QUESTIONS WITHOUT NOTICE › Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry
Senator CORMANN (Western Australia—Minister for Finance and the Public Service, Vice-President of the Executive Council and Leader of the Government in the Senate) (14:14): Firstly, unlike the Labor Party, we are taking action on all 76 recommendations now. In fact, we have legislation in the Senate this week which, courtesy of the Greens, we haven't been able to deal with over the last two hours. We have legislation to increase penalties on white-collar crime, to increase the powers for APRA. Indeed, we have legislation, which we would like to see the Labor Party support, to abolish exit fees from superannuation accounts for those Australians saving for their retirement. But guess what? I would be interested to see how the Labor Party acts on that. Are you going to act in the interests of Australians saving for their retirement or are you going to act in the interests of those union-dominated industry funds? The PRESIDENT: Order! Senator Cormann. Senator Wong, on a point of order. Senator Wong: I know they want to talk about everything else but themselves, but the question was: why won't he recall parliament? The PRESIDENT: The question, Senator Wong, also did have an opening statement referring to the actions of the then Treasurer. I'll draw the minister's attention to that. He can be directly relevant to any part of the question. Senator Cormann. Senator CORMANN: The core response is: the government is still taking action. We're still waiting on the response from the Labor Party. We are taking action, including through legislation. I tell you why we're not going to recall the parliament. It's because— Senator Wong: A part-time government! Senator CORMANN: No. I'll tell you why. Because as the Law Council rightly pointed out— The PRESIDENT: Order! Senator Cormann. Time for the answer has expired.