Addressing the Senate in dissent of the motion, Victorian senator Michael Ronaldson accused the Labor party, and in particular Senator Sam Dastyari, of “duplicity”.
“It is crocodile tears for those who should be protected and it is only about the cheap motives of the Australian Labor Party,” he said in reference to Senator Dastyari’s support of the motion.
He suggested the ALP disenfranchised small business owners in favour of union interests.
“It is quite obvious to me that the Australian Labor Party hates the small business sector,” he said.
“They always have because the small business sector does not support the Labor Party’s philosophical views, which is about big unions and big businesses.”
Senator Ronaldson said if the ALP won in next week’s Victorian election, it would be in debt to the CMFEU.
“The dirty deeds have been done but it hasn’t been dirt cheap,” he said. “There have been tens and tens and tens of thousands of union money going into the Australian Labor Party.”
He predicted crossbenchers who supported Labor in yesterday’s vote would have to answer to their electorate.
“How are you going to look them in the eye tomorrow and say, ‘I had the opportunity to discuss this matter till Thursday of next week and I decided I was not prepared to do so? Instead, I decided to back the Australian Labor Party because of their complete and utter ownership by the trade union movement,’” he said.
Pavel I am a corporate authorised rep of a subsidiary of a bank and pay them an annual fee. I run everything in my business from employing staff to finding premises etc – and bear the business risk – what do you mean I am not a small business ? Clearly you have no idea.
If the Lib’s have any sense they will mandate that all financial service sectors have the same rules.
Also disallowing the Unions from fund ownership and control (how the F did they ever become allowed into it in the first place? Keating era of course).
To do so? Simply act on the Union corruption reports flowing thick & fast…
Come off it dear Senator. Over 80% of financial planners are owned or substantially economically owned or linked to banks and wealth companies – none which can be classed as small business.
So get over it. Your mean and tricky Stealth by Regs ploy failed and Australians are the better for it.
Forget vertical integration conflicts between product and advice by the big 4. We have the ultimate vertical integration here from policy to product… Super fees are generated by Industry Super Funds….which are owned by Trade Unions…which fund the Labour party…who influence policy. What hope has the average suburban financial planner trying to help his clients got?
And the winner is Industry Super (IS)
That’s me gone after 25 years and three finance degrees
No rule of law in Australia
No property rights
No prospect of building a business safely that IS can annex at any time using a couple of illiterate muppets
FOFA does not afford any protection for customers that deal directly with Industry Super Funds nor their influence through misleading advertising and PR.
FoFA must apply to all and sundry – meaning all industry Superannuation Funds as well.