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FINANCIAL SECTOR REFORM (AMENDMENTS AND TRANSITIONAL PROVISIONS) BILL (NO. 1) 1999

The order of the day having been read for the resumption of the debate on the question—That the Bill be now read a second time—

Debate resumed by Mr Crean (Deputy Leader of the Opposition) who moved, as an amendment—That all words after "That" be omitted with a view to substituting the following words: "the House, while supportive of continuing reform of the financial sector:

(1) condemns the Government for seeking to push this complex bill through the House so rapidly given that it has taken the Government two years to introduce it in response to the recommendations of the Wallis Inquiry into the Financial Sector;

(2) rejects the Government[quot ]s attempts to water down the requirement for the Treasurer to consent to institutional changes within the financial sector;

(3) calls on the Government to confirm that it will not use the provisions of this bill to relax its [quot ]four pillars[quot ] policy; and

(4) condemns the failure of the Government[quot ]s attempted reliance on [quot ]red-hot[quot ] competition and of the Wallis reforms to date to prevent exorbitant rises in bank fees and charges".

Debate continued.


Question—That the words proposed to be omitted stand part of the question—put.

The House divided (the Deputy Speaker, Mr Mossfield, in the Chair)—

AYES, 70

Mr AbbottMrs ElsonMr LiebermanMr St Clair
Mr AndersonMr FaheyMr LindsayMr Schultz
Mr K. J. AndrewsMr Forrest*Mr LloydMr Secker
Mr AnthonyMrs GallusMr McArthur*Mr Slipper
Ms BaileyMs GambaroMr I. E. MacfarlaneMr Somlyay
Mr BairdMrs GashMr McGauranDr Southcott
Mr BarresiMr GeorgiouMrs MayMrs Stone
Mr BartlettMr HaaseMr MooreMr C. P. Thompson
Mr BillsonMr HardgraveMrs MoylanMr A. P. Thomson
Ms J. I. BishopMr HawkerMr NairnMr Truss
Mr BroughMr HockeyMr NehlMr M. A. J. Vaile
Mr CadmanMrs HullDr NelsonMrs D. S. Vale
Mr CameronMr JullMr NevilleMr Wakelin
Mr CausleyMr KatterMr NugentDr Washer
Mr CharlesMrs D. M. KellyMr ProsserDr Wooldridge
Mr CostelloJackie KellyMr PyneMs Worth
Mr DownerDr KempMr Reith
Mrs DraperMr LawlerMr Ronaldson

NOES, 61

Mr AdamsMs GerickMs LivermoreMs Roxon
Mr AlbaneseMr GibbonsMr McClellandMr Rudd
Mr BevisMs GillardMs J. S. McFarlaneMr Sawford*
Mr BreretonMr GriffinMs MacklinMr Sciacca
Ms BurkeMs HallMr McLeayMr Sercombe*
Mr CreanMr HattonMr MartinMr Sidebottom
Mrs CrosioMs HoareMr MelhamMr Smith
Mr DanbyMr HollisMr MorrisMr Snowdon
Mr EdwardsMr HorneMr MurphyDr Theophanous
Ms EllisMrs IrwinMs O[quot ]ByrneMr K. J. Thomson
Dr EmersonMr JenkinsMr O[quot ]ConnorMr Wilkie
Mr G. J. EvansMs KernotMr O[quot ]KeefeMr Wilton
Mr M. J. EvansMr KerrMs PlibersekMr Zahra
Mr L. D. T. FergusonMr LathamMr Price
Mr M. J. FergusonDr LawrenceMr Quick
Mr FitzgibbonMr LeeMr Ripoll

* Tellers

Pairs

Mr Howard Mr Beazley

And so it was resolved in the affirmative.


Question—That the Bill be now read a second time—put and passed—Bill read a second time.

Message from the Governor-General

Message No. 46, 22 March 1999, from His Excellency the Governor[hyphen]General was announced recommending an appropriation for the purposes of the Bill.

Leave granted for third reading to be moved forthwith.

On the motion of Mr Hockey (Minister for Financial Services and Regulation), the Bill was read a third time.