The 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