QUESTIONS WITHOUT NOTICE › Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry
Mr FRYDENBERG (Kooyong—The Treasurer) (14:02): This is what a response to the royal commission looks like—not a doorstop with a couple of suggestions. Ms O'Neil interjecting— The SPEAKER: The member for Hotham. Mr FRYDENBERG: The member for McMahon and the Leader of the Opposition, knowing that there were 76 recommendations, held a doorstop and announced part responses to how many? Five—a mere six per cent. And the member for Hotham proudly went out on ABC Radio and said that the Labor Party would provide a comprehensive response within a week. Ms O'Neil interjecting— The SPEAKER: The member for Hotham. Mr FRYDENBERG: It's now two weeks later, and we have yet to see a response. The SPEAKER: The Treasurer will pause. The member for Hotham is now warned. I just wanted the Treasurer to pause because she was interjecting so loudly, I wasn't confident she'd heard me already call her to order on two or three occasions. The Treasurer has the call. Mr FRYDENBERG: Out of the 76 recommendations, 40 of those will require legislation. As the Leader of the Opposition knows, there's consultation papers, there's drafting instructions and there's the exposure draft of the legislation, and then it needs to be introduced. And none other than the Law Council of Australia said that we must take the time to get this right. The Labor Party have taken two weeks to get it wrong. They've taken two weeks to get it wrong. In the meantime, we've passed legislation through the Senate implementing two of the Hayne recommendations around trustees in super and around inducing employers in super. We're also working with the Australian Financial Complaints Authority to ensure an expansion of their remit, and today I met with their CEO. The Minister for Agriculture and Water Resources is working on a national debt mediation scheme that will help rural communities. The Minister for Families and Social Services is working on a review of financial counselling. We have announced that Graeme Samuel will chair an APRA capability review. We're getting on with it where the Labor Party are missing in action.