Regulatory Reform Omnibus Bill 2026

Dr MULINO (Fraser—Assistant Treasurer and Minister for Financial Services) (15:23): I move: That the amendments be agreed to. Australians who turn to the Compensation Scheme of Last Resort have often already experienced significant financial loss and have in many cases been waiting for a considerable period to receive compensation. These amendments will ensure eligible consumers receive compensation as quickly as possible.

This is a targeted and practical reform that will simply shorten the disallowance period from 15 days to five sitting days, aligning the CSLR with arrangements that already apply to ASIC industry funding levies. Importantly, these amendments do not remove parliamentary scrutiny. The government will also continue to undertake a transparent process in determining the special levy.

For affected consumers, bringing compensation forward by a number of months can make a real difference. I commend the amendments and the bill to the House. The SPEAKER: The question is that the amendments be agreed to.