Lambie grenade blows up FOFA changes

Advertisement

From the AFR:

The federal government’s changes to Labor’s future of financial advice laws are about to be unravelled.

Renegade Palmer United Party Senator Jacqui Lambie and Australian Motoring Enthusiasts Party Senator Ricky Muir have broken ranks with Clive Palmer and will join Labor, the Greens and other Senate crossbenchers to disallow the laws.

The government’s changes were enacted by regulation, not legislation. Regulations can be undone by the passage of a disallowance motion in either house of Parliament.

Labor tried in July to pass a disallowance motion in the Senate but was defeated after Mr Palmer backflipped and his three senators plus Senator Muir backed the government.

Good for her. The FOFA changes were awful and deserved to be blcoked. I just hope she sticks to her line that she won’t pass any government legislation unless it raises defense personnel wages, otherwise the RET will be the next grenade launched.

About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.