edited
21st Feb 2020
Treasury Laws Amendment (2018 Measures No. 2) Bill 2019 - in Committee - Limit the exemption
Not passed by a small majority
No rebellions 87% attendance
15th Oct 2019, 6:36 PM – Representatives Treasury Laws Amendment (2018 Measures No. 2) Bill 2019 - Consideration in Detail - Restrict fintech sandbox exemption
Summary
EditThe 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 |
Turnout is the percentage of members eligible to vote that did vote.