Today I chatted with ABC News Radio's Marius Benson about the importance of getting banking and financial sector reform right for Australian consumers. Here's the transcript:
ABC News Radio
TUESDAY 15 JULY 2014
SUBJECT/S: Australia’s banking and financial system; changes to Future of Financial Advice laws
MARIUS BENSON: The future of Australia's banking and financial system could become clearer today with the release of a report by former banker David Murray. That system is dominated by the big four banks and there's been criticism that their record profits of recent years have been underwritten by taxpayer-backed guarantees, but the public hasn't benefited from their success. The Murray Report will also look at the financial advice industry as the government moves ahead with its plans for changes to its Future of Financial Advice laws. For a Labor view on changes in the Australian financial world, I’m speaking to the Shadow Assistant Treasurer, Andrew Leigh.
Andrew Leigh, good morning.
The Abbott Government is cutting thousands of staff from the Australian Taxation Office in the name of budget 'savings'. But there are real concerns these cuts will actually cost Australia millions more than they save through lost revenue.
ATO STAFF CUTS MEANS MILLIONS IN TAX DODGES
The Abbott Government’s deep staff cuts at the Australian Tax Office (ATO) will result in a hit to the federal budget, with new evidence revealing every dollar cut from spending on staff will sacrifice up to $6 in unpaid tax.
The ATO shed 900 staff in the 2013-2014 financial year and will lose a further 2,100 staff by the end of October as part of the government’s drive for savings.
This morning I joined Sky AM Agenda host Kieran Gilbert and Parliamentary Secretary for Defence Darren Chester to discuss the repeal of the carbon tax and the importance of negotiation in the Senate. Here's the transcript:
SKY NEWS AM AGENDA
MONDAY, 14 JULY 2014
SUBJECT/S: Climate change; the new Senate; federal budget
KIERAN GILBERT: Thanks for your company on AM Agenda. With me now, the Parliamentary Secretary for Defence, Darren Chester, and also the Shadow Assistant Treasurer Andrew Leigh. Before we get into our discussion I just want to play you a little bit of what the Environment Minister, Greg Hunt, had to say to the media here in Canberra ahead of the introduction of the repeal again of the carbon tax to Parliament at midday today:
This morning I spoke with 2CC's Mark Parton about why moving public servants out of Canberra would create a less effective APS. Here's the transcript:
2CC - BREAKFAST WITH MARK PARTON
TOPICS: Relocating Australian public servants; carbon pricing
Mark Parton: Let’s go to Andrew Leigh, Federal Member for Fraser for the ALP. He’s on the line - good morning Andrew.
Andrew Leigh: Morning Mark.
Mark Parton: We’ve just had a chat to Andrew Wilkie, he wants to throw the public servants all round the country - he’s dreaming, isn’t he?
Andrew Leigh: Well I can see where the electoral demographics come from with this. Tasmania has got a lot of seats, even though in fact I think I have twice as many voters as Andrew. I think I’ve got the largest seat in Australia and he’s got one of the smallest. But it just doesn’t make any sense…
With the release of the government's Options Paper on replacements for the Australian Charities and Not-for-profits Commission, I've again called for Social Services Minister Kevin Andrews to listen to the voices of leading Australian charities and keep the commission intact.Read more
With reports today that the Treasurer is preparing to legislate "new" measures so global companies pay their share of tax, I was keen to remind the public of the Abbott Government's backward steps in this area. Joe Hockey's measures aren’t new and they don't embrace what Labor sought to put in place.
HOCKEY’S HOT AIR SOLUTION TO MULTINATIONAL PROFIT-SHIFTING
The Abbott Government’s measures on multinational profit-shifting are still considerably weaker than those announced last year by Labor.
Since coming to office, the Government’s only policy announcements on multinational profit-shifting have been to reverse sensible Labor measures.
During a visit to Tasmania today, my colleague, Shadow Minister for Regional Development Julie Collins, and I met with pensioners to discuss the federal budget. We got a warm reception but not surprisingly, they gave the budget the thumbs down. Julie and I subsequently issued this joint media release:
ANDREW LEIGH MP - SHADOW ASSISTANT TREASUER
JULIE COLLINS MP - SHADOW MINISTER FOR REGIONAL DEVELOPMENT AND LOCAL GOVERNMENT
ABBOTT GOVERNMENT’S BUDGET FAILS PENSIONERS
The Shadow Assistant Treasurer, Andrew Leigh, has confirmed the Abbott Government’s Budget is no friend to Tasmania’s pensioners.
Speaking with members of the Tasmanian Pensioner Association in Hobart today Dr Leigh said the Abbott Government’s Budget would affect Tasmanians who could least afford any loss of financial support.
“This Budget not only breaks promises, it breaks the social contract with older Australians,” Dr Leigh said.
I spoke this morning on SKY AM Agenda with host Kieran Gilbert and the Liberal's Mitch Fifield about news that Coalition MPs are urging a sharp cut in the renewable energy target (RET). Here's the transcript:
SKY – AM AGENDA
MONDAY, 30 JUNE 2014
SUBJECT/S: Renewable Energy Target and Coalition backbench revolt; McClure welfare review; Aged Care reforms
KIERAN GILBERT: Joining me now on the program is the Assistant Social Services Minister, Mitch Fifield and the Shadow Assistant Treasurer, Andrew Leigh. Gentlemen, good morning to you both.
Mitch Fifield, first to you, 25 of your colleagues - backbench, members of your government are speaking out against the renewal energy target, saying it should be scaled back, that aluminium should be excluded from it. This is much more than a ginger group, as Graham Richardson has pointed out there. This is half your backbench in the lower house of the parliament.
BREAKING POLITICS – FAIRFAX MEDIA
MONDAY, 30 JUNE 2014
SUBJECT/S: McClure welfare review and disability support; Renewable Energy Target and Coalition backbench revolt; Asylum seeker policy and secrecy.
CHRIS HAMMER: We're joined now by Andrew Leigh, the Shadow Assistant Treasurer and Labor member for Fraser here in the ACT. He's in the studio. And joining us via Skype, Andrew Laming the member for Bowman.
This morning I spoke to ABC 666 Breakfast presenter Philip Clark about calls for a Royal Commission into the financial advice arm of the Commonwealth Bank of Australia which a Senate inquiry found underpaid victims of a scandal and sought to avoid regulatory scrutiny.
ABC 666 CANBERRA – BREAKFAST SHOW
FRIDAY, 27 JUNE 2014
SUBJECT / S: Commonwealth Bank and ASIC report; multinational profit shifting and tax evasion.
PRESENTER, PHILIP CLARK: The Senate Committee into the Commonwealth Bank has called for the country to set up a Royal Commission into the Commonwealth Bank to investigate fraud and forgery and allegations of a cover-up inside its financial planning arm. This issue's been bubbling along for a while, since it was broken in the media about misconduct among CBA financial planners. It's much worse than we had thought. Thousands of Australians lost their life savings as a result of shoddy financial advice. And it ought not stop there. Member for Fraser Andrew Leigh, who's been campaigning in this area and others, is on the line this morning. Andrew, good morning.
SHADOW ASSISTANT TREASURER, ANDREW LEIGH: Good morning Philip, how are you?
CLARK: I'm very well. It's uncovered a pretty dodgy set of dealings inside the CBA which probably does warrant further investigation, doesn't it?
LEIGH: Well it certainly makes troubling reading and it's looking into the Australian Securities and Investments Commission which is the oversight body for financial planners. This is why when we were in government, Labor tightened up the rules around financial advice, because of the Storm Financial affair, Timbercorp - where people not only lost all their money but were left with debts at the end - and Trio. We've had a succession of these corporate collapses. And in our view it wasn't enough to just put all the burden back onto the investors. You had to say financial planners must act in the best interest of the client, and that people had to be opting in to receive financial advice.