Summary

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The majority voted against a motion introduced by Whitlam MP Stephen Jones (Labor), which means it failed.

What do these amendments do?

MP Jones explained that:

Labor's amendments apply to schedule 1 of the bill. Our amendments introduce a requirement for companies accessing the fintech sandbox exemption created under this bill to submit a notice outlining the details of their service or product and giving a justification as to why such an exemption is likely to benefit the public. Under Labor's amendments, ASIC will have the power to remove a company's access to a fintech sandbox exemption or, probably more correctly, not consider a company's access to the exemption provided by this bill if they decide that they're not satisfied that the new service or product is innovative or likely to provide a benefit to the public. This is necessary and a relevant test for the bill.

The substantive bill authorises ASIC to provide wide-ranging exemptions to financial services laws—laws that have been established by this place for the express purpose of protecting customers or consumers. Such exemptions should only be granted if such an exemption is likely to provide significant benefit to the public. The regulator is being asked to make a judgement either that there is minimal risk and/or that the countervailing public interest is so great that it warrants waiving the provisions that apply to every other licensee in the market.

Read more about the bill and this exemption on the bills digest.

Votes Not passed by a small majority

Nobody rebelled against their party.

Party Votes
Adam Bandt Melbourne Australian Greens Yes
Australian Labor Party (88% turnout) 60 Yes 0 No
Anthony Albanese Grayndler Yes
Anne Aly Cowan Yes
Sharon Bird Cunningham Yes
Chris Bowen McMahon Yes
Tony Burke Watson Yes
Linda Burney Barton Yes
Josh Burns Macnamara Yes
Mark Butler Hindmarsh Yes
Terri Butler Griffith Yes
Anthony Byrne Holt Yes
Jim Chalmers Rankin Yes
Lisa Chesters Bendigo Yes
Jason Clare Blaxland Yes
Sharon Claydon Newcastle Yes
Libby Coker Corangamite Yes
Julie Collins Franklin Yes
Pat Conroy Shortland Yes
Mark Dreyfus Isaacs Yes
Justine Elliot Richmond Yes
Joel Fitzgibbon Hunter Yes
Andrew Giles Scullin Yes
Patrick Gorman Perth Yes
Luke Gosling Solomon Yes
Ed Husic Chifley Yes
Stephen Jones Whitlam Yes
Ged Kearney Cooper Yes
Matt Keogh Burt Yes
Peter Khalil Wills Yes
Catherine King Ballarat Yes
Madeleine King Brand Yes
Andrew Leigh Fenner Yes
Richard Marles Corio Yes
Emma McBride Dobell Yes
Brian Mitchell Lyons Yes
Rob Mitchell McEwen Yes
Daniel Mulino Fraser Yes
Peta Murphy Dunkley Yes
Shayne Neumann Blair Yes
Brendan O'Connor Gorton Yes
Clare O'Neil Hotham Yes
Julie Owens Parramatta Yes
Alicia Payne Canberra Yes
Graham Perrett Moreton Yes
Fiona Phillips Gilmore Yes
Tanya Plibersek Sydney Yes
Amanda Rishworth Kingston Yes
Michelle Rowland Greenway Yes
Joanne Ryan Lalor Yes
Bill Shorten Maribyrnong Yes
David Smith Bean Yes
Anne Stanley Werriwa Yes
Meryl Swanson Paterson Yes
Susan Templeman Macquarie Yes
Matt Thistlethwaite Kingsford Smith Yes
Kate Thwaites Jagajaga Yes
Maria Vamvakinou Calwell Yes
Tim Watts Gellibrand Yes
Anika Wells Lilley Yes
Josh Wilson Fremantle Yes
Tony Zappia Makin Yes
Nick Champion Spence Absent
Milton Dick Oxley Absent
Mike Freelander Macarthur Absent
Steve Georganas Adelaide Absent
Chris Hayes Fowler Absent
Julian Hill Bruce Absent
Mike Kelly Eden-Monaro Absent
Warren Snowdon Lingiari Absent
Rebekha Sharkie Mayo Centre Alliance No
Mark Coulton Parkes Deputy Speaker No
Helen Haines Indi Independent Yes
Andrew Wilkie Clark Independent Yes
Zali Steggall Warringah Independent No
Bob Katter Kennedy Katter's Australian Party Absent
Liberal National Party (100% turnout) 0 Yes 4 No
Angie Bell Moncrieff No
Julian Simmonds Ryan No
Phillip Thompson Herbert No
Terry Young Longman No
Liberal Party (89% turnout) 0 Yes 50 No
John Alexander Bennelong No
Katie Allen Higgins No
Karen Andrews McPherson No
Kevin Andrews Menzies No
Bridget Archer Bass No
Russell Broadbent Monash No
Scott Buchholz Wright No
David Coleman Banks No
Vince Connelly Stirling No
Peter Dutton Dickson 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
Celia Hammond Curtin No
Andrew Hastie Canning No
Alex Hawke Mitchell No
Luke Howarth Petrie No
Greg Hunt Flinders No
Steve Irons Swan No
Craig Kelly Hughes No
Andrew Laming Bowman No
Julian Leeser Berowra No
Sussan Ley Farrer No
Gladys Liu Chisholm No
Nola Marino Forrest No
Fiona Martin Reid No
Melissa McIntosh Lindsay No
John McVeigh Groom No
Scott Morrison Cook No
Ben Morton Tangney No
Ted O'Brien Fairfax No
Tony Pasin Barker No
Gavin Pearce Braddon No
Christian Porter Pearce No
Melissa Price Durack No
Rowan Ramsey Grey No
Stuart Robert Fadden No
James Stevens Sturt No
Angus Taylor Hume No
Dan Tehan Wannon No
Alan Tudge Aston No
Bert Van Manen Forde No
Rick Wilson O'Connor No
Tim Wilson Goldstein No
Jason Wood La Trobe No
Trent Zimmerman North Sydney No
Dave Sharma Wentworth Absent
Michael Sukkar Deakin Absent
Ross Vasta Bonner Absent
Andrew Wallace Fisher Absent
Lucy Wicks Robertson Absent
Ken Wyatt Hasluck Absent
National Party (93% turnout) 0 Yes 14 No
Darren Chester Gippsland No
Pat Conaghan Cowper No
Damian Drum Nicholls No
Andrew Gee Calare No
David Gillespie Lyne No
Kevin Hogan Page No
Barnaby Joyce New England No
Michelle Landry Capricornia No
David Littleproud Maranoa No
Michael McCormack Riverina No
Llew O'Brien Wide Bay No
Ken O'Dowd Flynn No
Keith Pitt Hinkler No
Anne Webster Mallee No
George Christensen Dawson Absent
Tony Smith Casey Speaker Absent
Totals (89% turnout) 63 Yes – 71 No