edited
4th Aug 2024
Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024 - Second Reading - Decline second reading
Not passed by a small majority
No rebellions 89% attendance
6th Jun 2024, 12:54 PM – Representatives Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024 - Second Reading - Agree with the bill's main idea
Summary
EditThe majority voted in favour of a motion to read the bill a second time. In other words, they voted to agree with the main idea of the bill and can now discuss it in greater detail.
What is the bill's main idea?
According to the bills digest:
The Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024 (the Bill) implements two separate policy initiatives:
to strengthen regulatory arrangements for Australia’s financial market infrastructure (FMI)
to impose mandatory climate-related disclosure obligations on large businesses.
Schedules 1, 2, 3 and 5 of the Bill implement an ‘important and longstanding recommendation’ of the Council of Financial Regulators (CFR) to strengthen regulation of Australia’s FMI. The CFR’s recommendation has gained a new urgency following the failure of the Australian Securities Exchange (ASX) to replace its decades-old CHESS system, which is a critical FMI that underpins the smooth functioning of Australia’s share market.
Schedule 4 of the Bill empowers the Australian Accounting Standards Board to issue internationally aligned sustainability reporting standards that large Australian businesses and financial institutions must comply with. If enacted, large businesses will need to prepare an annual sustainability report to disclose their climate risks and opportunities in accordance with the new reporting standards. The Australian Government’s policy intention is to improve the quality and comparability of climate-related financial disclosures across different companies and sectors, which, in turn, should help investors make more informed decisions.
The shift to mandatory climate financial disclosure has been described by government officials as ‘the biggest change to corporate reporting in a generation’ and has elicited strong reactions from a multitude of stakeholders. While environmental advocacy groups support the introduction of mandatory disclosure, several business groups are concerned that mandatory disclosure will impose ‘excessive regulatory burden’ on Australian businesses.
In comparison with the widespread media reporting of Schedule 4, the policy initiative regarding FMI has garnered limited media attention. Written submissions from stakeholders indicate ‘overwhelmingly positive support’ for the FMI policy initiative.
On 3 May 2024, the Senate Economics Legislation Committee published its report on the Bill and supported the Bill’s passage. Coalition Senators issued a dissenting report and raised concerns regarding several provisions of Schedule 4, recommending that these be amended.
Votes Passed by a small majority
Nobody rebelled against their party.
| Party | Votes | |
|---|---|---|
| Australian Greens (75% turnout) | 3 Yes – 0 No | |
| Adam Bandt Melbourne | Yes | |
| Max Chandler-Mather Griffith | Yes | |
| Elizabeth Watson-Brown Ryan | Yes | |
| Stephen Bates Brisbane | Absent | |
| Australian Labor Party (95% turnout) | 73 Yes – 0 No | |
| Anthony Albanese Grayndler | Yes | |
| Anne Aly Cowan | Yes | |
| Michelle Ananda-Rajah Higgins | Yes | |
| Jodie Belyea Dunkley | Yes | |
| Chris Bowen McMahon | Yes | |
| Tony Burke Watson | Yes | |
| Matt Burnell Spence | Yes | |
| Linda Burney Barton | Yes | |
| Josh Burns Macnamara | Yes | |
| Mark Butler Hindmarsh | Yes | |
| Alison Byrnes Cunningham | Yes | |
| Jim Chalmers Rankin | Yes | |
| Andrew Charlton Parramatta | 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 | |
| Mary Doyle Aston | Yes | |
| Mark Dreyfus Isaacs | Yes | |
| Justine Elliot Richmond | Yes | |
| Mike Freelander Macarthur | Yes | |
| Carina Garland Chisholm | Yes | |
| Steve Georganas Adelaide | Yes | |
| Andrew Giles Scullin | Yes | |
| Patrick Gorman Perth | Yes | |
| Luke Gosling Solomon | Yes | |
| Julian Hill Bruce | 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 | |
| Tania Lawrence Hasluck | Yes | |
| Jerome Laxale Bennelong | Yes | |
| Andrew Leigh Fenner | Yes | |
| Sam Lim Tangney | Yes | |
| Richard Marles Corio | Yes | |
| Zaneta Mascarenhas Swan | Yes | |
| Kristy McBain Eden-Monaro | Yes | |
| Emma McBride Dobell | Yes | |
| Louise Miller-Frost Boothby | Yes | |
| Brian Mitchell Lyons | Yes | |
| Rob Mitchell McEwen | Yes | |
| Daniel Mulino Fraser | Yes | |
| Shayne Neumann Blair | Yes | |
| Brendan O'Connor Gorton | Yes | |
| Clare O'Neil Hotham | Yes | |
| Alicia Payne Canberra | Yes | |
| Graham Perrett Moreton | Yes | |
| Tanya Plibersek Sydney | Yes | |
| Sam Rae Hawke | Yes | |
| Gordon Reid Robertson | Yes | |
| Amanda Rishworth Kingston | Yes | |
| Tracey Roberts Pearce | Yes | |
| Michelle Rowland Greenway | Yes | |
| Joanne Ryan Lalor | Yes | |
| Marion Scrymgour Lingiari | Yes | |
| Bill Shorten Maribyrnong | Yes | |
| Sally Sitou Reid | 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 | |
| Cassandra Fernando Holt | Absent | |
| Ed Husic Chifley | Absent | |
| Fiona Phillips Gilmore | Absent | |
| Dan Repacholi Hunter | Absent | |
| Rebekha Sharkie Mayo Centre Alliance | Absent | |
| Mark Coulton Parkes Deputy Speaker | No | |
| Kate Chaney Curtin Independent | Yes | |
| Zoe Daniel Goldstein Independent | Yes | |
| Helen Haines Indi Independent | Yes | |
| Sophie Scamps Mackellar Independent | Yes | |
| Allegra Spender Wentworth Independent | Yes | |
| Zali Steggall Warringah Independent | Yes | |
| Kylea Tink North Sydney Independent | Yes | |
| Andrew Wilkie Clark Independent | Yes | |
| Russell Broadbent Monash Independent | No | |
| Andrew Gee Calare Independent | Absent | |
| Dai Le Fowler Independent | Absent | |
| Monique Ryan Kooyong Independent | Absent | |
| Bob Katter Kennedy Katter's Australian Party | Absent | |
| Liberal National Party (100% turnout) | 0 Yes – 9 No | |
| Angie Bell Moncrieff | No | |
| Colin Boyce Flynn | No | |
| Cameron Caldwell Fadden | No | |
| Garth Hamilton Groom | No | |
| Henry Pike Bowman | No | |
| Phillip Thompson Herbert | No | |
| Andrew Wallace Fisher | No | |
| Andrew Willcox Dawson | No | |
| Terry Young Longman | No | |
| Liberal Party (91% turnout) | 0 Yes – 30 No | |
| Karen Andrews McPherson | No | |
| Bridget Archer Bass | No | |
| Scott Buchholz Wright | No | |
| David Coleman Banks | No | |
| Peter Dutton Dickson | No | |
| Warren Entsch Leichhardt | No | |
| Paul Fletcher Bradfield | No | |
| Ian Goodenough Moore | No | |
| Andrew Hastie Canning | No | |
| Alex Hawke Mitchell | No | |
| Simon Kennedy Cook | No | |
| Julian Leeser Berowra | No | |
| Sussan Ley Farrer | No | |
| Nola Marino Forrest | No | |
| Melissa McIntosh Lindsay | No | |
| Ted O'Brien Fairfax | No | |
| Tony Pasin Barker | No | |
| Gavin Pearce Braddon | No | |
| Melissa Price Durack | No | |
| Rowan Ramsey Grey | No | |
| James Stevens Sturt | No | |
| Michael Sukkar Deakin | No | |
| Angus Taylor Hume | No | |
| Dan Tehan Wannon | No | |
| Bert Van Manen Forde | No | |
| Ross Vasta Bonner | No | |
| Aaron Violi Casey | No | |
| Jenny Ware Hughes | No | |
| Rick Wilson O'Connor | No | |
| Keith Wolahan Menzies | No | |
| Luke Howarth Petrie | Absent | |
| Zoe McKenzie Flinders | Absent | |
| Jason Wood La Trobe | Absent | |
| National Party (83% turnout) | 0 Yes – 10 No | |
| Darren Chester Gippsland | No | |
| Pat Conaghan Cowper | No | |
| David Gillespie Lyne | No | |
| Kevin Hogan Page | No | |
| Michelle Landry Capricornia | No | |
| David Littleproud Maranoa | No | |
| Michael McCormack Riverina | No | |
| Llew O'Brien Wide Bay | No | |
| Keith Pitt Hinkler | No | |
| Anne Webster Mallee | No | |
| Sam Birrell Nicholls | Absent | |
| Barnaby Joyce New England | Absent | |
| Milton Dick Oxley Speaker | Absent | |
| Totals (89% turnout) | 84 Yes – 51 No |
Turnout is the percentage of members eligible to vote that did vote.