Chris Bowen (McMahon, Australian Labor Party, Shadow Treasurer) Share this | Link to this | Hansard source

My question is to the Prime Minister. I refer the Prime Minister to the case of Naomi Halpern, who accumulated $640,000 in debt, resulting from the Timbercorp collapse, and following the provision of poor and unconscionable financial advice. What does the Prime Minister to say to Ms Haltern and thousands like her, who have lost large amounts of money and in some cases their life savings, while the government waters down basic and important financial consumer protections?

Tony Abbott (Warringah, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

Madam Speaker, I say to the lady in question: first of all, we are not watering down protections and, second, these problems took place when the former government was in office.

Opposition Members:

Opposition members interjecting—

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

The member for McMahon has asked his question, now there will be silence to listen to the answer.

Tony Abbott (Warringah, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

These problems took place under the protections put in place by the former government—

Opposition members interjecting—

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

The Prime Minister will resume his seat. Shrieking does not assist in the chamber. When you have asked a serious question and you want a reply, kindly listen to it. The Prime Minister has the call.

Tony Abbott (Warringah, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

I fear that the shadow Treasurer is not wishing to protect the lady in question; he is just wishing to score cheap political points, Madam Speaker.

Opposition members interjecting—

Chris Bowen (McMahon, Australian Labor Party, Shadow Treasurer) Share this | Link to this | Hansard source

I rise on a point of order—

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

There is no point of order; the Prime Minister has the call. The member for McMahon will resume his seat. The Prime Minister is answering the question.

Chris Bowen (McMahon, Australian Labor Party, Shadow Treasurer) Share this | Link to this | Hansard source

Madam Speaker, I rise on a point of order—it is a serious one.

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

I will listen with great interest to the member for McMahon.

Chris Bowen (McMahon, Australian Labor Party, Shadow Treasurer) Share this | Link to this | Hansard source

Madam Speaker, the Prime Minister has impugned myself and members on this side of the House. The Leader of the Opposition and I—

Government members interjecting—

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

There is no point of order; resume your seat.

Mr Bowen interjecting—

Resume your seat!

Honourable members interjecting—

Resume your seat!

Mr Bowen interjecting—

The member for McMahon was asked on three occasions then to resume his seat. He can take himself out of the chamber under the provisions of standing order 94(a). The Prime Minister has the call.

Government members interjecting—

There will be silence on my right!

A government member interjecting—

Whoever is responsible for that interjection will desist.

Opposition members interjecting—

Tony Abbott (Warringah, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

Madam Speaker, none of us want to see vulnerable—

Opposition members: Withdraw!

Barnaby Joyce (New England, National Party, Minister for Agriculture) Share this | Link to this | Hansard source

I withdraw.

Honourable members interjecting—

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

He did not have the call, but he withdraws anyway. The Prime Minister has the call, and there will be silence—or there will be a few more to join the member for McMahon.

Tony Abbott (Warringah, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

Madam Speaker, none of us want to see vulnerable people ripped off by unscrupulous advisers. None of us want to see that. Every single member of this parliament wants to see a good and effective system of regulation in place; we all want to see an effective system of safeguards in place. It is a question of getting the balance right. And I say, of the changes that the government has put in place, that they do not withdraw the best interests tests, they do not introduce commissions, but they seek to ensure that people of modest incomes have access to the best professional advice—that is what they seek to do. And I am confident that the kinds of activities that the shadow minister referred to will be just as much prescribed by the system that we have put in as they were under the system put in by members opposite.