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Treasury Laws Amendment (2023 Measures No. 3)

Current status

This bill became law on Sep 20th, 2023.

Policy area

Budget, tax & economy

What does this bill do?

Lenders and others can now be penalised if they set up workarounds to dodge an ASICThe corporate regulator that can ban or restrict harmful credit products and, under this bill, make rules for some clearing and settlement services. ban or restriction on harmful credit products and still cause similar consumer harm.

Why was it introduced?

Loopholes let lenders dodge ASICThe corporate regulator that can ban or restrict harmful credit products and, under this bill, make rules for some clearing and settlement services. product bans, rigid adviser qualification rules left experienced or equivalent advisers at risk, and clearing and settlement access disputes lacked a clear backstop. The billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers. closes those gaps by penalising avoidance schemes, easing or recognising some adviser qualifications, and giving ASICThe corporate regulator that can ban or restrict harmful credit products and, under this bill, make rules for some clearing and settlement services. and the ACCCThe competition regulator that can step in with binding arbitration when access disputes over clearing and settlement services cannot be resolved commercially. stronger rule-making and arbitration powers.

Broader context

After a 2016 review of small amount credit contract laws and the 2022 payday lending and consumer lease reforms, gaps still remained: lenders could design workarounds around ASICThe corporate regulator that can ban or restrict harmful credit products and, under this bill, make rules for some clearing and settlement services. product intervention orders, some experienced or equivalent financial advisersA person who gives financial advice under the professional standards rules changed by this bill. still risked being shut out by rigid qualification rules, and clearing and settlement access disputes lacked a firm arbitration backstop. The 2023 bill answered those practical problems by closing the avoidance loophole, easing or recognising some adviser qualifications and expanding ASICThe corporate regulator that can ban or restrict harmful credit products and, under this bill, make rules for some clearing and settlement services. and ACCCThe competition regulator that can step in with binding arbitration when access disputes over clearing and settlement services cannot be resolved commercially. powers, and it became law in September 2023.

Key criticism

The main criticism was that the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers. was too limited: it made useful technical fixes but did not go far enough on wider financial advice reform or bigger economic problems facing households. That view came mainly from Coalition speakers who still supported the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers., so the criticism was narrow and did not amount to opposition to the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers. itself.

Who supported it?

Stephen Jones MP introduced this bill. It passed on the voices.

Introduced in House 14 June 2023
Passed House 01 Aug 2023
Passed Senate 06 Sept 2023
Became law 20 Sept 2023

Did it become law?

Yes

Became law 20 Sept 2023

Final passage

Passed without a counted vote

Members called out ‘aye’ or ‘no’ — no individual votes were recorded.

Passage speed

98 days

From introduction to the latest recorded parliamentary step

Official record

View on APH

Parliament of Australia bill page

Meaning

What does this bill do?

  1. Lenders and others can now be penalised if they set up workarounds to dodge an ASICThe corporate regulator that can ban or restrict harmful credit products and, under this bill, make rules for some clearing and settlement services. ban or restriction on harmful credit products and still cause similar consumer harm.

  2. Some long-serving financial advisersA person who gives financial advice under the professional standards rules changed by this bill. with at least 10 years of experience and a clean disciplinary record no longer have to complete an approved qualificationThe recognised degree or course a financial adviser normally must hold to meet the education rules. by 1 January 2026.

  3. People who finished an approved Australian finance degree but miss technical course conditions can apply to the Minister to have an equivalent qualification accepted.

  4. Financial advisersA person who gives financial advice under the professional standards rules changed by this bill. who are already registered tax agents no longer need extra study to give tax-related financial advice to retail clients.

  5. ASICThe corporate regulator that can ban or restrict harmful credit products and, under this bill, make rules for some clearing and settlement services. can now make rules for clearing and settlement servicesThe back-end market plumbing that records, clears and finalises trades, especially for cash equities in this bill. and the Australian Competition and Consumer CommissionThe competition regulator that can step in with binding arbitration when access disputes over clearing and settlement services cannot be resolved commercially. can step in with binding arbitration when access disputes cannot be resolved commercially.

Show source excerpts
  1. This is intended to ensure that a person cannot respond to a product intervention order by engaging in activity that is not covered by the order but results in similar detriment to consumers. As with general integrity provisions, the intended effect of the product intervention order is a relevant consideration in the operation of these amendments.
    Treasury Laws Amendment (2023 Measures No. 3) explanatory memorandum
  2. Experienced financial advisers who have been authorised to provide personal advice to a retail client for a minimum of 10 years and have a clean disciplinary record, are not required to complete an approved qualification (no more than eight prescribed units) by 1 January 2026 to meet the qualifications standard.
    Treasury Laws Amendment (2023 Measures No. 3) explanatory memorandum
  3. New entrants with a domestic qualification may apply to the Minister for individual approval, where that person has completed an approved qualification, as determined by the Minister in the Approved Qualifications Determination, but not met all the conditions attached to that qualification.
    Treasury Laws Amendment (2023 Measures No. 3) explanatory memorandum
  4. Financial advisers who are also registered tax agents are not required to meet the additional education requirements to be a qualified tax relevant provider.
    Treasury Laws Amendment (2023 Measures No. 3) explanatory memorandum
  5. New rule-making powers in the Corporations Act will allow ASIC, with ministerial consent, to make rules to manage pricing, access, governance arrangements and interoperability. Amendments to the CCA will provide the ACCC with an arbitration power that will enable binding arbitration of disputes about the terms of access to CS services where those services are covered by a declaration made by the Minister. This is intended to make arbitration available where there is a monopoly or significant market power in the provision of the service that has been declared. It will also allow for arbitration in a competitive environment, should one emerge, where one CS facility is reliant upon access to another CS facility. Together, these powers will facilitate competitive outcomes in the provision of CS services both prior to and following the introduction of competition.
    Treasury Laws Amendment (2023 Measures No. 3) explanatory memorandum

Context

Broader context for this bill

After a 2016 review of small amount credit contract laws and the 2022 payday lending and consumer lease reforms, gaps still remained: lenders could design workarounds around ASICThe corporate regulator that can ban or restrict harmful credit products and, under this bill, make rules for some clearing and settlement services. product intervention orders, some experienced or equivalent financial advisersA person who gives financial advice under the professional standards rules changed by this bill. still risked being shut out by rigid qualification rules, and clearing and settlement access disputes lacked a firm arbitration backstop. The 2023 bill answered those practical problems by closing the avoidance loophole, easing or recognising some adviser qualifications and expanding ASICThe corporate regulator that can ban or restrict harmful credit products and, under this bill, make rules for some clearing and settlement services. and ACCCThe competition regulator that can step in with binding arbitration when access disputes over clearing and settlement services cannot be resolved commercially. powers, and it became law in September 2023.

  1. 2016

    Review recommends action on small-loan avoidance behaviour

    A 2016 review of small amount credit contract laws recommended measures to stop lenders structuring products to avoid consumer protections.

    Hansard ↗
  2. 2022

    Payday lending and consumer lease reforms take effect

    The Financial Sector Reform Act 2022 updated regulation in those markets but left the government pursuing a specific fix for schemes that could sidestep ASICThe corporate regulator that can ban or restrict harmful credit products and, under this bill, make rules for some clearing and settlement services. bans on harmful credit products.

    Hansard ↗
  3. 14 June 2023

    Government introduces a bill to close finance-sector gaps

    The billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers. was introduced to penalise avoidance schemes around ASICThe corporate regulator that can ban or restrict harmful credit products and, under this bill, make rules for some clearing and settlement services. product intervention orders, remove some adviser qualification barriers and strengthen competition tools for cash equity clearing and settlement servicesThe back-end market plumbing that records, clears and finalises trades, especially for cash equities in this bill..

    Hansard ↗
  4. 06 Sept 2023

    Parliament passes the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers.

    Both houses passed the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers. in the same form, clearing the way for the new penalties, adviser relief measures and market access powers to become law.

    Parliamentary timeline ↗
  5. 20 Sept 2023

    Royal AssentThe formal step that turns a passed bill into law. turns the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers. into law

    Royal AssentThe formal step that turns a passed bill into law. completed the process and enacted the package of credit, financial advice and clearing-and-settlement changes.

    Parliamentary timeline ↗

Legislative route

How did it move through Parliament?

House Senate
Introduced 14 June 2023

The billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers. was formally presented to the chamber and read a first time, which starts its parliamentary journey.

Introduced and read a first time

Second reading opened 14 June 2023

A minister or sponsoring member moved the second reading, opening the main debate on the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers.'s purpose and principles.

Second reading moved

Second reading debate 21 June 2023

The billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers. reached this recorded parliamentary step.

Second reading debate 31 July 2023

The billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers. reached this recorded parliamentary step.

Second reading debate 01 Aug 2023

The billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers. reached this recorded parliamentary step.

House second reading agreed 01 Aug 2023

The chamber agreed to the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers. at second reading, meaning it accepted the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers. in principle and allowed it to continue.

Second reading agreed to

House third reading agreed 01 Aug 2023

The chamber agreed to the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers. at third reading, which completed passage through that chamber.

Third reading agreed to

Introduced 02 Aug 2023

The billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers. was formally presented to the chamber and read a first time, which starts its parliamentary journey.

Introduced and read a first time

Second reading opened 02 Aug 2023

A minister or sponsoring member moved the second reading, opening the main debate on the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers.'s purpose and principles.

Second reading moved

Scrutiny of Bills review 09 Aug 2023

Considered by scrutiny committee (09/08/2023): Senate Standing Committee for the Scrutiny of Bills; Scrutiny Digest 10 of 2023

Considered by scrutiny committee

APH bill page notes
Second reading debate 06 Sept 2023

The billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers. reached this recorded parliamentary step.

Senate second reading agreed 06 Sept 2023

The chamber agreed to the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers. at second reading, meaning it accepted the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers. in principle and allowed it to continue.

Second reading agreed to

Senate third reading agreed 06 Sept 2023

The chamber agreed to the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers. at third reading, which completed passage through that chamber.

Third reading agreed to

Passed both houses 06 Sept 2023

Both houses passed the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers. in the same form, completing parliamentary passage.

Finally passed both Houses

Assent 20 Sept 2023

The Governor-General gave Royal AssentThe formal step that turns a passed bill into law., turning the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers. into an Act.

Key criticism

The main case against this bill

The main criticism was that the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers. was too limited: it made useful technical fixes but did not go far enough on wider financial advice reform or bigger economic problems facing households. That view came mainly from Coalition speakers who still supported the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers., so the criticism was narrow and did not amount to opposition to the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers. itself.

No party represented in the debate opposed the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers..

Too narrow and modest

Coalition speakers argued the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers. was only a modest package that fixed some technical issues but left larger reforms unfinished, especially the broader recommendations from the Quality of Advice ReviewA government review of financial advice rules that is mentioned because critics say the bill only picked up part of the broader reform agenda. and other wider economic concerns untouched.

Raised by Coalition MPs including Paul Fletcher, Bert van Manen, Andrew Wallace and Aaron Violi Source ↗

Further sources

parlinfo.aph.gov.au ↗

Votes

Recorded votes

How the bill itself passed

The bill passed both chambers on the voices, so there is no list of individual Aye and No votes for final passage.

Passed

House passed the bill

House agreed to the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers.'s third reading on the voices, so there is no list of individual Aye and No votes for final passage in that chamber.

01 Aug 2023

Passed on the voices

In a voice vote, members call out Aye or No and the presiding officer judges which side has it. Individual names are only recorded if a formal division is called.

Passed

Senate passed the bill

Senate agreed to the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers.'s third reading on the voices, so there is no list of individual Aye and No votes for final passage in that chamber.

06 Sept 2023

Passed on the voices

In a voice vote, members call out Aye or No and the presiding officer judges which side has it. Individual names are only recorded if a formal division is called.

Parliamentary debate

Who spoke, and what they said

Start here — lead voices

Sponsor speech Supports

Stephen Jones

Australian Labor Party • MP 14 June 2023

Stephen Jones supports the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers. and says it will strengthen consumer credit protections, remove unnecessary barriers for experienced financial advisersA person who gives financial advice under the professional standards rules changed by this bill., and improve clearing and settlement competition.

Read in Hansard ↗
Lead supporting voice Supports

Janet Rice

Australian Greens • Senator 06 Sept 2023

Rice says the Greens will not oppose the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers.’s housing-related changes, but argues they are only a small step and do little to fix the housing and rental crisis.

Read in Hansard ↗
Lead voice Supports

Andrew Charlton

Australian Labor Party • MP 21 June 2023

Charlton supports the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers. and says it is needed to make important changes in advice and Treasury settings.

Read in Hansard ↗
Lead voice Supports

Jerome Laxale

Australian Labor Party • MP 01 Aug 2023

Laxale supports the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers. and says it will clean up the law, close loopholes used by predatory lenders, improve competition in clearing and settlement, and make the First Home Super Saver schemeA scheme that lets people use superannuation savings to help build a first-home deposit under special rules. and financial advice rules work better.

Read in Hansard ↗

All speeches by bloc

Labor

15 speakers · 16 contributions · 15 support

  1. Andrew Charlton ★ Charlton supports the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers. and says it is needed to make important changes in advice and Treasury settings.
    “The Treasury Laws Amendment (2023 Measures No. 3) Bill 2023 is important. It's a bill that makes significant changes, including in the world of advice, I've been listening to the debate this morning. I listened to the contributions of the member for Bradfield and the member for Forde who gave some cautious support to elements of the bill, but they said the problem with this bill is that it doesn't address the great challenges of our time. They said it didn't address rising inflation. It doesn't address rising interest rates. It doesn't address the issues in superannuation. Well, it's fair to say that the member for Bradfield does not understand the purpose of this bill and probably doesn't understand treasury bills at all. This bill is not designed to end inflation. It is not designed to reform the Reserve Bank. It is not designed to deliver world peace. It is designed to make important changes that have been outlined by the previous speakers.”

    Australian Labor Party • MP • 21 June 2023

    Read the full speech in Hansard ↗
  2. Jerome Laxale ★ Laxale supports the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers. and says it will clean up the law, close loopholes used by predatory lenders, improve competition in clearing and settlement, and make the First Home Super Saver schemeA scheme that lets people use superannuation savings to help build a first-home deposit under special rules. and financial advice rules work better.
    “These laws, proposed today, will close loopholes that are currently exploited by predatory lenders, and I commend them to the House.”

    Australian Labor Party • MP • 01 Aug 2023

    Read the full speech in Hansard ↗
  3. Deborah O'Neill O'Neill supports the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers. and says it should pass because it strengthens competition and regulation in clearing and settlement servicesThe back-end market plumbing that records, clears and finalises trades, especially for cash equities in this bill., which she argues is important for Australians' superannuation and the efficiency of the financial system.
    “It needs to be properly functioning, and I commend TLAB3 to this chamber. It deserves support.”

    Australian Labor Party • Senator • 06 Sept 2023

    Read the full speech in Hansard ↗
  4. David Smith Smith supports the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers., saying it improves integrity and proper regulation in financial markets, protects consumers from predatory lending and makes access to financial advice and first-home savings rules work better.
    “This bill is about giving confidence to Australian consumers to ensure people are protected from predatory practices and can better access financial advice when they need it.”

    Australian Labor Party • MP • 01 Aug 2023

    Read the full speech in Hansard ↗
  5. Daniel Mulino Mulino supports the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers., saying it strengthens consumer protections, keeps financial advice accessible, and improves competition in market infrastructure.
    “It's a really important microreform, and I support this bill as a whole.”

    Australian Labor Party • MP • 01 Aug 2023

    Read the full speech in Hansard ↗
  6. Joanne Ryan Ryan supports the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers. and says it is needed to stop predatory payday lenders from dodging consumer protections while also improving financial advice settings.
    “What they deserve is legislation to stop the practice, and that's what this piece of legislation delivers today.”

    Australian Labor Party • MP • 01 Aug 2023

    Read the full speech in Hansard ↗
  7. Sam Rae Sam Rae supports the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers. and says it makes sensible reforms across consumer credit, financial advice, market competition and the First Home Super Saver SchemeA scheme that lets people use superannuation savings to help build a first-home deposit under special rules..
    “This bill is about implementing sensible reforms to the financial services sector, financial regulation and the implementation of government schemes. It's about ensuring that Australian consumers can enjoy a well-regulated, competitive and user-friendly financial marketplace.”

    Australian Labor Party • MP • 21 June 2023

    Read the full speech in Hansard ↗
  8. Susan Templeman Susan Templeman supports the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers., saying it fixes clunky parts of the First Home Super Saver SchemeA scheme that lets people use superannuation savings to help build a first-home deposit under special rules. and keeps experienced financial advisersA person who gives financial advice under the professional standards rules changed by this bill. in the industry.
    “Schedule 4 of the Treasury laws amendment bill that we're speaking to here provides greater flexibility for first home buyers using the scheme to amend or revoke their applications to correct errors and ensure their savings are released. These changes will increase the discretion of the Commissioner of Taxation to amend and revoke applications and will allow individuals to undo any errors that they have unintentionally made. This is the sort of thing that we do when we come to government—we look at how things are working and we take the time to address the issues that are making things less user-friendly than they need to be. So I'm very pleased to support schedule 4 of the bill.”

    Australian Labor Party • MP • 21 June 2023

    Read the full speech in Hansard ↗
  9. Tim Ayres Tim Ayres supports the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers. and says it is important reform across consumer credit, financial advice, market competition and the First Home Super Saver SchemeA scheme that lets people use superannuation savings to help build a first-home deposit under special rules..
    “Schedule 4 of the bill is about improving the flexibility of the First Home Super Saver Scheme. I listened carefully to the contributions of the two Greens party senators in relation to this matter. Schedule 4 of the bill makes a number of technical amendments that provide users with greater flexibility to correct mistakes made during the First Home Super Saver Scheme release process. Those amendments will increase the discretion of the Commissioner of Taxation to amend and revoke applications to have funds released under the FHSS scheme. This is dry material, indeed, but it's important reform. I commend it to the Senate.”

    Australian Labor Party • Senator • 06 Sept 2023

    Read the full speech in Hansard ↗
  10. Sharon Claydon Claydon supports the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers., saying it will tighten protections against predatory lending, remove barriers for experienced financial advisersA person who gives financial advice under the professional standards rules changed by this bill., improve competition in clearing and settlement servicesThe back-end market plumbing that records, clears and finalises trades, especially for cash equities in this bill., and help first home buyers.
    “This amendment will ensure that predatory lenders cannot respond to a product intervention order by engaging in avoidance activity that is not covered by the order in a similar kind of detriment to the consumer. We are closing a loophole that we know dodgy operators and lenders will totally exploit if left unattended to.”

    Australian Labor Party • MP • 21 June 2023

    Read the full speech in Hansard ↗
  11. Alicia Payne Alicia Payne supports the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers., saying it will strengthen the economy and improve consumer protections by cracking down on predatory credit practices, easing unnecessary barriers for experienced financial advisersA person who gives financial advice under the professional standards rules changed by this bill., and increasing competition in clearing and settlement servicesThe back-end market plumbing that records, clears and finalises trades, especially for cash equities in this bill..
    “I rise to speak in support of the Treasury Laws Amendment (2023 Measures No. 3) Bill 2023. This is a bill to strengthen our economy and help consumers by enhancing the integrity of consumer markets for credit products, removing obstacles to financial advisers and fostering competition in the provision of clearing and settlement services for cash equities.”

    Australian Labor Party • MP • 01 Aug 2023

    Read the full speech in Hansard ↗
  12. Stephen Jones ★ 2 contributions Stephen Jones supports the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers. and says it strengthens consumer protections, expands anti-avoidance rules for product intervention orders, and improves access to financial advice and market regulation.

    Hansard records 2 separate contributions by Stephen Jones, including an amendment-moving contribution. They are grouped here so the speaker is listed once.

    Moved amendment Australian Labor Party • MP • 14 June 2023

    Stephen Jones supports the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers. and says it will strengthen consumer credit protections, remove unnecessary barriers for experienced financial advisersA person who gives financial advice under the professional standards rules changed by this bill., and improve clearing and settlement competition. He presents it as practical reform that better protects consumers and makes the financial system work more effectively.

    “The Treasury Laws Amendment (2023 Measures No. 3) Bill 2023 will improve the integrity of consumer markets for credit products, remove barriers for financial advisers, and support competition in the provision of clearing and settlement services for cash equities.”
    Read this contribution in Hansard ↗

    Second reading speech Australian Labor Party • MP • 01 Aug 2023

    Stephen Jones supports the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers. and says it strengthens consumer protections, expands anti-avoidance rules for product intervention orders, and improves access to financial advice and market regulation. He presents it as part of the Albanese government’s wider pro-consumer reform agenda.

    “Schedule 1 of the bill introduces new rules that prohibit schemes designed to avoid the application of product intervention orders made under part 7.9A of the Corporations Act 2001 in relation to a credit facility. As many speakers have said, we know that a well-regulated consumer market for credit products is at the core of a strong economy that works for everyday Australians.”
    Read this contribution in Hansard ↗
  13. Anne Stanley Stanley supports the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers. and says it advances Labor’s consumer-protection agenda by tightening financial regulation, improving first-home super scheme flexibility, and making the financial services market fairer and more competitive.
    “The Albanese government has always recognised that its duty is to everyday Australians: to keep them safe, to give them access to information, to ensure that their industries are well maintained and regulated, and to give them the opportunities to improve their lives. I commend the bill to the House.”

    Australian Labor Party • MP • 01 Aug 2023

    Read the full speech in Hansard ↗
  14. Andrew Leigh Leigh supports the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers. because it closes loopholes that let predatory lenders sidestep existing consumer protections and keeps the credit market safe for vulnerable borrowers.
    “This bill aims to put in place anti-avoidance provisions which will ensure a safe, well-regulated credit market. The Albanese government is putting these provisions in place because we stand firmly on the side of consumers.”

    Australian Labor Party • MP • 01 Aug 2023

    Read the full speech in Hansard ↗
  15. Carol Brown Brown supports the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers., saying it fixes technical problems and improves consumer protection, financial advice rules, market access, and the First Home Super Saver SchemeA scheme that lets people use superannuation savings to help build a first-home deposit under special rules..
    “Schedule 4 to the bill will make technical changes to improve the operation of the First Home Super Saver Scheme by affording the Commissioner of Taxation and users of the scheme greater flexibility to correct mistakes and avoid adverse financial outcomes. I commend this bill to the Senate.”

    Australian Labor Party • Senator • 06 Sept 2023

    Read the full speech in Hansard ↗

Coalition

7 speakers · 7 support

  1. Aaron Violi Violi says the coalition will support the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers. because it contains worthwhile measures, including work on financial advice and the First Home Super Saver SchemeA scheme that lets people use superannuation savings to help build a first-home deposit under special rules., much of which continues coalition policy.
    “The Treasury Laws Amendment (2023 Measures No. 3) Bill 2023 is a 4-schedule Treasury omnibus bill that the coalition will be supporting, and many of the changes in this bill continue the work of the former coalition government. However, support for passage of this bill is no substitute for a government that is refusing to take responsibility for high inflation, rising mortgage repayments, rising prices at the checkout and rising energy bills—just to name a few of the challenges we face in this country.”

    Liberal Party • MP • 01 Aug 2023

    Read the full speech in Hansard ↗
  2. James Stevens James Stevens supports the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers. because it protects and improves the First Home Super Saver SchemeA scheme that lets people use superannuation savings to help build a first-home deposit under special rules., which he says helps young Australians save a deposit and buy their first home sooner.
    “Within this bill there are some technical changes to the way in which the scheme operates and to the Commissioner of Taxation's powers around this scheme. The scheme is one where eligible applicants do in fact apply to their fund to say, 'I've been contributing this amount of money. That's all within the rules of the scheme. I'm now off to purchase my first home and, therefore, I'm applying to you to withdraw those funds.' There has obviously been some developed understanding of how that needs to operate in a fairer away, how that can be cleaner and how the Commissioner of Taxation can have some clearer powers around that, and we want to do everything we can to support change that means that the whole point and purpose of this scheme, which is to help people buy their first home and save that deposit, is protected for those individuals.”

    Liberal Party • MP • 21 June 2023

    Read the full speech in Hansard ↗
  3. Andrew Wallace Wallace says the opposition will support the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers. because it contains sensible reforms that improve financial advice settings, especially for advisers with good records and for first home savers.
    “We in the opposition are particularly supportive of schedule 2 in this bill, which will help make it easier for financial advisers with good records to remain eligible to provide personal advice.”

    Liberal National Party • MP • 01 Aug 2023

    Read the full speech in Hansard ↗
  4. Bert Van Manen Van Manen says the coalition will support the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers., because it updates financial services rules, improves competition in clearing and settlement, and makes sensible changes to financial adviserA person who gives financial advice under the professional standards rules changed by this bill. education and the First Home Super Saver SchemeA scheme that lets people use superannuation savings to help build a first-home deposit under special rules..
    “The Treasury Laws Amendment (2023 Measures No. 3) Bill, contains four schedules. As I noted, the coalition will be supporting this bill. Many of the changes in this bill continue the work of the former coalition government. In supporting this bill, we take the opportunity to also reflect that there are many other issues that this government is failing to address through this legislation that it has the opportunity to address if it wishes to do so.”

    Liberal Party • MP • 21 June 2023

    Read the full speech in Hansard ↗
  5. Andrew Bragg Andrew Bragg says the opposition will support the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers., because it sensibly reduces unnecessary requirements for experienced financial advisersA person who gives financial advice under the professional standards rules changed by this bill., improves competition in clearing and settlement, and makes first home buyer super saver rules a bit easier to use.
    “We will support this bill, but I'm grateful for the opportunity to make some comments about it today.”

    Liberal Party • Senator • 06 Sept 2023

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  6. Paul Fletcher Fletcher says the coalition will support the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers., but argues it is only a modest package and does not address the cost-of-living pressures facing Australians.
    “I rise to speak on the Treasury Laws Amendment (2023 Measures No. 3) Bill. This is a four-schedule Treasury omnibus bill, which the coalition will be supporting. Like much of the Treasury related legislation that this government has brought forward to date, many of the changes in this bill continue the work of the former coalition government.”

    Liberal Party • MP • 21 June 2023

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  7. Anne Ruston Ruston says the coalition will support the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers. because it contains useful technical and financial advice changes, but she argues it does little to help with the cost of living and broader economic pressures.
    “This is a tough time for Australians and this bill does nothing to address those problems. Despite this, the coalition will support the passage of this bill.”

    Liberal Party • Senator • 06 Sept 2023

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Greens

3 speakers · 3 support

  1. Janet Rice ★ Rice says the Greens will not oppose the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers.’s housing-related changes, but argues they are only a small step and do little to fix the housing and rental crisis.
    “Schedule 4 makes administrative changes to enhance the ATO's powers to deal with applications for the first home saver scheme. They are sensible enough changes and the Greens aren't going to be opposing them. But the critical issue is they are not going to make life easier for people who are trying to buy their first home. Saul Eslake captured the problem with schemes like the first home saver scheme. He said anything that allows people to spend more on housing than they otherwise would as one effect and one effect only—people spend more money on housing than they otherwise would. Essentially, measures like this, which put more money in the hands of first homebuyers, mean that the price of those first homes goes up. It is what the market will bear.”

    Australian Greens • Senator • 06 Sept 2023

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  2. Nick McKim McKim says the Greens will not oppose the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers.'s administrative changes for the first home savers scheme, but argues the wider housing policy is making prices worse and doing nothing for renters.
    “I'll start by stating very clearly that the changes proposed in this bill are sensible enough and that we certainly won't oppose those changes. But I do want to offer a few comments on the First Home Buyers Saver Scheme, to place on the record that this policy is just another demand-side measure that will actually push property prices up at the very same time that home ownership is decreasing in Australia.”

    Australian Greens • Senator • 06 Sept 2023

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  3. Barbara Pocock Barbara Pocock says the Greens will not oppose the billThe law change package that tightens anti-avoidance rules, adjusts adviser education requirements and expands market access powers. because its technical changes are sensible, but she argues it will not help housing affordability and will instead add to demand and push prices up.
    “The Treasury Laws Amendment (2023 Measures No. 3) Bill 2023, amongst other things, enhances the tax office's powers to deal with applications for the First Home Super Saver Scheme. These are sensible enough changes, as my colleagues have said. We won't oppose them. But they do raise this important issue about the affordability of housing supply and the housing crisis. This policy is just another demand-side measure that pushes up property prices while home ownership is going down at the same time.”

    Australian Greens • Senator • 06 Sept 2023

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