Senate debates

Thursday, 10 July 2014

Questions without Notice

Corporations Amendment (Streamlining Future of Financial Advice) Regulation 2014

2:13 pm

Photo of Mathias CormannMathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

I thank Senator Faulkner for that question. What is true and what the government has said very clearly, right from the word go, is that the regulations that came into effect on 1 July, which were registered on 30 June and which were flagged in terms of the substance as well as the process in a comprehensive five-page statement on 20 June, would be tabled consistent with all of the requirements of the Legislative Instruments Act.

Senator Faulkner would be very well aware that the Legislative Instruments Act 2003 provides for any regulation to be tabled in either house of parliament within six sitting days of those regulations being registered. The government has been transparent, all the way through, that that was our intention; and the reason for that is this is an area that is highly technical. This is an area in which vested commercial interests have spread a lot of misinformation. I was very conscious of the fact we had a number of new crossbench senators joining us here this week who had a lot on their plate—with the carbon tax, in particular—and I was very concerned to ensure that my friends on the crossbench had the opportunity to be properly briefed on what is—

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