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Monday, 20 March 2017
Page: 1329

Senator WHISH-WILSON (Tasmania) (11:53): I want to quickly address this. As I alluded to in my second reading debate contribution, we have considered the pros and cons of a two-day or a five-day cooling off period. We understand that there are risks either way. It is fair to say the Greens have come down in this debate on the side of protecting investors, and that we feel that the five-day cooling off period would be preferable to two days. This is a risky financing platform, and five days is a reasonable period of time for people to consider their investment in what is essentially a high-risk investment. It is potentially a high return on investment, Chair, but it is also certainly a high risk, and we do not believe the extra three days, the loss of three days, would be that significant.

I would just make one point, and Senator Cormann may wish to answer this, although he may not: I do not necessarily understand how competitors might game the system with the cooling off period. I understand how the promoters of the system themselves may game the system by getting in bids to make this look like it is a sure thing and everyone should get some. I do feel that the extra period of cooling off is an added investor protection, and that would outweigh any potential risk over that three days of gaming the system. So the Greens will be supporting Labor's second amendment.

The TEMPORARY CHAIR: The question is that amendment (2) on sheet 8047 be agreed to.