Continued the debate
Abdo argued that the voluntary industry self-regulation system had failed to provide necessary certainty for Australians, prompting government intervention. Abdo cited expert evidence indicating that fear of genetic discrimination discourages individuals from undergoing tests that could identify preventable diseases such as breast, ovarian, and prostate cancer. Abdo noted that several comparable countries, including Canada and the United Kingdom, have already put limits on using genetic information for insurance underwriting. Abdo explained that the bill amends the Insurance Contracts Act 1984 to ban the use of predictive genetic test results while allowing insurers to consider diagnosed conditions and family medical history. Abdo highlighted that the legislation includes strict liability provisions and assigns enforcement responsibility to the Australian Securities and Investments Commission. Abdo also outlined additional schedules in the bill that modernise financial regulatory frameworks, including licensing exemptions for foreign providers and repealing stage 2 financial adviser registration requirements.