BILLS - Treasury Laws Amendment (2019 Measures No. 2) Bill 2019 - Second Reading

Mr STEPHEN JONES (Whitlam) (11:13): I move: That all words after "That" be omitted with a view to substituting the following words: "whilst not declining to give the bill a second reading, the House: (1) notes:    (a) that this Government has no plan to support the Australian economy; and    (b) that, in the absence of any Government plan for the economy, the IMF has today slashed Australia's growth rate forecast to just 1.7 per cent—the lowest level in a decade—and predicts unemployment to stay stubbornly high; and (2) calls on the Government to immediately undertake sensible economic action by:    (a) bringing forward infrastructure investments, particularly in regional areas;    (b) bringing forward part of its stage 2 income tax package to 2019-20 to provide relief for middle income earners, as this would have provided up to $1,350 a year to those earning above $90,000 three years earlier than currently planned;    (c) reviewing and responsibly increasing the rate of Newstart, as this would help to alleviate poverty, help people get into work, and would provide an effective and much needed boost to consumption;    (d) implementing a version of the Opposition's Australian Investment Guarantee to incentivise and boost business investment; and    (e) developing a comprehensive plan to boost wages, starting with restoring penalty rates for workers who are most likely to spend in the economy". Continue reading

Federation Chamber - GOVERNOR GENERAL'S SPEECH - Address-in-Reply

Mr STEPHEN JONES (Whitlam) (19:04): This is my first opportunity in parliament to thank the people of Whitlam, who have generously returned me to this parliament for a fourth term. It's a great honour. It's a tradition in the speech in reply to the Governor-General's address to say a few things about the campaign that was, to reflect upon the people who made a great contribution throughout the campaign, and to make some observations about the things that you'd like to do over the course of the next three years. I intend to follow that tradition. Continue reading

BILLS - Treasury Laws Amendment (2018 Measures No. 2) Bill 2019 - Consideration in Detail

Mr STEPHEN JONES (Whitlam) (18:26): by leave—I move opposition amendments (1) to (8), as circulated in my name, together: (1) Schedule 1, item 2, page 4 (lines 16 to 21), omit subsection 926B(3), substitute: FinTech sandbox exemption (3) A FinTech sandbox exemption may apply unconditionally or subject to specified conditions. (3A) A FinTech sandbox exemption does not apply in relation to a person and a financial service unless: (a) the person has lodged a notification in relation to the service with ASIC that complies with subsection (3B); and (b) the 30-day period starting on the day the notification was so lodged has ended without ASIC giving the provider written notice of a decision under subsection (3C) relating to the notification. (3B) For the purposes of paragraph (3A) (a), the person must lodge a notification with ASIC that includes the following: (a) a description of each financial service (including of any related kind of financial product) for which the person is proposing to use the exemption; (b) a justification of why exempting each of those financial services will result, or be likely to result, in a benefit to the public that will outweigh the detriment to the public that will result, or be likely to result, from exempting that service; (c) any other information required by regulations made for the purposes of this paragraph. (3C) ASIC may, after considering the notification referred to in paragraph (3A) (a), decide it is not satisfied of one or more of the following: (a) that the financial service:    (i) is new; or    (ii) is a new adaptation, or new improvement, of another financial service; (b) that exempting the financial service will result, or be likely to result, in a benefit to the public that will outweigh the detriment to the public that will result, or be likely to result, from exempting that service; (c) that any other condition prescribed by regulations made for the purposes of this paragraph is met. (2) Schedule 1, item 2, page 4 (line 22), omit "an exemption", substitute "a FinTech sandbox exemption". (3) Schedule 1, item 2, page 4 (line 26), omit "An exemption described in subsection (3)", substitute "A FinTech sandbox exemption". (4) Schedule 1, item 2, page 4 (after line 28), at the end of section 926B, add: (6) In this section: FinTech sandbox exemption means an exemption that: (a) is made for the for purposes of paragraph (1) (a); and (b) exempts a person or class of persons from subsection 911A(1) to enable testing of particular financial services. (5) Schedule 1, item 5, page 5 (lines 10 to 14), omit subsection 110(2), substitute: FinTech sandbox exemption (2) A FinTech sandbox exemption may apply unconditionally or subject to specified conditions. (2A) A FinTech sandbox exemption does not apply in relation to a person and a credit activity unless: (a) the person has lodged a notification in relation to the activity with ASIC that complies with subsection (2B); and (b) the 30-day period starting on the day the notification was so lodged has ended without ASIC giving the provider written notice of a decision under subsection (2C) relating to the notification. (2B) For the purposes of paragraph (2A) (a), the person must lodge a notification with ASIC that includes the following: (a) a description of each credit activity (including of any related kind of credit activity) for which the person is proposing to use the exemption; (b) a justification of why exempting each of those credit activities will result, or be likely to result, in a benefit to the public that will outweigh the detriment to the public that will result, or be likely to result, from exempting that activity; (c) any other information required by regulations made for the purposes of this paragraph. (2C) ASIC may, after considering the notification referred to in paragraph (2A) (a), decide it is not satisfied of one or more of the following: (a) that the credit activity:    (i) is new; or    (ii) is a new adaptation, or new improvement, of another credit activity; (b) that exempting the credit activity will result, or be likely to result, in a benefit to the public that will outweigh the detriment to the public that will result, or be likely to result, from exempting that activity; (c) that any other condition prescribed by regulations made for the purposes of this paragraph is met. (6) Schedule 1, item 5, page 5 (line 15), omit "an exemption", substitute "a FinTech sandbox exemption". (7) Schedule 1, item 5, page 5 (line 19), omit "An exemption described in subsection (2)", substitute "A FinTech sandbox exemption". (8) Schedule 1, item 5, page 5 (after line 21), at the end of section 110, add: (5) In this section: FinTech sandbox exemption means an exemption that: (a) is made for the for purposes of paragraph 1(a); and (b) exempts a person or class of persons from subsection 29(1) to enable testing of particular credit activities. Continue reading

Transcript - Sky News - Monday, 14 October 2019

E&OE TRANSCRIPTTELEVISION INTERVIEWSKY NEWS AM AGENDAMONDAY, 14 OCTOBER 2019SUBJECTS:  Banking inquiry announcement; mortgage brokers; interest rates. Continue reading

NOBODY REALLY TRUSTS THE LIBERALS ON BANKS

This morning Josh Frydenberg has caved to pressure from bank customers, the media and Labor by announcing a new inquiry into bank competition. Labor has been calling for the ACCC to play a bigger role in banking competition, so we welcome today’s announcement in principle but we will work through the detail. Continue reading