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Wednesday, 28 November 2018
Page: 11922


Ms O'NEIL (Hotham) (19:25): by leave—I move Labor amendments (1) to (19) on sheet 2, as circulated in my name, together:

(1) Schedule 1, item 140, page 63 (table item dealing with subsection 184(1), column headed "Penalty"), omit "10", substitute "15".

[increasing term of imprisonment to 15 years]

(2) Schedule 1, item 140, page 63 (table item dealing with subsection 184(2), column headed "Penalty"), omit "10", substitute "15".

[increasing term of imprisonment to 15 years]

(3) Schedule 1, item 140, page 63 (table item dealing with subsection 184(3), column headed "Penalty"), omit "10", substitute "15".

[increasing term of imprisonment to 15 years]

(4) Schedule 1, item 140, page 68 (table item dealing with subsection 344(2), column headed "Penalty"), omit "10", substitute "15".

[increasing term of imprisonment to 15 years]

(5) Schedule 1, item 140, page 70 (table item dealing with subsection 601FD(4), column headed "Penalty"), omit "10", substitute "15".

[increasing term of imprisonment to 15 years]

(6) Schedule 1, item 140, page 70 (table item dealing with subsection 601FE(4), column headed "Penalty"), omit "10", substitute "15".

[increasing term of imprisonment to 15 years]

(7) Schedule 1, item 140, page 72 (table item dealing with subsection 601UAA(1), column headed "Penalty"), omit "10", substitute "15".

[increasing term of imprisonment to 15 years]

(8) Schedule 1, item 140, page 72 (table item dealing with subsection 601UAB(1), column headed "Penalty"), omit "10", substitute "15".

[increasing term of imprisonment to 15 years]

(9) Schedule 1, item 140, page 74 (table item dealing with subsection 727(1), column headed "Penalty"), omit "10", substitute "15".

[increasing term of imprisonment to 15 years]

(10) Schedule 1, item 140, page 74 (table item dealing with subsection 728(3), column headed "Penalty"), omit "10", substitute "15".

[increasing term of imprisonment to 15 years]

(11) Schedule 1, item 140, page 80 (table item dealing with subsection 952D(1), column headed "Penalty"), omit "10", substitute "15".

[increasing term of imprisonment to 15 years]

(12) Schedule 1, item 140, page 80 (table item dealing with subsection 952D(2), column headed "Penalty"), omit "10", substitute "15".

[increasing term of imprisonment to 15 years]

(13) Schedule 1, item 140, page 80 (table item dealing with subsection 952F(2), column headed "Penalty"), omit "10", substitute "15".

[increasing term of imprisonment to 15 years]

(14) Schedule 1, item 140, page 80 (table item dealing with subsection 952F(3), column headed "Penalty"), omit "10", substitute "15".

[increasing term of imprisonment to 15 years]

(15) Schedule 1, item 140, page 80 (table item dealing with subsection 952F(4), column headed "Penalty"), omit "10", substitute "15".

[increasing term of imprisonment to 15 years]

(16) Schedule 1, item 140, page 80 (table item dealing with subsection 952L(1), column headed "Penalty"), omit "10", substitute "15".

[increasing term of imprisonment to 15 years]

(17) Schedule 1, item 140, page 82 (table item dealing with subsection 993B(3), column headed "Penalty"), omit "10", substitute "15".

[increasing term of imprisonment to 15 years]

(18) Schedule 1, item 140, page 83 (table item dealing with subsection 1021D(1), column headed "Penalty"), omit "10", substitute "15".

[increasing term of imprisonment to 15 years]

(19) Schedule 1, item 140, page 83 (table item dealing with subsection 1021D(2), column headed "Penalty"), omit "10", substitute "15".

[increasing term of imprisonment to 15 years]

Very briefly, so members understand the effect of the amendments Labor is proposing: the government's bill, the Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Bill 2018, takes about a dozen offences that exist in the law today, that are the most serious offences, and applies a sentence to them of an increase of five to 10 years. The amendments that Labor are moving would increase the maximum sentence to 15 years. The offences we're talking about here are very serious and significant offences. They involve fraud, they involve abuse of position and they involve failure to comply with the most serious obligations that we put on people in positions of trust.

There is a very good and very simple reason why it's appropriate to increase penalties above and beyond what was advised in the ASIC Enforcement Review. The ASIC Enforcement Review occurred in 2017. It was before the banking royal commission. I don't think there's a person in this chamber who has not been disgusted and shocked by the things that have come out of that royal commission. It is abundantly obvious that the way that criminal law is framed at the moment at the federal level is not preventing people from engaging in what are breathtaking breaches of the law.

We need to make a statement as a parliament, and I think we should be speaking with one voice about how seriously we regard these offences. There's a real question here about what government members are going to do. Are they going to do what they did 26 times, when they came into the chamber and voted against a royal commission and, instead, sided with the big banks, or are they going to side with the Australian people this time?