edited
18th Oct 2019
Treasury Laws Amendment (2018 Measures No. 2) Bill 2019 - Consideration in Detail - Restrict fintech sandbox exemption
Not passed by a small majority
No rebellions 89% attendance
10th Feb 2020, 9:48 PM – Senate Treasury Laws Amendment (2018 Measures No. 2) Bill 2019 - in Committee - Limit the exemption
Summary
EditThe majority voted against amendments moved by NSW Senator Jenny McAllister, which means they failed.
What were the amendments?
Senator McAllister explains that:
The legislation provides exemptions for certain firms from some regulatory obligations. As I argued earlier, we think that these exemptions should only be available to firms that have products and services that are genuinely innovative and will benefit customers. It's the second part of the test that seems to me to be quite important, given the very large number of examples that we have available to us of innovation that in fact is not good for customers and is only good for businesses by virtue of exploiting customers. The amendment that's been circulated sets out a basic test that ASIC would apply. It would empower ASIC to prevent products and services that don't meet the innovation-and-benefit test from accessing the exemption.
What does the bill do?
According to the bills digest:
The Treasury Laws Amendment (2018 Measures No. 2) Bill 2019 comprises two Schedules which have different purposes:
- Schedule 1 amends the Corporations Act 2001 and the National Consumer Credit Protection Act 2009 (NCCP Act) to allow conditions to be imposed on providers of financial and credit products who utilise the Australian Securities and Investments Commission’s (ASIC) existing regulatory sandbox arrangements to test new, innovative ‘Fintech’ products in the Australian market and
- Schedule 2 makes minor amendments to the Income Tax Assessment Act 1997 (ITAA97) and the Income Tax Assessment Act 1936 (ITAA36) to ensure that the venture capital and early stage tax concessions in the ITAA97 and ITAA36 operate as intended.
Votes Not passed by a small majority
Nobody rebelled against their party.
| Party | Votes | |
|---|---|---|
| Australian Greens (100% turnout) | 9 Yes – 0 No | |
| Richard Di Natale Victoria | Yes | |
| Mehreen Faruqi NSW | Yes | |
| Sarah Hanson-Young SA | Yes | |
| Nick McKim Tasmania | Yes | |
| Janet Rice Victoria | Yes | |
| Rachel Siewert WA | Yes | |
| Jordon Steele-John WA | Yes | |
| Larissa Waters Queensland | Yes | |
| Peter Whish-Wilson Tasmania | Yes | |
| Australian Labor Party (84% turnout) | 21 Yes – 0 No | |
| Tim Ayres NSW | Yes | |
| Catryna Bilyk Tasmania | Yes | |
| Carol Brown Tasmania | Yes | |
| Kim Carr Victoria | Yes | |
| Anthony Chisholm Queensland | Yes | |
| Raff Ciccone Victoria | Yes | |
| Patrick Dodson WA | Yes | |
| Katy Gallagher ACT | Yes | |
| Kristina Keneally NSW | Yes | |
| Kimberley Kitching Victoria | Yes | |
| Jenny McAllister NSW | Yes | |
| Malarndirri McCarthy NT | Yes | |
| Deborah O'Neill NSW | Yes | |
| Helen Polley Tasmania | Yes | |
| Louise Pratt WA | Yes | |
| Tony Sheldon NSW | Yes | |
| Marielle Smith SA | Yes | |
| Glenn Sterle WA | Yes | |
| Anne Urquhart Tasmania | Yes | |
| Jess Walsh Victoria | Yes | |
| Murray Watt Queensland | Yes | |
| Don Farrell SA | Absent | |
| Alex Gallacher SA | Absent | |
| Nita Green Queensland | Absent | |
| Penny Wong SA | Absent | |
| Centre Alliance (100% turnout) | 0 Yes – 2 No | |
| Stirling Griff SA | No | |
| Rex Patrick SA | No | |
| Sam McMahon NT Country Liberal Party | No | |
| Sue Lines WA Deputy President | Absent | |
| Jacqui Lambie Tasmania Jacqui Lambie Network | No | |
| Liberal National Party (100% turnout) | 0 Yes – 2 No | |
| Matthew Canavan Queensland | No | |
| James McGrath Queensland | No | |
| Liberal Party (86% turnout) | 0 Yes – 25 No | |
| Alex Antic SA | No | |
| Wendy Askew Tasmania | No | |
| Simon Birmingham SA | No | |
| Andrew Bragg NSW | No | |
| Slade Brockman WA | No | |
| Claire Chandler Tasmania | No | |
| Richard Colbeck Tasmania | No | |
| Jonathon Duniam Tasmania | No | |
| David Fawcett SA | No | |
| Concetta Fierravanti-Wells NSW | No | |
| Sarah Henderson Victoria | No | |
| Hollie Hughes NSW | No | |
| Jane Hume Victoria | No | |
| Andrew McLachlan SA | No | |
| Jim Molan NSW | No | |
| Matt O'Sullivan WA | No | |
| James Paterson Victoria | No | |
| Marise Payne NSW | No | |
| Linda Reynolds WA | No | |
| Anne Ruston SA | No | |
| Paul Scarr Queensland | No | |
| Zed Seselja ACT | No | |
| Dean Smith WA | No | |
| Amanda Stoker Queensland | No | |
| David Van Victoria | No | |
| Eric Abetz Tasmania | Absent | |
| Michaelia Cash WA | Absent | |
| Mathias Cormann WA | Absent | |
| Gerard Rennick Queensland | Absent | |
| National Party (100% turnout) | 0 Yes – 3 No | |
| Perin Davey NSW | No | |
| Susan McDonald Queensland | No | |
| Bridget McKenzie Victoria | No | |
| Pauline Hanson's One Nation Party (50% turnout) | 0 Yes – 1 No | |
| Malcolm Roberts Queensland | No | |
| Pauline Hanson Queensland | Absent | |
| Scott Ryan Victoria President | No | |
| Totals (87% turnout) | 30 Yes – 36 No |
Turnout is the percentage of members eligible to vote that did vote.