Continued the debate
Kovacic opened the committee stage by noting that the chamber was considering amendments moved by Senator Canavan. Kovacic did not elaborate on policy positions in this brief opening statement.
Bill Debate · In Committee
Competition and Consumer Amendment (Unfair Trading Practices) Bill 2026; In Committee
Senate · Thursday 2 July 2026
Continued from Wednesday 1 July 2026.
Official Hansard for this day (APH) · Read this debate on OpenAustralia
At a glance
The Senate considered several amendments to the bill during committee stage. The Australian Greens moved amendments to extend unfair trading practice bans to the financial services sector and explicitly include lead generation, citing the collapse of First Guardian and Shield. The government opposed these, arguing that existing general prohibitions covered harmful conduct and that specific financial reforms were under separate consideration. The Liberal and National parties moved to defer the bill's application to small businesses until 2030, which the government rejected to prevent loopholes. Australia's Voice proposed amendments regarding subscription contract notifications and data collection, which the government also opposed as overly prescriptive. All amendments were negatived.
Outcome
All amendments were negatived in divisions.
Summary in reported speech - not a transcript. AI-generated, so check the official record before quoting.
How the debate unfolded
Government response
Ayres stated that the government was aware of calls to extend unfair trading bans to financial services but was examining those issues separately. Ayres argued that the general prohibition in the bill already captured harmful lead generation practices, noting that not all such behaviour is inherently harmful. Ayres opposed the Greens' amendments, stating the government would oppose them while continuing to consider broader financial sector reforms. Ayres also opposed the opposition's amendment to defer application for small businesses, arguing it would create loopholes and leave consumers exposed, and opposed Australia's Voice amendments as overly prescriptive.
Opposition response
Canavan explained that the opposition opposed the Greens' amendments because investor protection issues should be addressed through specific financial laws rather than consumer protection legislation. Canavan supported the government's separate consultation on First Guardian and Shield. Canavan moved amendments to defer the bill's application to small businesses until 2030, arguing this would allow larger entities to resolve teething issues first and give small businesses time to adjust.
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McKim questioned the minister on why the government had not extended unfair trading bans to financial services, citing support from the ACCC, ASIC, and consumer groups. McKim moved amendments to include lead generation in the ban, linking it to the losses suffered by 12,000 Australians during the collapse of First Guardian and Shield. McKim also moved amendments to extend the ban to financial services and to regulate subscription contracts, expressing disappointment that the government had not acted on these long-held recommendations.
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Brockman asked senators to remain in the chamber as divisions were imminent. Brockman allowed a four-minute bell to permit changes in voting positions before the divisions proceeded.