The majority voted in favour of a motion to read the bill for a second time. In other words, they voted to agree with the bill's main idea. This means they can now discuss it in greater detail.

What does this bill do?

According to the bills digest, the bill includes two schedules. The first is not controversial. It will "allow meetings to be held virtually, to allow documents relating to meetings to be provided and signed electronically and for minutes to be kept electronically" (see the bills digest for more information).

Schedule 2 is very controversial, because it effectively waters down current continuous disclosure provisions, as well as misleading and deceptive conduct provisions, by making it harder to enforce civil penalties against people who allegedly breach these provisions.

According to the bills digest, Schedule 2 will:

  • permanently add a fault element to continuous disclosure civil penalty provisions, so that a person will only be eligible for a civil penalty where they have acted with knowledge, recklessness or negligence in failing to update the market with price sensitive information
  • impose the same fault standard for misleading and deceptive conduct that relates to alleged failure to provide an update with price sensitive information to the market
  • retain the existing standard for administrative penalties, so ASIC can continue to issue infringement notices without proving knowledge, recklessness or negligence. The existing standard is also retained for ASIC’s other non-pecuniary enforcement tools, such as requiring the disclosure of information to the market by obtaining a court order.

Votes Passed by a large majority

Nobody rebelled against their party.

Party Votes
Australian Greens (56% turnout) 0 Yes 5 No
Sarah Hanson-Young SA No
Nick McKim Tasmania No
Rachel Siewert WA No
Larissa Waters Queensland No
Peter Whish-Wilson Tasmania No
Mehreen Faruqi NSW Absent
Janet Rice Victoria Absent
Jordon Steele-John WA Absent
Lidia Thorpe Victoria Absent
Australian Labor Party (20% turnout) 5 Yes 0 No
Carol Brown Tasmania Yes
Anthony Chisholm Queensland Yes
Katy Gallagher ACT Yes
Anne Urquhart Tasmania Yes
Murray Watt Queensland Yes
Tim Ayres NSW Absent
Catryna Bilyk Tasmania Absent
Kim Carr Victoria Absent
Raff Ciccone Victoria Absent
Patrick Dodson WA Absent
Don Farrell SA Absent
Alex Gallacher SA Absent
Nita Green Queensland Absent
Kristina Keneally NSW Absent
Kimberley Kitching Victoria Absent
Jenny McAllister NSW Absent
Malarndirri McCarthy NT Absent
Deborah O'Neill NSW Absent
Helen Polley Tasmania Absent
Louise Pratt WA Absent
Tony Sheldon NSW Absent
Marielle Smith SA Absent
Glenn Sterle WA Absent
Jess Walsh Victoria Absent
Penny Wong SA Absent
Stirling Griff SA Centre Alliance Absent
Sam McMahon NT Country Liberal Party Yes
Sue Lines WA Deputy President Absent
Rex Patrick SA Independent Yes
Jacqui Lambie Tasmania Jacqui Lambie Network Yes
Liberal National Party (50% turnout) 1 Yes 0 No
Matthew Canavan Queensland Yes
James McGrath Queensland Absent
Liberal Party (52% turnout) 15 Yes 0 No
Wendy Askew Tasmania Yes
Slade Brockman WA Yes
Michaelia Cash WA Yes
Claire Chandler Tasmania Yes
Jane Hume Victoria Yes
Matt O'Sullivan WA Yes
James Paterson Victoria Yes
Gerard Rennick Queensland Yes
Linda Reynolds WA Yes
Anne Ruston SA Yes
Paul Scarr Queensland Yes
Ben Small WA Yes
Dean Smith WA Yes
Amanda Stoker Queensland Yes
David Van Victoria Yes
Eric Abetz Tasmania Absent
Alex Antic SA Absent
Simon Birmingham SA Absent
Andrew Bragg NSW Absent
Richard Colbeck Tasmania Absent
Jonathon Duniam Tasmania Absent
David Fawcett SA Absent
Concetta Fierravanti-Wells NSW Absent
Sarah Henderson Victoria Absent
Hollie Hughes NSW Absent
Andrew McLachlan SA Absent
Jim Molan NSW Absent
Marise Payne NSW Absent
Zed Seselja ACT Absent
National Party (67% turnout) 2 Yes 0 No
Perin Davey NSW Yes
Bridget McKenzie Victoria Yes
Susan McDonald Queensland Absent
Pauline Hanson's One Nation Party (50% turnout) 1 Yes 0 No
Malcolm Roberts Queensland Yes
Pauline Hanson Queensland Absent
Scott Ryan Victoria President Yes
Totals (43% turnout) 28 Yes – 5 No