The majority voted in favour of disagreeing with amendments introduced by Whitlam MP Stephen Jones (Labor), which means they failed. The amendments would have omitted Schedule 2, which contains the continuous disclosure obligation. MP Jones explained that:
Labor's amendment is simple: it cuts out schedule 2 of the bill. The schedule contains the government's plan to weaken continuous disclosure rules and damage corporate transparency…
We won't stand for the proposition that corporate transparency should be reduced. We are on the side of small investors and self-funded retirees. This is an insidious measure. The measures contained in schedule 2 would make it easier for companies and company directors to get away with withholding information or providing misleading information to shareholders.
(1) Clause 2, page 2 (table items 1 to 4), omit the table items, substitute:
1. The whole of this Act The day after this Act receives the Royal Assent.
(2) Schedule 2, page 25 (line 1) to page 38 (line 8), omit the Schedule.