This is the second time in just three months that the fate of the controversial amendments have been tested with a disallowance motion, passing last night by a narrow margin of 36 to 32.
The amendments were saved with support from the Palmer United Party, Motoring Enthusiast Party, Family First and Liberal Democratic Party cross-benchers.
“The government appreciates the constructive approach taken by and the ongoing support of key cross-bench Senators in support of our financial advice law reforms,” said a statement from finance minister Mathias Cormann.
Senator Cormann reiterated the government’s longstanding position that the amendments will result in “more affordable, high quality financial advice by removing unnecessary and costly red tape, while maintaining all the important consumer protections that matter for consumers”.
Question – if Labor wins the next election and Shorten gets in with all his union and ISF buddies, can they repel FOFA and wind it back to the original proposed legislation or will it have to pass through the Liberals and be voted for/against, etc?
[quote name=”Patrick”]Whar are you two on??? DO YOU WANT to go back to Rudd,Shorton & Gillard killing off everything that is not Industry fund allighned, I cannot fathom your logic, strange comments in the extreme![/quote]
Strongly agree Patrick, if we were unfortunate enough to end up with a Labor govt in the near future it would spell the demise of non industry fund advice, which in istelf would spell the end of advice.
Whar are you two on??? DO YOU WANT to go back to Rudd,Shorton & Gillard killing off everything that is not Industry fund allighned, I cannot fathom your logic, strange comments in the extreme!
Yep, Rod, PUP, “motoring enthusiasts!”, Family First and Lib Dems… what a motley bunch – and then there’s Mathias Cormann!
Once again it confirms to me that we have uneducated morons involved in Australian politics