Summary

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The majority voted in favour of a motion to keep schedule 1 unchanged. In parliamentary jargon they voted "Yes" to the question "that schedule 1 stand as printed".

What is schedule 1?

Schedule 1 relates to competition in the financial system. According to the bills digest:

Item 1 of Schedule 1 inserts proposed subsection 1(2A) into the ASIC Act to require ASIC ... to consider the effects that the performance of its functions and the exercise of its powers will have on competition in the financial system. ASIC will be required to consider competition in conjunction with the elements in subsection 1(2), including to:

(a) maintain, facilitate and improve the performance of the financial system and the entities within that system in the interests of commercial certainty, reducing business costs, and the efficiency and development of the economy.

ASIC is required to determine the weight it will give to competition based on the relevant circumstances. The measure is not designed to limit or expand the scope of ASIC’s regulatory responsibilities.

When arguing that schedule 1 should be opposed, Greens Senator Peter Whish-Wilson said that:

we [the Greens Party] don't believe we should be giving anything to ASIC at this stage. It's premature. The royal commission hasn't delivered its findings yet.

Votes Passed by a modest majority

Nobody rebelled against their party.

Party Votes
Cory Bernardi SA Australian Conservatives Yes
Australian Greens (100% turnout) 0 Yes 9 No
Richard Di Natale Victoria No
Mehreen Faruqi NSW No
Sarah Hanson-Young SA No
Nick McKim Tasmania No
Janet Rice Victoria No
Rachel Siewert WA No
Jordon Steele-John WA No
Larissa Waters Queensland No
Peter Whish-Wilson Tasmania No
Australian Labor Party (44% turnout) 11 Yes 0 No
Catryna Bilyk Tasmania Yes
Alex Gallacher SA Yes
Kristina Keneally NSW Yes
Chris Ketter Queensland Yes
Jenny McAllister NSW Yes
Malarndirri McCarthy NT Yes
Claire Moore Queensland Yes
Deborah O'Neill NSW Yes
Louise Pratt WA Yes
David Smith ACT Yes
Anne Urquhart Tasmania Yes
Carol Brown Tasmania Absent
Doug Cameron NSW Absent
Kim Carr Victoria Absent
Anthony Chisholm Queensland Absent
Jacinta Collins Victoria Absent
Patrick Dodson WA Absent
Don Farrell SA Absent
Kimberley Kitching Victoria Absent
Gavin Marshall Victoria Absent
Helen Polley Tasmania Absent
Lisa Singh Tasmania Absent
Glenn Sterle WA Absent
Murray Watt Queensland Absent
Penny Wong SA Absent
Centre Alliance (100% turnout) 2 Yes 0 No
Stirling Griff SA Yes
Rex Patrick SA Yes
Nigel Scullion NT Country Liberal Party Absent
Derryn Hinch Victoria Derryn Hinch's Justice Party Yes
Sue Lines WA Deputy President Absent
Tim Storer SA Independent No
Lucy Gichuhi SA Independent Absent
Steve Martin Tasmania Independent Absent
Fraser Anning Queensland Katter's Australian Party Absent
David Leyonhjelm NSW Liberal Democratic Party Absent
Liberal National Party (0.0% turnout) Absent
Matthew Canavan Queensland Absent
James McGrath Queensland Absent
Liberal Party (68% turnout) 15 Yes 0 No
Eric Abetz Tasmania Yes
Slade Brockman WA Yes
David Bushby Tasmania Yes
Richard Colbeck Tasmania Yes
Jonathon Duniam Tasmania Yes
David Fawcett SA Yes
Concetta Fierravanti-Wells NSW Yes
Jane Hume Victoria Yes
Jim Molan NSW Yes
James Paterson Victoria Yes
Linda Reynolds WA Yes
Anne Ruston SA Yes
Zed Seselja ACT Yes
Dean Smith WA Yes
Amanda Stoker Queensland Yes
Simon Birmingham SA Absent
Michaelia Cash WA Absent
Mathias Cormann WA Absent
Mitch Fifield Victoria Absent
Ian Macdonald Queensland Absent
Marise Payne NSW Absent
Arthur Sinodinos NSW Absent
National Party (33% turnout) 1 Yes 0 No
John Williams NSW Yes
Bridget McKenzie Victoria Absent
Barry O'Sullivan Queensland Absent
Pauline Hanson's One Nation Party (100% turnout) 2 Yes 0 No
Peter Georgiou WA Yes
Pauline Hanson Queensland Yes
Scott Ryan Victoria President Absent
Brian Burston NSW United Australia Party Absent
Totals (57% turnout) 33 Yes – 10 No