Labor's decision to delay debate on its own motion to disallow key disclosure regulations of the Financial Services Reform Act was another example of its flip-flopping on the issue, the Parliamentary Secretary to the Treasurer, Senator Ian Campbell, said today.
The motion, scheduled for debate in the Senate today, has been deferred until next week.
"Since Labor first moved to junk these regulations more than two months ago there has been a regulatory vacuum, leaving industry up in the air about how fees and charges should be disclosed and denying consumers the added benefits of the legislation.
"They first sprang this stunt at the very last minute and now they have kept up the form by deferring debate on the issue.
"They've had all this time to come up with an alternative proposal, but they haven't. It's a disgrace."
Senator Campbell said the Government was committed to the regulations, which had been developed through extensive consultation over five years.
"The most constructive way forward is for Labor to withdraw the disallowance motion immediately and give this legislation an opportunity to work."
CANBERRA
21 August 2002
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