serious issues that the government had not dealt properly with. I recognise and welcome that industry input and coalition scrutiny have enhanced this bill. It is good to see that the government does occasionally recognise its mistakes and adopts the measures and good ideas put forward by the coalition, such as the cap on fees.

As I have stated in relation to the product dashboard, the coalition puts this government on notice that they have to be balanced in their approach when designing the regulations and not to favour their mates who are in industry superannuation funds. The coalition reserves the right to pursue amendments to the legislation to fix this issue, should the government not get the balance right.

Question agreed to.