edited
21st Dec 2018
Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Bill 2018 - Consideration in Detail - Increase term of imprisonment to 15 years
Not passed by a small majority
No rebellions 94% attendance
28th Nov 2018, 7:19 PM – Representatives Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Bill 2018 - Consideration in Detail - Removing cap on civil penalties
Summary
EditThe majority voted against opposition amendments, which means they failed. The amendments related to the cap the Government is placing on civil penalties, which the Opposition oppose because, according to Labor MP Clare O'Neil:
"it's very out of step with other pecuniary penalties handed down in Australia and overseas. It is out of step with the contemporary reality of financial service providers and banks, and it creates a regime that's not effectively futureproofed as our financial institutions continue to grow in size.
I want to note that the Consumer Action Law Centre was very strong on this point when they made a submission to the ASIC enforcement reviews processes. I'm going to quote a little bit from their submission. They said, 'We are not convinced that theirs is a strong policy justification for introducing a maximum limit on civil penalties of one million penalty units, that's currently $210 million. Setting a maximum does not recognise that there are large differences in size of banks, insurers and superannuation funds and that a penalty in excess of this amount may be appropriate in the context of very large corporations.'"
What is this bill about?
The bill was introduced to "introduce a stronger penalty framework for corporate and financial sector misconduct". It was introduced in response to recommendations made by the ASIC Enforcement Review Taskforce report.
Votes Not passed by a small majority
Nobody rebelled against their party.
| Party | Votes | |
|---|---|---|
| Adam Bandt Melbourne Australian Greens | Yes | |
| Australian Labor Party (94% turnout) | 65 Yes – 0 No | |
| Anthony Albanese Grayndler | Yes | |
| Anne Aly Cowan | Yes | |
| Sharon Bird Cunningham | Yes | |
| Chris Bowen McMahon | Yes | |
| Gai Brodtmann Canberra | Yes | |
| Tony Burke Watson | Yes | |
| Linda Burney Barton | Yes | |
| Mark Butler Port Adelaide | Yes | |
| Terri Butler Griffith | Yes | |
| Anthony Byrne Holt | Yes | |
| Jim Chalmers Rankin | Yes | |
| Nick Champion Wakefield | Yes | |
| Lisa Chesters Bendigo | Yes | |
| Jason Clare Blaxland | Yes | |
| Sharon Claydon Newcastle | Yes | |
| Julie Collins Franklin | Yes | |
| Pat Conroy Shortland | Yes | |
| Michael Danby Melbourne Ports | Yes | |
| Milton Dick Oxley | Yes | |
| Mark Dreyfus Isaacs | Yes | |
| Justine Elliot Richmond | Yes | |
| Joel Fitzgibbon Hunter | Yes | |
| Mike Freelander Macarthur | Yes | |
| Steve Georganas Hindmarsh | Yes | |
| Andrew Giles Scullin | Yes | |
| Patrick Gorman Perth | Yes | |
| Luke Gosling Solomon | Yes | |
| Ross Hart Bass | Yes | |
| Julian Hill Bruce | Yes | |
| Emma Husar Lindsay | Yes | |
| Ed Husic Chifley | Yes | |
| Stephen Jones Whitlam | Yes | |
| Ged Kearney Batman | Yes | |
| Justine Keay Braddon | Yes | |
| Mike Kelly Eden-Monaro | Yes | |
| Matt Keogh Burt | Yes | |
| Peter Khalil Wills | Yes | |
| Catherine King Ballarat | Yes | |
| Madeleine King Brand | Yes | |
| Susan Lamb Longman | Yes | |
| Andrew Leigh Fenner | Yes | |
| Richard Marles Corio | Yes | |
| Emma McBride Dobell | Yes | |
| Brian Mitchell Lyons | Yes | |
| Rob Mitchell McEwen | Yes | |
| Shayne Neumann Blair | Yes | |
| Brendan O'Connor Gorton | Yes | |
| Clare O'Neil Hotham | Yes | |
| Cathy O'Toole Herbert | Yes | |
| Julie Owens Parramatta | Yes | |
| Graham Perrett Moreton | Yes | |
| Tanya Plibersek Sydney | Yes | |
| Amanda Rishworth Kingston | Yes | |
| Michelle Rowland Greenway | Yes | |
| Joanne Ryan Lalor | Yes | |
| Bill Shorten Maribyrnong | Yes | |
| Warren Snowdon Lingiari | Yes | |
| Wayne Swan Lilley | Yes | |
| Meryl Swanson Paterson | Yes | |
| Susan Templeman Macquarie | Yes | |
| Matt Thistlethwaite Kingsford Smith | Yes | |
| Maria Vamvakinou Calwell | Yes | |
| Tim Watts Gellibrand | Yes | |
| Josh Wilson Fremantle | Yes | |
| Tony Zappia Makin | Yes | |
| Kate Ellis Adelaide | Absent | |
| Chris Hayes Fowler | Absent | |
| Jenny Macklin Jagajaga | Absent | |
| Anne Stanley Werriwa | Absent | |
| Rebekha Sharkie Mayo Centre Alliance | No | |
| Mark Coulton Parkes Deputy Speaker | No | |
| Kerryn Phelps Wentworth Independent | Yes | |
| Cathy McGowan Indi Independent | No | |
| Andrew Wilkie Denison Independent | No | |
| Julia Banks Chisholm Independent | Absent | |
| Bob Katter Kennedy Katter's Australian Party | Yes | |
| Liberal Party (98% turnout) | 0 Yes – 56 No | |
| Tony Abbott Warringah | No | |
| John Alexander Bennelong | No | |
| Karen Andrews McPherson | No | |
| Kevin Andrews Menzies | No | |
| Julia Banks Chisholm | No | |
| Julie Bishop Curtin | No | |
| Russell Broadbent McMillan | No | |
| Scott Buchholz Wright | No | |
| Steven Ciobo Moncrieff | No | |
| David Coleman Banks | No | |
| Chris Crewther Dunkley | No | |
| Warren Entsch Leichhardt | No | |
| Trevor Evans Brisbane | No | |
| Jason Falinski Mackellar | No | |
| Paul Fletcher Bradfield | No | |
| Nicolle Flint Boothby | No | |
| Josh Frydenberg Kooyong | No | |
| Ian Goodenough Moore | No | |
| Andrew Hastie Canning | No | |
| Alex Hawke Mitchell | No | |
| Sarah Henderson Corangamite | No | |
| Luke Howarth Petrie | No | |
| Greg Hunt Flinders | No | |
| Steve Irons Swan | No | |
| Michael Keenan Stirling | No | |
| Craig Kelly Hughes | No | |
| Andrew Laming Bowman | No | |
| Craig Laundy Reid | No | |
| Julian Leeser Berowra | No | |
| Sussan Ley Farrer | No | |
| Nola Marino Forrest | No | |
| John McVeigh Groom | No | |
| Scott Morrison Cook | No | |
| Ben Morton Tangney | No | |
| Ted O'Brien Fairfax | No | |
| Kelly O'Dwyer Higgins | No | |
| Tony Pasin Barker | No | |
| Christian Porter Pearce | No | |
| Jane Prentice Ryan | No | |
| Melissa Price Durack | No | |
| Christopher Pyne Sturt | No | |
| Rowan Ramsey Grey | No | |
| Stuart Robert Fadden | No | |
| Michael Sukkar Deakin | No | |
| Angus Taylor Hume | No | |
| Dan Tehan Wannon | No | |
| Alan Tudge Aston | No | |
| Bert Van Manen Forde | No | |
| Ross Vasta Bonner | No | |
| Andrew Wallace Fisher | No | |
| Lucy Wicks Robertson | No | |
| Rick Wilson O'Connor | No | |
| Tim Wilson Goldstein | No | |
| Jason Wood La Trobe | No | |
| Ken Wyatt Hasluck | No | |
| Trent Zimmerman North Sydney | No | |
| Peter Dutton Dickson | Absent | |
| Ann Sudmalis Gilmore | Absent | |
| National Party (87% turnout) | 0 Yes – 13 No | |
| Andrew Broad Mallee | No | |
| Darren Chester Gippsland | No | |
| George Christensen Dawson | No | |
| Damian Drum Murray | No | |
| Andrew Gee Calare | No | |
| David Gillespie Lyne | No | |
| Luke Hartsuyker Cowper | No | |
| Kevin Hogan Page | No | |
| Barnaby Joyce New England | No | |
| David Littleproud Maranoa | No | |
| Michael McCormack Riverina | No | |
| Llew O'Brien Wide Bay | No | |
| Keith Pitt Hinkler | No | |
| Michelle Landry Capricornia | Absent | |
| Ken O'Dowd Flynn | Absent | |
| Tony Smith Casey Speaker | Absent | |
| Totals (94% turnout) | 68 Yes – 73 No |
Turnout is the percentage of members eligible to vote that did vote.