Senator SINODINOS (New South Wales—Assistant Treasurer) (15:06): The previous government's FoFA reforms involved regulatory over-reach. Our reforms will save industry an estimated $90 million— Opposition senators interjecting— The PRESIDENT: On my left: I realise it is Thursday afternoon and that some people are getting excited, but Senator Sinodinos is entitled to be heard in silence. Senator SINODINOS: Our reforms will save industry and therefore consumers an estimated $90 million in implementation costs and will reduce the annual compliance burden by— Opposition senators interjecting— The PRESIDENT: When there is silence on my left, we will proceed. Senator SINODINOS: There will be annual compliance savings of around $190 million a year. The reason for that is that we will be removing excessive requirements, like an opt-in requirement where you have to opt in every two years, when at any time— Opposition senators interjecting— The PRESIDENT: Senator Sinodinos, resume your seat. When there is silence on my left, we will proceed. It is disorderly, and it is not helping the conduct of question time. Senator SINODINOS: We will remove the annual fee disclosure requirements for pre 1 July 2013 clients because we were told the costs of going back to reconstruct that sort of material would make it potentially prohibitive; the cost would be too high. Furthermore, your government—the previous government— (Time expired) Senator Abetz: Mr President, it is with deep regret that I ask that further questions be placed on the Notice Paper.