Summary

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The majority voted in favour of a motion introduced by NSW Senator Andrew Bragg (Liberal), which means the matter below will be referred to the Economics References Committee for their consideration.

Motion text

That the following matter be referred to the Economics References Committee for inquiry and report by the last sitting day in June 2024:

The capacity and capability of the Australian Securities and Investments Commission to undertake proportionate investigation and enforcement action arising from reports of alleged misconduct, with particular reference to:

(a) the potential for dispute resolution and compensation schemes to distort efficient market outcomes and regulatory action;

(b) the balance in policy settings that deliver an efficient market but also effectively deter poor behaviour;

(c) whether ASIC is meeting the expectations of government, business and the community with respect to regulatory action and enforcement;

(d) the range and use of various regulatory tools and their effectiveness in contributing to good market outcomes;

(e) the offences from which penalties can be considered and the nature of liability in these offences;

(f) the resourcing allocated to ensure investigations and enforcement action progresses in a timely manner;

(g) opportunities to reduce duplicative regulation; and

(h) any other related matters.

Votes Passed by a modest majority

Nobody rebelled against their party.

Party Votes
Australian Greens (100% turnout) 12 Yes 0 No
Penny Allman-Payne Queensland Yes
Dorinda Cox WA Yes
Mehreen Faruqi NSW Yes
Sarah Hanson-Young SA Yes
Nick McKim Tasmania Yes
Barbara Pocock SA Yes
Janet Rice Victoria Yes
David Shoebridge NSW Yes
Jordon Steele-John WA Yes
Lidia Thorpe Victoria Yes
Larissa Waters Queensland Yes
Peter Whish-Wilson Tasmania Yes
Australian Labor Party (76% turnout) 0 Yes 19 No
Tim Ayres NSW No
Catryna Bilyk Tasmania No
Carol Brown Tasmania No
Anthony Chisholm Queensland No
Raff Ciccone Victoria No
Patrick Dodson WA No
Don Farrell SA No
Katy Gallagher ACT No
Karen Grogan SA No
Deborah O'Neill NSW No
Fatima Payman WA No
Helen Polley Tasmania No
Louise Pratt WA No
Tony Sheldon NSW No
Marielle Smith SA No
Glenn Sterle WA No
Anne Urquhart Tasmania No
Murray Watt Queensland No
Linda White Victoria No
Nita Green Queensland Absent
Jenny McAllister NSW Absent
Malarndirri McCarthy NT Absent
Jana Stewart Victoria Absent
Jess Walsh Victoria Absent
Penny Wong SA Absent
Jacinta Nampijinpa Price NT Country Liberal Party Yes
Andrew McLachlan SA Deputy President Yes
David Pocock ACT Independent Yes
Jacqui Lambie Network (100% turnout) 2 Yes 0 No
Jacqui Lambie Tasmania Yes
Tammy Tyrrell Tasmania Yes
Liberal National Party (100% turnout) 2 Yes 0 No
Matthew Canavan Queensland Yes
James McGrath Queensland Yes
Liberal Party (83% turnout) 20 Yes 0 No
Wendy Askew Tasmania Yes
Andrew Bragg NSW Yes
Slade Brockman WA Yes
Michaelia Cash WA Yes
Claire Chandler Tasmania Yes
Richard Colbeck Tasmania Yes
Jonathon Duniam Tasmania Yes
David Fawcett SA Yes
Sarah Henderson Victoria Yes
Hollie Hughes NSW Yes
Jane Hume Victoria Yes
Kerrynne Liddle SA Yes
Matt O'Sullivan WA Yes
James Paterson Victoria Yes
Marise Payne NSW Yes
Gerard Rennick Queensland Yes
Linda Reynolds WA Yes
Anne Ruston SA Yes
Paul Scarr Queensland Yes
Dean Smith WA Yes
Alex Antic SA Absent
Simon Birmingham SA Absent
Jim Molan NSW Absent
David Van Victoria Absent
National Party (50% turnout) 2 Yes 0 No
Ross Cadell NSW Yes
Susan McDonald Queensland Yes
Perin Davey NSW Absent
Bridget McKenzie Victoria Absent
Pauline Hanson's One Nation Party (50% turnout) 1 Yes 0 No
Malcolm Roberts Queensland Yes
Pauline Hanson Queensland Absent
Sue Lines WA President No
Ralph Babet Victoria United Australia Party Yes
Totals (83% turnout) 43 Yes – 20 No