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)—

* 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.