QUESTIONS WITHOUT NOTICE › Corporations Amendment (Streamlining Future of Financial Advice) Regulation 2014
Senator CORMANN (Western Australia—Minister for Finance) (14:13): I thank Senator Faulkner for that question. What is true and what the government has said very clearly, right from the word go, is that the regulations that came into effect on 1 July, which were registered on 30 June and which were flagged in terms of the substance as well as the process in a comprehensive five-page statement on 20 June, would be tabled consistent with all of the requirements of the Legislative Instruments Act. Senator Faulkner would be very well aware that the Legislative Instruments Act 2003 provides for any regulation to be tabled in either house of parliament within six sitting days of those regulations being registered. The government has been transparent, all the way through, that that was our intention; and the reason for that is this is an area that is highly technical. This is an area in which vested commercial interests have spread a lot of misinformation. I was very conscious of the fact we had a number of new crossbench senators joining us here this week who had a lot on their plate—with the carbon tax, in particular—and I was very concerned to ensure that my friends on the crossbench had the opportunity to be properly briefed on what is— Opposition senators interjecting— The PRESIDENT: Order! On my left. Senator CORMANN: an important area of public policy, given that they have been on the receiving end of a lot of commercial vested interests' propaganda peddled by the Labor Party. I have been transparent all the way through. It has always been the intention to table the FoFA regulations consistent with the requirements of the Legislative Instruments Act and that is exactly— The PRESIDENT: Pause the clock. Senator Moore, on a point of order. Senator Moore: Mr President, I rise on a point of order: direct relevance to the question. The last part of the question was: is it true that the Treasury made a request to the Table Office, conveyed by the Office of Parliamentary Counsel, that the tabling be delayed? The minister has 20 seconds left and has not got to that part of the question. The PRESIDENT: On the point of order: you are right, the minister has not got to that part of the question. But he has been directly relevant, up to this point in time, to the entire question. The question was not isolated to one portion. Senator CORMANN: To be entirely candid and truthful, I am not aware of the specific mechanics. But what I do know is that, as minister, I take responsibility for the fact that the government has made a decision to table the FoFA regulations consistent with the requirements of the Legislative Instruments Act by Tuesday next week. (Time expired)