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FINANCIAL SECTOR (TRANSFERS OF BUSINESS) BILL 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 proposing a mechanism important details of which are yet to be prescribed by legislation;

(2) rejects the Government[quot ]s attempts to water down the requirement for the Treasurer to consent to transfers of businesses under the Bill;

(3) rejects the Government[quot ]s attempts to exclude the ACCC from any role in assessing transfer proposals;

(4) calls on the Government to confirm that the mechanism is in the best interests of authorised deposit-taking institution and life insurance company consumers; and

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

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, 73

Mr AbbottMr FaheyMr LindsayMr Scott
Mr AndersonMr FischerMr LloydMr Secker
Mr K. J. AndrewsMr Forrest*Mr McArthur*Mr Slipper
Mr AnthonyMrs GallusMr I. E. MacfarlaneMr Somlyay
Ms BaileyMs GambaroMr McGauranDr Southcott
Mr BairdMrs GashMrs MayMrs Stone
Mr BarresiMr GeorgiouMr MooreMr C. P. Thompson
Mr BartlettMr HaaseMrs MoylanMr A. P. Thomson
Mr BillsonMr HardgraveMr NairnMr Truss
Ms J. I. BishopMr HawkerMr NehlMr Tuckey
Mr BroughMr HockeyDr NelsonMr M. A. J. Vaile
Mr CadmanMrs HullMr NevilleMrs D. S. Vale
Mr CameronMr JullMr NugentMr Wakelin
Mr CausleyMr KatterMr ProsserDr Washer
Mr CharlesMrs D. M. KellyMr PyneDr Wooldridge
Mr CostelloJackie KellyMr RonaldsonMs Worth
Mr DownerDr KempMr Ruddock
Mrs DraperMr LawlerMr St Clair
Mrs ElsonMr LiebermanMr Schultz

NOES, 59

Mr AdamsMs GerickMr LeeMr Quick
Mr AlbaneseMr GibbonsMs LivermoreMr Ripoll
Mr BreretonMs GillardMr McClellandMs Roxon
Ms BurkeMr GriffinMs J. S. McFarlaneMr Rudd
Mr CoxMs HallMs MacklinMr Sawford*
Mr CreanMr HattonMr McLeayMr Sciacca
Mrs CrosioMs HoareMr MartinMr Sercombe*
Mr DanbyMr HollisMr MelhamMr Sidebottom
Mr EdwardsMr HorneMr MorrisMr Snowdon
Ms EllisMrs IrwinMr MurphyDr Theophanous
Dr EmersonMr JenkinsMs O[quot ]ByrneMr K. J. Thomson
Mr G. J. EvansMs KernotMr O[quot ]ConnorMr Wilkie
Mr L. D. T. FergusonMr KerrMr O[quot ]KeefeMr Wilton
Mr M. J. FergusonMr LathamMs PlibersekMr Zahra
Mr FitzgibbonDr LawrenceMr Price

* 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.


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.