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Thursday, 14 February 2019
Page: 10219


Senator RUSTON (South AustraliaAssistant Minister for International Development and the Pacific) (12:00): I seek leave to make a short statement.

The PRESIDENT: Leave is granted for one minute.

Senator RUSTON: It was this government that called the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. It was this government which responded within four days of receiving the final report and committed to taking action on all 76 recommendations. In a number of important areas we're going further. We have committed to expanding the remit of the Australian Financial Complaints Authority for a period of 12 months to accept applications for disputes dating back to 1 January 2008, the period covered by the royal commission, for disputes that fall within AFCA's threshold. The government will also establish a compensation scheme of last resort to ensure that consumers have their cases heard and can be confident that where compensation is owed it will be paid. This will be a scheme paid for by industry, reflecting their obligation to right their wrongs. In addition, we are strengthening oversight and transparency of financial entities' remediation activities by enhancing AFCA's role in the establishment and public reporting of firm remediation activities. Rather than calling for another inquiry to distract from the fact that the Labor Party is yet to provide— (Time expired)

Question agreed to.