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Wednesday, 31 August 2016
Page: 264

Senator XENOPHON (South Australia) (16:10): I seek leave to make a short statement and perhaps to move an amendment.

The PRESIDENT: Leave is granted for one minute.

Senator XENOPHON: I just want to pay tribute to the work Senator Williams has done in this area in terms of people who have been ripped off by financial institutions, by banks, and his fearless advocacy for them. I was aware that he was planning to move an amendment. I was not aware of the extent of the amendment until very recently. I strongly support him in terms of the issues he has raised about the failed managed investment schemes and illegalities in the financial planning industry. I have difficulties with respect to the other matters that seem to go much broader than what I thought they would. It is not a criticism of Senator Williams, but in the circumstances I think there are two courses that the chamber could take. Either we could adjourn this until tomorrow, or, alternatively, I could move an amendment to Senator Wong's motion to include reference to failed managed investment schemes and illegalities in the financial planning industry. I will perhaps get your guidance, Mr President, as to whether I can move that this matter be adjourned until tomorrow, and if the chamber's wish is not to do that then I can simply move an amendment to Senator Wong's motion in terms of managed investment schemes.

The PRESIDENT: Thank you, Senator Xenophon. You will need to seek leave to take that course of action. So, you are seeking leave to have this matter postponed until tomorrow.

Senator XENOPHON: Yes. I seek leave to move a motion that this matter be postponed until tomorrow.

The PRESIDENT: Leave is granted.

Senator XENOPHON: I move that general business notice of motion No. 12 be postponed until the next day of sitting.

Question agreed to.

The PRESIDENT: I will just reiterate again—and I encourage senators to read standing order 66(3) in relation to the taking of formal motions. In short, it says:

A formal motion shall be put and determined without amendment or debate.

I have just got clarification from the Clerk. Because we have actually discovered the motion, which has been postponed until tomorrow, can we take it that in that motion the matter be taken at formal business again for the next day of sitting? That way, we are definitely going to rediscover it and deal with it in the same appropriate manner. Thank you.