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Tuesday, 19 February 2019
Page: 13902

Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry


Mr BOWEN (McMahon) (14:33): My question is to the Prime Minister. Earlier in question time the Prime Minister called Labor's proposed laws to clean up the banks 'reckless', just like he called the very idea of a royal commission reckless as he was voting against it 26 times. When will the Prime Minister learn his lesson, apologise to the Australian people for voting against the royal commission 26 times and schedule extra sitting weeks to work with Labor to finally clean up the banks?


Mr FRYDENBERG (KooyongThe Treasurer) (14:34): There's only one side of politics that's provided a comprehensive response to the royal commission, and it's this side of politics. It's the Liberal-National government.

The member for McMahon is all chirpy today, not only because he just got a question but also because he's come up with part responses to six per cent of the Hayne royal commission recommendations. Conspicuously absent is their position on mortgage brokers—the 26,000 people who are employed with the 17,000 mortgage brokers across the country that the Labor Party are going to leave for dead. These are the people who the Labor Party wants to ruin the business model of. These are people who are small-business people. These are sole traders. They are in every regional community and every city community across this country, and they know that the Liberal and National parties are standing with them. The member for McMahon has decided to leave the chamber. He's decided to leave the chamber because he doesn't like the answer. He doesn't like the answer, because the member for McMahon has been found wanting.

We on this side of the House have got on with responding to the Hayne royal commission. We've passed legislation through the Senate in relation to two of the specific recommendations. We're getting on with the national debt mediation scheme, we're getting on with the review of financial counselling, we're getting on with the direction to the Australian Financial Complaints Authority on setting up a compensation scheme of last resort, and we're getting on with taking action on all 76 recommendations. The Labor Party is being found wanting.