Andrew Leigh

The Government has released a consultation paper on Australia’s implementation of the OECD-developed Crypto Asset Reporting Framework and associated amendments to the Common Reporting Standard. 

The Crypto Asset Reporting Framework is a new transparency framework responding to the rapid growth of crypto asset markets globally and the challenges this presents for addressing tax evasion and tax avoidance.

The new reporting framework will improve visibility over incomes made through crypto assets to increase compliance with local tax laws via automatic exchange of information between revenue authorities. It works by compelling crypto asset intermediaries operating in Australia to report data on crypto related transactions to the Australian Taxation Office.

HOUSE OF REPRESENTATIVES, 20 NOVEMBER 2024

I thank those members who have contributed to the debate. The Treasury Laws Amendment (Mergers and Acquisitions Reform) Bill 2024 delivers a new, faster, stronger, simpler, more targeted and more transparent merger system that will help deliver what we all want: a stronger, more competitive and more productive economy. Our country is facing some of the most significant structural changes in our history, with increasing digitalisation, particularly artificial intelligence; the net zero transformation; and the rise of the care economy. We need to ensure workers aren't unfairly prevented from shifting to a better job. We must look after the most vulnerable.

HOUSE OF REPRESENTATIVES, 19 NOVEMBER 2024

The creation of the National Broadband Network flowed out of the botched privatisation of Telstra under the Howard government. Telstra was privatised by the Howard government starting in 1997, selling off 49 per cent initially and then selling Telstra into minority public ownership in 2006. That meant, when the Rudd government came to office and called for tenders to build the National Broadband Network, Telstra, then under majority private ownership, produced an extraordinary document. Asked to show how it might build a national network serving 98 per cent of the population, Telstra turned in a desultory 12-page letter which wasn't compliant with the requirements at the time. That meant Telstra had to be removed from the request for proposals process, and then the National Broadband Network flowed. We can only imagine how much more straightforward the process of building the National Broadband Network would have been if Telstra had worked constructively with the government in 2008, but it was not possible, largely because of the decision that the Howard government had made to privatise Telstra.

Subjects: Electoral reform; Supermarkets; National Competition Policy; Renewable Energy

KIERAN GILBERT, HOST: Let's return now to politics. Joining me is the Assistant Minister for Competition, Charities and Treasury, Andrew Leigh. Thanks for your time. A big focus this week on electoral reform. The Crossbench, the Teals - not happy. They're saying that the big parties are ganging up on this reform and trying to rush it through. What do you say to that?

LEIGH: Kieran, this is about trying to get our democracy as healthy as it can be, ensuring that big money doesn't dominate. I think that all Australians want to see elections decided by who's got the best ideas, not who's got the deepest pockets. But increasingly we're seeing billionaire donors around the world influencing election campaigns. We don't want to see that happen here.

GILBERT: But their argument is for an independent, without a profile, sometimes, like the Teals, they might need to spend more than a million dollars to help build their profile up against an incumbent Labor or Liberal candidate. Why not allow that if they can generate that sort of support in a seat?

LEIGH: Well, because ultimately, we need elections to be decided on one person, one vote – rather than one dollar, one vote. We need the elections to be a contest of ideas, not a contest of cash. And we're seeing increasingly around the world the influence of deep pocketed donors on elections. This has been a reform that's been a long time coming. Labor has been very consistent. The way in which we've argued for these spending caps, they've existed here in the ACT for quite a while and I think they've worked very well.

SUBJECTS:  Cash mandate for essential goods and services; regional banking; credit and debit card surcharges; limiting the influence of billionaire donors on Australian democracy.

ROSS SOLLY, HOST: It's 20 minutes to 9. Andrew Leigh is the Member for Fenner, he's also the Assistant Minister for Competition, Charities and Treasury, Assistant Minister for Employment, and he joins us on the Breakfast Show. Andrew Leigh, good morning to you.

ANDREW LEIGH: Good morning, Ross, great to be with you.

SOLLY: It's great to have your company as well. Look, a lot of talking about this announcement that your government's going to make today. Well, first of all, let's work out what are essential goods and services where people will still be able to pay cash?

LEIGH: Well, Ross, 94 per cent of businesses right now accept cash, and we need to ensure that cash remains a viable payment approach for the minority of Australians who use it for the majority of their purchases. So, this cash mandate is something that's been put in place in other countries; Spain, France, Norway, Denmark, some of the US States have it already. You can think of it as about ensuring that those who are using cash don't get left behind by businesses saying, "We're not taking your cash any longer".

University of Canberra Panel on ‘Who Will Save the News?’ - Canberra, 14 November 2024

I acknowledge the Ngunnawal people, on whose lands we are meeting today, pay tribute to all First Nations people presents and recognise the important work that the University of Canberra does towards Closing the Gap.

It's a pleasure to be part of the University of Canberra's Research Showcase. You've brought your research here to the city. It is a reminder of what a terrific job the University of Canberra does in enriching the public debate in the nation’s capital.

Let me start with a story. In 1992, some friends and I decided that we wanted to run to be the journalists and editors of the Sydney University newspaper Honi Soit.

Exposure draft consultation on beneficial ownership reforms

The Albanese Government is taking the next step to deliver its commitment to increase transparency of beneficial ownership in Australia.

Consultation opens today on draft amendments to the Corporations Act 2001 to ensure disclosure of who effectively owns, and controls entities listed on Australia’s financial markets.

These reforms close a substantial loophole that allows sophisticated investors to use complex financial products to mask their interests in some of our most significant listed companies.

The draft amendments also strengthen the Australian Securities and Investments Commission’s investigation and enforcement powers, allowing it to act quickly to freeze opaque holdings that might be being used to circumvent legal obligations or finance crime - including by offshore actors.

Subjects:  US-Australia relationship; Household benefits of competition reform; Supermarket competition; Aviation competition

KIERAN GILBERT, HOST: Let's bring in now the Assistant Minister for Competition, Charities and Treasury, Andrew Leigh live at Federal Parliament. Andrew, thanks for your time. Let's start with the drama out of the United States, Donald Trump, Elon Musk, appointed to the Department of Efficiency along with Vivek Ramaswamy. It's never a dull moment when it comes to Donald Trump and the incoming administration. But are you worried about the impact of tariffs in terms of competition, in terms of Australia's exports?

ANDREW LEIGH: Well, Kieran, US politics is the greatest show on earth and most of us in the Federal Parliament have our share of US political books on our shelves. We're fascinated by the Caro Biography of LBJ and the tales of what's going on there. And I'm sure this administration will trigger its fair share of books. We will continue to advocate for the Australian national interest, which lies in open markets and engagement with a wide range of trading partners. You see Don Farrell's strong commitment to a rules based multilateral trading order. That served Australia very well and will continue to pursue those interests.

The Albanese Government is continuing to crack down on unfair participant pricing with the NDIS Fair Price and Australian Consumer Law Taskforce (The Taskforce) receiving almost 3,000 complaints since its inception.

The Taskforce is a collaboration between the National Disability Insurance Agency (NDIA), the NDIS Quality and Safeguards Commission (NDIS Commission), and the Australian Consumer and Competition Commission (ACCC) – yielding positive results after less than a year of operation.

Subjects: ACCC report on the increased price of capital city route flights; Coles Chairman's comment on Supermarkets; Cost of living crisis, the possibility of Trump imposing tariffs on imports

PATRICIA KARVELAS, HOST: A lack of competition in Australia's skies is pushing the price of flights up. Consumer Watchdog, the ACCC has found on capital city routes discount flights have gone up as much as 95 per cent since Rex and Bonza left the market. So, what can the government do to rein in the power of Qantas and Virgin? Andrew Leigh is the Assistant Minister for Competition, Charities and Treasury, and our guest. Welcome.

ANDREW LEIGH: Thanks Patricia. Great to be with you.

KARVELAS: The ACCC report found on the Melbourne to Adelaide route discount fares went up as much as 95 per cent in the last three months. That is huge. Were you expecting things to get this bad, this quickly?

LEIGH: Absolutely. We've done work through the Competition Taskforce looking at the impact of competition in aviation and the effects are as big as I've ever seen in any other industry, Patricia. The estimates that the Treasury's Competition Taskforce had in is that when you move from a monopoly carrier on a route to three carriers on the route, then the price per kilometre is halved, goes down from 40 cents a kilometre to 19 cents a kilometre. So, it's expected and disappointing that when you had that collapse that you immediately saw prices for flyers increase.