Division
Nick McKim I've got a couple of questions for the minister. Minister, is the government aware that the ACCC, ASIC and a number of organisations in Australia representing consumers, including the Consumer Policy Research Centre and the Consumer Action Law Centre, have all advocated for the government to extend the ban on unfair trading— Slade Brockman Senator McKim, I might get you to pause. Could senators please leave the chamber quietly if they're not participating in debate. Nick McKim Thanks very much for your protection there, Chair. Slade Brockman I couldn't hear what you were saying. Tim Ayres I think it's more in my interest. Nick McKim I'll start again, will I? Minister, is the government aware that the ACCC wants to extend the ban on unfair trading practices to the financial services sector? Is the government aware that ASIC wants to extend the ban on unfair trading practices to the financial services sector? Is the government aware that peak consumer groups, including the Consumer Policy Research Centre and the Consumer Action Law Centre, want to extend the ban on unfair practices to the financial services sector? If you are aware of those things, why haven't you done it? Tim Ayres The government is aware—both from our engagement with the agencies that you've outlined and with those peak councils and more broadly—of that question. It is the government's approach to legislate this tranche of reforms. There will be future reform. Nick McKim Minister, are you saying that future reforms from the government will extend the ban on unfair trading practices to the financial services sector? And, if you are saying that, when will that happen? Tim Ayres I think the best way of describing it is that, while the government will make decisions about that in the normal way, we are examining precisely those issues. Nick McKim What I'm hearing from that is that government is currently considering those issues, but you don't wish to either put a timeframe on any decision po
Senate, 2026-07-02. negative: ayes 11, noes 30.
Question
Nick McKim I've got a couple of questions for the minister. Minister, is the government aware that the ACCC, ASIC and a number of organisations in Australia representing consumers, including the Consumer Policy Research Centre and the Consumer Action Law Centre, have all advocated for the government to extend the ban on unfair trading— Slade Brockman Senator McKim, I might get you to pause. Could senators please leave the chamber quietly if they're not participating in debate. Nick McKim Thanks very much for your protection there, Chair. Slade Brockman I couldn't hear what you were saying. Tim Ayres I think it's more in my interest. Nick McKim I'll start again, will I? Minister, is the government aware that the ACCC wants to extend the ban on unfair trading practices to the financial services sector? Is the government aware that ASIC wants to extend the ban on unfair trading practices to the financial services sector? Is the government aware that peak consumer groups, including the Consumer Policy Research Centre and the Consumer Action Law Centre, want to extend the ban on unfair practices to the financial services sector? If you are aware of those things, why haven't you done it? Tim Ayres The government is aware—both from our engagement with the agencies that you've outlined and with those peak councils and more broadly—of that question. It is the government's approach to legislate this tranche of reforms. There will be future reform. Nick McKim Minister, are you saying that future reforms from the government will extend the ban on unfair trading practices to the financial services sector? And, if you are saying that, when will that happen? Tim Ayres I think the best way of describing it is that, while the government will make decisions about that in the normal way, we are examining precisely those issues. Nick McKim What I'm hearing from that is that government is currently considering those issues, but you don't wish to either put a timeframe on any decision po
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