Mr McCORMACK (Riverina—Minister for Small Business) (15:21): The last time the member for Perth and I debated a matter of public importance it was supposed to be about consumers that time too, except on that day, 7 February this year, the member's home state was in the middle of an election campaign. Naturally, it was then that the member for Perth spent his entire MPI contribution telling the House, the federal House of Representatives, how wonderful a WA Labor government would be. There was a lot of talk about Premier Colin Barnett, but there was very little talk about consumers—very little. It is interesting that the member for Perth has not brought up the WA state of affairs today, considering the funding cuts his WA Labor mates have brought to the Western Australian regional areas. It is interesting to see the WA Nationals investment in Royalties for Regions now in jeopardy. Those projects which have brought so much benefit to so many country communities across Western Australia—and they have; I have been there and seen them—did not get a mention today. It is interesting that the member for Perth, who talked a lot in February about Western Australia's unemployment, is not quite so effusive in his praise of the Premier of Western Australia today. The hypocrisy of the WA Labor government and its mates here in Canberra is truly breathtaking. So happy they are to lecture about funding for country WA projects, but then they cut them just weeks into government. And it is the same here in Canberra. While this government gets on with the job, all those opposite do is bluster, blow bag and lecture. At the core of everything that I do as the minister responsible for consumer affairs is make sure Australian consumers are protected. Whether that is an update to the mandatory standard for product safety or increasing penalties on those who take advantage of consumers, this government is taking real action to protect consumers. The member for Perth talked about press releases. He was not in the Gillard-Rudd years when it was 'government by press release'. I much prefer to use action rather than just mere words, Member for Perth. Much as those opposite do not like it, this government does not spend its time pacing the press gallery in search of a headline to get our name in the newspaper, nor do we issue press releases or shop out op-eds claiming that consumers are ripped off and say, 'We will give the ACCC powers'—powers that it already has. No, we are an action government. Mr Hammond interjecting— Mr McCORMACK: No, we do not do that, Member for Perth; we are indeed an action government. The DEPUTY SPEAKER: I remind members sitting here on the frontbench that the small business minister has the call. Mr McCORMACK: It is like a bunch of galahs on a telegraph line. Opposition members interjecting— Mr McCORMACK: Magpies, galahs—call it what you like. We are a government that gets things done. We will continue to get things done. We are a government which is very much up to the job. That is the contrast between this government and those opposite—indeed, it is. They come into this parliament, they move motions to say how deeply and heartfelt they feel for those who have been taken advantage of. But when this government puts some action on the table, something that will actually protect consumers, they crab walk away. On budget day the government announced it will introduce a major bank levy on our five major financial institutions with liabilities of at least $100 billion. As members of the community who benefit so substantially from the public, it is only fair that the banks do their bit to help pay for the hospitals, schools and pensions, giving back to the community where they have benefited so mightily. The levy recognises that the banks pose an element of risk to our economy, and it asks the big banks to help compensate the community for this risk. The levy will also raise revenue to help bring the budget back into balance and maintain our AAA rating. You will recall that we once had a budget surplus. That was in the years where Howard and Costello were organising the financial levers. Then, of course, we had those sorrowful years of Rudd-Gillard-Rudd, with the member for Lilley in control: years of economic mismanagement. Mr Champion: When are you going into surplus? Mr McCORMACK: 2020-21, Member for Wakefield. It was years of economic mismanagement under those opposite. It works in tandem with the reforms being implemented by the Australian Prudential Regulation Authority—this is the bank levy—and the government. APRA will have the power to remove and disqualify senior executives and directors from all APRA-regulated institutions, and there will be civil penalties of up to $200 million for larger authorised deposit-taking institutions and $50 million for smaller authorised deposit-taking institutions. As well, APRA will also be able to impose penalties on authorised deposit-taking institutions that do not appropriately monitor the suitability of their executives to hold senior positions. The levy provides a more level playing field for smaller and non-bank competitors. That is what you can expect from the coalition government. We are the government which has amended section 46 to prevent the misuse of market power to help level the playing field for small business. We are the government which enacted unfair contract protections for small business. The bank levy will increase competition between the big banks and smaller regional and foreign banks. My message to consumers is that if they do not like the actions of their bank— Mr Clare interjecting— The DEPUTY SPEAKER: The member for Blaxland is warned. Mr McCORMACK: then they should take their business down the street to their local customer-owned bank or credit union. There are many good ones. I know there are many fine ones in your electorate, Mr Deputy Speaker, as well as mine. This deliberate policy decision is designed so that the affected banks will absorb the levy, as they should, rather than pass it on to their customers. So whilst those opposite talk about how deeply they feel for consumers, they do not match the serious action we are taking to ensure they are protected. Our plan, unlike that of the Labor Party, does not punish savers or depositors, such as pensioners, as Labor's proposed deposit tax did. Those opposite wanted to tax every single account holder in the country, regardless of the company they banked with, and included pensioners and ordinary account holders. Instead, ours is a modest contribution from the big five banks and is just 6c in $100 of specified liabilities. It is only on the liabilities of those institutions with more than $100 billion. The levy will not apply to deposits protected by the Financial Claims Scheme or mortgages or additional tier 1 capital. It is a fair contribution from those banks, which Australians backed during the global financial crisis and which are posting profits of more than $30 billion a year after tax. This levy ensures that Australians are compensated for the banks' risk, there is increased competition in the bank sector and customers are treated equitably. We are enshrining fairness in Australia's financial sector. We are creating a one-stop shop, known as the Australian Financial Complaints Authority, where consumers and small businesses can go to resolve their disputes with banks and other financial institutions. There will be a new banking executive accountability scheme to make sure the pay of very senior executives at the banks reinforces their obligation to act in the interests of consumers. Getting things done—that is what this government is doing. In addition to this, the ACCC will have the powers and resources to undertake monitoring of residential mortgage pricing. It will require relevant banks to explain any changes, or indeed proposed changes, to fees, charges or interest rates. At the heart of everything this government does is the desire to get the job done for Australians and to take action, real and meaningful action, to protect consumers. We are taking action to make that a reality. Only this government will hold the banks to account, have them pay their fair share and level the playing field in Australia's banking sector. Only this government backs small business the way it wants to be backed. The member for Perth talked about a $2 million threshold. He called me sunshine. Well, we are allowing the sunshine to come in—we are making the threshold $10 million. If you are any good with your numbers, Member for Perth, $10 million is five times what your side of parliament proposed. So it is a $10 million turnover threshold, the tax rate is going down to 27½ per cent—the lowest it has been for many, many decades—and the instant asset write-off is being extended by 12 months. It is now available to far more businesses than ever would have been looked after by those opposite. If ever there was a government with the back of small business, it is this one. (Time expired)