Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Bill 2025

The majority voted against a second reading amendment introduced by Fairfax MP Ted O'Brien (Liberal), which means it failed. The amendment would have changed the words of the usual second reading motion, which is "that the bill be read a second time" (parliamentary jargon for agreeing with the main idea of the bill).

Amendment text

That all words after “That” be omitted with a view to substituting the following words:

“whilst not declining to give the bill a second reading, the House notes that:

(1) the bill seeks to extend two successful Coalition policies;

(2) the Government’s policies have seen energy prices increase by $1,300 more than promised and is now extending Coalition policy to ensure energy prices don’t increase even further;

(3) the Government has only reluctantly decided to support business by extending the Instant Asset Write-Off under pressure from the Coalition ahead of the last election;

(4) this Bill seeks to provide less frequent assessments of ASIC and APRA;

(5) thousands of Australians have lost over $1 billion in superannuation due to alleged misconduct by First Guardian and Shield;

(6) ASIC has been accused of major failures in responding to this crisis which the Government has been silent about;

(7) the Government must explain to the thousands of victims why it is seeking to reduce accountability and transparency for ASIC at this time; and

(8) this bill seeks to clean up a range of the Government’s mistakes including the application of GST to disability services.