Hon Chair, this is another of those Bills that we must pass to bring ourselves in line, and by all accounts, from what we understand, it is supposed to be a good Bill. Our concern is that our understanding of this Bill and how it will, in fact, be implemented, is limited.
Some of my colleagues on the right may raise their voices and say: Your understanding is limited because you haven't studied it well, you haven't listened well, and you haven't done sufficient work. This is a Bill that runs to over 75 pages of extremely technical material, most of which empowers several organs of state to adopt several layers of additional technical materials and forms, regulations, directives and ... [Interjections]. Yes, Mr Jeffery, I've read it, and if you want to come with me on TV, we can have an exchange on our respective understanding of the legislation - between you and I or any of your colleagues. I dare you to do it and see who really understands what we are adopting, Mr Jeffery.
This Bill has been passed by Parliament at extreme speed, and it has happened when there was a sense that the banks, the financial markets and the Reserve Bank were satisfied with it.
I tried to follow the public's submissions and have a clear sense that the balance of representation was not complete before the committee. There is more - I would have liked to know more and would have liked to have more attentive understanding and deliberation of this Bill, but that has not happened. So, with the benefit of such limited understanding and with the ignorance of which the Minister will undoubtedly accuse me, we are in the position of supporting this Bill.