Jo Briskey
Maribyrnong · Australian Labor Party · Australia
“This Saturday night, the mighty Melbourne Vixens are back in another grand final, their fifth in seven years, and we're going back to back. Five of these women also put on the green and gold for the Australian Diamonds, arguably the most successful national team our country has produced. But here's what gets me.”
“Yesterday, that ask was again answered in another large step forward—the biggest expansion of paid parental leave since Labor created the scheme. This week, paid parental leave in Australia is now a full six months, 26 weeks, paid at a higher rate at just over $1,000 a week, with income limits lifted so more families qualify.”
“Superannuation now lands with every payday instead of months behind, which protects workers least able to absorb being shortchanged. Every one of those changes helps on its own, but, arriving all at once, they take the real pressure off working families. That is real change delivered.”
“Before I came into this place, I spent about just over five years as the CEO of the Parenthood, Australia's peak advocacy body for parents and carers. Our work focused on how we make Australia the best place in the world to be a parent. I spent many hours in this building helping amplify the voices of parents and the needs that they had.”
“But this government is changing it. We're funding pay rises for female dominated sectors like aged care and early childhood education, and the gender pay gap is the lowest it's ever been. This week, paid parental leave grew to 26 weeks, with super paid on top, so that raising a child no longer costs a woman her career or her retirement.”
“When it began in 2011, it gave families 18 weeks, and I watched it change households. I also watched how quickly it could be put at risk. In 2015, parents who used the scheme exactly as it was designed got branded double dippers by those opposite, as if caring for a newborn were a rort.”
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“It is the pensioner in Moonee Ponds rationing medication across the fortnight because the pension doesn't stretch as far as it used to. These are not edge cases. They are the stories that sit with me long after the conversation has ended. They represent the central moral test of our time, a test that demands a government capable of being both focused and compassionate—not one or the other but both. That is what this government is delivering, and I am proud to play my part. To understand where we are going, we must first be honest about where we started. In 2022 we did not inherit a strong economy. We inherited a decade of drift, of denial and delay and of hollowed-out services that were quietly degraded while the government of the day congratulated itself on management it never actually delivered.”
“My electorate is not a postcode; it is a living, breathing argument for what Australia can be at its best: diverse, aspirational and fundamentally kind. Every decision that I make in this place I make with those streets and those people in mind. When I go doorknocking, the conversations are almost always the same: the cost of living, access to health care, education and decent jobs. They are not political talking points but the lived daily reality. It is the single mum in Avondale Heights wondering whether to fill the prescription or to fill the fridge. It is the young couple in Flemington doing the maths on a mortgage and quietly deciding not to bother, not because of lack of ambition but because the numbers just don't add up.”
“I rise today with a profound sense of purpose, because what we are delivering as a Labor government is not an abstraction; it's a statement of values, a declaration of the kind of country we are choosing to build and a reflection of who we are as a people. When I first stood in this place, I spoke about the community that sent me here—about Flemington, where migrant and refugee families are writing new chapters of the Australian story; about Moonee Ponds where pensioners and uni students share the same footpaths and the same hopes, and where a Puckle Street cafe is as likely to host a first date as it is a retirement lunch; about Airport West and Gladstone Park, where working families get up early, work hard and ask fairly that their effort be rewarded and that the economy be on their side, not working against them.”
“We have delivered tax cuts for every taxpayer, pay rises for low-income workers, cheaper medicines and a stronger Medicare with more bulk-billing so Australians can see their GP for free. The escalation in the Middle East is a sobering reminder of why a responsible, measured approach is important. While those opposite seek to politicise a global crisis for their own political gain, this government will continue doing the work Australians actually expect of us: securing fuel supply, working with industry, protecting consumers, strengthening our economy and delivering real cost-of-living relief, because Australians deserve a government that steadies the ship, not an opposition that is desperately trying to sink it.”
“We've asked fuel companies to work closely with farmers and small businesses to ensure that they can access the fuel that they need to keep their businesses functioning. We know Australia is not immune to these global shocks. The conflict in the Middle East compounds uncertainty for global growth and inflation. But our economy is built on a foundation of resilience, not rhetoric. It remains strong and it is well placed to get through this latest global upheaval. Of course, we understand that Australians are feeling the pinch. That is why our focus remains steadfast, on meaningful relief, whilst those opposite talk down the economy and focus on their own importance.”
“They have also flagged that any necessary ACCC exemptions are granted, and the doubling of penalties for false and misleading conduct. Because of the proactive actions of this government, fuel retailers have been put on notice. The ACCC has made it clear it will not hesitate to act if businesses break the law. Importantly, we have given the ACCC the powers it needs to do the job properly. We have increased the maximum penalty for serious breaches fivefold to $50 million. We've extended the ACCC's petrol price monitoring powers for another five years and ensured it can issue on-the-spot fines if it suspects false or misleading statements. These measures are about protecting Australian consumers, but industry also has an important role to play.”
“From the moment we came to office, we took practical steps to strengthen Australia's fuel security and ensure our systems were resilient in the face of global shocks. In case those opposite have lost sight of it in their political games, there is a war happening in the Middle East. It is an international crisis. People are being displaced, our allies are being attacked, and Australian lives are at risk. This is not a commercial opportunity for retailers, and it's certainly not a political opportunity for those opposite. While the opposition is busy stoking and spreading fear, the Treasurer and the Minister for Climate Change and Energy have asked the ACCC to ensure that fuel retailers do not use the events in the Middle East as an excuse to price-gouge Australian motorists.”
“It is not to serve their own political interests at the expense of the national interest. This type of behaviour is not only dangerous; it is unhelpful and it is dishonest. Australians have every right to be concerned when major international events threaten global supply chains. The escalation of conflict in the Middle East is serious, and it has implications for energy markets around the world. Australia is not alone in this challenge. But let's be absolutely clear about the facts when it comes to Australia's fuel supply. Our nation is fuel secure. In fact, we are above our minimum petrol stock obligations. As the minister confirmed in question time today, this stock has not yet been accessed, because the supply to Australia continues strongly. We are in a stable position because this Labor government acted.”
“It is extraordinary that the Leader of Opposition Business, a senior member of the opposition who has been in this place for more than 15 years and has served as a cabinet minister, would choose to use his time in this chamber to fearmonger and to attempt to scare the Australian people. At a time of global uncertainty, Australians deserve facts and leadership. What they do not need is an opposition once again choosing to amplify anxiety during a crisis for their own political gain. I do acknowledge the member for Riverina on his message not to panic buy. It was good to see that. I'm glad to hear that. But those opposite know, and many of them saw it firsthand when they were in government during a pandemic, that when global events create uncertainty, the role of members in this place is to reassure Australians and provide clarity.”
“We spoke about the advice we wished we had received when we were 17, the resilience required to thrive where you aren't always expected to and the importance of women supporting women. It was fantastic to see such strong representation from Kensington Community High School, Lowther Hall Anglican Grammar School, Mount Alexander College and Rosehill Secondary College. The energy these students brought to the room was infectious. To all the students who attended: your conversations were sharp, your passion for equity was clear and your leadership is already making a mark. Finally, my big thanks to Jill and the team at Windy Hill for their warm hospitality and for providing a perfect backdrop for such an inspiring morning. These young women aren't just future leaders; they are leading our schools and suburbs right now.”
“Last Friday I had the honour of hosting a room filled with bright and formidable young women who will lead our community into the future. My inaugural International Women's Day Young Leaders Breakfast brought together students and teachers from across my community to reflect on what it means to balance the scales. We were joined by three extraordinary women who have spent their careers doing exactly that, breaking glass ceilings and reclaiming space in traditionally male-dominated industries. I want to thank Bonnie Toogood and Steph Wales from the Essendon Football Club's AFLW team and the Hon. Jill Hennessy, former Victorian attorney-general and minister for health. We had a refreshingly open and practical discussion.”
“But, beneath those technical provisions, we are ensuring that the thousands of Australians who work in this building are supported by systems that are coherent, effective and fair. It continues the work begun through the Jenkins review and reinforces this parliament's commitment to building a safer, more respectful workplace for everyone who serves our democracy. I commend the bill to the House.”
“They are the staff who answer phones, draft legislation, organise community visits, maintain the building, prepare committee hearings and keep the machinery of democracy moving. When my daughters, Gweny and Margot, come to visit this place, I want them to see more than the grandeur of the building or the theatre of the parliamentary debate. I want them to see a workplace that reflects the values we expect across the country—a workplace where people feel safe raising concerns, a workplace that recognises the pressures faced by working parents, a workplace where respect is not an aspiration but a standard. This bill may deal with statutory reviews, legislative alignment and timelines. It is technical legislation.”
“That sense of isolation was deeply felt. But, through the advocacy of workers, through the work of the Jenkins review and through the most recent enterprise bargaining agreement negotiations, we have seen meaningful progress. When workers are able to organise and speak collectively about their experiences, institutions improve. That is as true in this building as it is in workplaces across the country. Earlier I spoke about the risk of forgetting that this is a workplace. For many Australians, Parliament House can feel distant, an institution that they see on their televisions rather than a place filled with thousands of ordinary working people. But those people are here every day.”
“By moving to a five-year cycle we give these reforms the space to actually work before we pull them apart again to see if they are functioning. Cultural reform does not happen overnight. It cannot be measured solely through the short cycles of legislative review. The changes initiated through the Jenkins review require time to embed, to influence workplace behaviour and to build trust among the people they are designed to support. It allows us to gather real data and meaningful feedback from staff and unions. I want to acknowledge the role played by the Community and Public Sector Union and its members in advocating for better conditions in this building. The Set the s tandard report highlighted that many staff employed under the MOP(S) Act felt disconnected from traditional workplace protections and industrial processes.”
“The MOP(S) Act outlines their employment, the PWSS Act is a support and learning system and the PBR Act is the resources some use to do their job. You cannot review and fix one without understanding the others. As part of the recent MYEFO, our government committed $7.5 million to support this comprehensive review. We see this not as a bureaucratic tidy-up but as a major investment in ensuring these frameworks are fit for a modern, diverse and evolving workplace. This bill also extends the frequency of future periodic reviews of the PWSS Act from every parliamentary term to every five years. This does make the review less frequent, but it provides stability, which helps continue the deep cultural change of the kind that we are trying to achieve, and the time it needs to bed down.”
“That complexity is precisely why this legislation is necessary. The work that has gone into changing the standards of this complex ecosystem cannot continue to be reviewed in isolation. Currently, the laws that govern this building are on different review cycles. This creates a patchwork of oversight. We review one law while another is mid-cycle, meaning we never truly see how they interact on the ground. This bill changes that. It aligns the statutory reviews of these three acts so they can be conducted as one holistic review during the 48th Parliament. Why does this matter? It's because the staff who work in this building deserve to be supported, to have access to adequate resources and to be given real job security.”
“It reaches directly into electorate offices like mine in Moonee Ponds and into every single community across the country. The staff in our local offices are often serving as the first point of contact for Australians who are vulnerable or in distress. Every day they manage heavy, emotionally taxing case work and work tirelessly to resolve local issues. They do all of this whilst being geographically isolated from the immediate resources of Canberra. These local teams face a distinctly different set of daily workplace pressures and safety risks compared to those working in this building, yet they are employed by, governed by and entirely reliant upon the exact same central legislative frameworks. If the systems meant to protect them are fragmented or misaligned, it is these staffers who are most at risk of being left behind.”
“It is a dedicated, confidential, trauma informed service designed to support staff navigating difficult situations. Since its establishment, the PWSS has assisted hundreds of people by providing advice, mediation and, in some cases, complex case management. For many staff, it has created a pathway to raise concerns that previously would have felt impossible. The PWSS does important work to support parliamentary workplaces that are made up of multiple workplaces, each with their own cultures. They are populated by people who work under multiple different employment arrangements and who do not report to one central agency. Crucially, we must remember that this ecosystem extends far beyond the physical footprint of this capital.”
“We're talking about the security officers who keep this building safe, the cleaners who begin work long before many of us arrive, the catering staff who keep the building running, and the advisers whose work underpins the decisions made in this Chamber. All of these people find themselves working long hours in a high-pressure environment. The parliament asks a great deal of them. It is only right that the systems designed to support them are fair and fit for purpose. One of the most significant outcomes of the Jenkins review was the establishment of the Parliamentary Workplace Support Service, PWSS. The PWSS represents a fundamental shift in how this parliament responds when things go wrong and the education required to change culture.”
“It emerged from the lived experiences of staff who endured cultures that were at times toxic and harmful. It was a moment of reckoning for this parliament—a recognition that for too long some of the people who keep this place running felt invisible, unsupported and unsafe. When we talk about the people who work in this building, I want to be clear about who we are talking about. We are talking about the staffer who flies across the country with their MP to serve their community. We're talking about the House and Senate staff who endure long proceedings and ensure that proceedings run smoothly no matter how late the sitting goes.”
“On any given day when this parliament is sitting, there are upwards of 4,000 people inside this building. A quarter of these people are employed under the Members of Parliament (Staff) Act, and more than half of these 4,000 people are supported by the Parliamentary Workplace Support Service Act. When you walk into this building during a sitting week, you are greeted with an ecosystem that is unlike any other. It feels like its own city within a city, with many siloed departments. Because of this, at times, some have lost sight of the fact that this building may be the home of democracy but it is first and foremost a workplace for thousands of Australians. It is the responsibility of this parliament to never forget this fact. The Set the s tandard report commissioned by Kate Jenkins did not appear out of nowhere.”
“We've set ambitious targets and are now building more homes, helping more Australians into their own home and making it easier and fairer to rent. In my electorate alone, nearly 400 new social and affordable homes have already been delivered, more than the coalition managed to deliver across the country in a decade. While we deliver real cost-of-living relief, tax cuts, cheaper medicines, energy bill support and cut student debt, what do those opposite do? Do they vote against it every single time. The contrast could not be clearer. Whilst others revel in grievance to further their own political agendas, we on this side of the House remain steadfast on one agenda: to deliver for working Australians, and for their families, and to build a stronger and fairer future. (Time expired)”
“Delivery is the word that defines this government and a word that clearly separates us from those opposite. When we came to office in 2022, we promised Australians we would turn the corner after a lost decade of denial and neglect—denial on climate change, neglect on a housing crisis and a decade spent weakening the very institutions Australians rely on, like Medicare. So we got to work. We didn't just restore Medicare; we strengthened it. That's why today we now have twice as many fully bulk-billing GP clinics in Maribyrnong, so more people in my community can see their GP for free. We're delivering cheaper medicines by cutting the PBS scripts to no more than $25. On housing, leadership was absent for years. Australians waited while those opposite looked the other way. They didn't even bother having a housing minister. Labor stepped up.”
“We know what works: early intervention, stable housing, economic security, accessible counselling, strong legal protections and perpetrator accountability. The challenge is sustained implementation. There is urgency because the harm is real and ongoing, but there is also possibility because we are building the systems, funding the workforce and embedding accountability. We will continue this work methodically, collaboratively and with resolve until safety is a guarantee for every woman and every child in this country.”
“Nationally, there are approximately 9,000 specialist domestic and family violence workers, yet the majority of cases are still managed across the broader health, justice, housing and policing systems. If we are serious about implementation, about turning plans into protection, we must strengthen and stabilise the front line. That is what this investment does. Ending gender based violence is not the responsibility of one portfolio or one tier of government. It requires coordination across housing, justice, education, health, employment and social services. It requires prevention, teaching respect and equality early, and it requires accountability. The commissioner reminds us that the challenge is not identifying solutions.”
“This expanded investment recognises the skill, expertise and emotional labour of specialist workers supporting women and children fleeing violence. Frontline workers are the people who answer calls for help, support families in crisis and guide victims-survivors through recovery. Their work is complex and deeply important. Supporting this workforce means ensuring they have the resources and stability needed to continue providing critical services. This funding supports the sustainability and security of this critical workforce, with funding flowing to states and territories from 1 July under the family, domestic and sexual violence federation funding agreement. The commissioner's report is clear—demand continues to outpace capacity.”
“Legal assistance also remains a cornerstone. We have committed a record $3.9 billion to the legal assistance sector over five years, including an additional $800 million for family violence and women's legal services. This investment strengthens the ability of community legal centres, legal aid commissions and specialist services to support victims-survivors through complex legal processes. But reform is only as strong as the workforce that delivers it. Today, the Albanese Labor government announced a 72 per cent funding boost for frontline family, domestic and sexual violence workers. This is a new $291.7 million investment in the next phase of the 500 Workers Initiative. It builds on the $169.4 million invested in the 2022-23 budget to deliver 500 additional frontline workers in every state and territory.”
“The government has strengthened online safety laws, taken action against image based abuse and stalking technologies and continues to support enforcement through the eSafety framework. These reforms recognise that abuse increasingly occurs through digital forms and connected technologies. We've also introduced the National Higher Education Code to Prevent and Respond to Gender-based Violence, strengthening accountability across universities. Students deserve to pursue education in environments that are safe, respectful and free from violence and harassment. We are investing in children with funding committed for child focused counselling and recovery services, recognising that early support changes life trajectories. Children who experience violence require specialised support to help them recover and thrive.”
“Through the Housing Australia Future Fund and related programs, we are delivering thousands of new social and affordable homes nationwide alongside targeted investments in crisis and transitional accommodation. These investments recognise that safe housing is essential for long-term stability and recovery. We are also holding perpetrators to account with more than $80 million invested in initiatives targeting high-risk and serial offenders, improving risk assessment and intervention. Strong responses to perpetrators are necessary to reduce repeat offending and protect victims-survivors. Technology-facilitated abuse is one of the fastest-growing forms of harm.”
“No-one should have to choose between safety and a pay cheque. Workplaces play an important role in supporting safety and stability, and these protections recognise that employment security can be a vital part of recovery. We've also acted to prevent the misuse of government payments, recognising that financial control is a core element of coercive control. Ensuring that payments reach the person they are intended to support helps strengthen financial independence and prevents further harm. Housing is fundamental to safety. Around 40 per cent of people accessing specialist homelessness services have experienced domestic and family violence. Escaping violence must not mean entering homelessness. For too many victims-survivors, the absence of a safe and affordable house can make leaving a violent relationship so much more difficult.”
“But crisis support is only one part of the response. Victims-survivors also need practical support to rebuild their lives. We made the Leaving Violence Program permanent, providing financial assistance of up to $5,000 to help eligible victims-survivors leave violent relationships safely. For many people experiencing violence, financial dependence is one of the most significant barriers to leaving. Access to immediate financial assistance can help people secure temporary accommodation, transport, legal advice or essential items during a time of crisis. Ten days of family and domestic violence leave is now a permanent entitlement for all employees. We have strengthened protections so that victims-survivors cannot be discriminated against or dismissed because of their experience of violence.”
“It intersects with housing, health, education, justice, employment and community wellbeing. Addressing it requires coordinated action across all levels of government and across multiple systems. It begins with making sure help is there when someone reaches out. 1800RESPECT, the National Domestic, Family and Sexual Violence Counselling Service, responded to more than 340,000 contacts last financial year across phone, online chat, SMS and video. Each of those contacts represents a person seeking support, advice and safety. To ensure every contact is answered, the government delivered a 40 per cent funding boost, an additional $41.8 million, bringing the total investment to $146.8 million through to 30 June 2027. That funding expands capacity and supports new communication channels, recognising that not everyone can safely pick up the phone.”
“Behind every statistic is a story of someone trying to stay safe while navigating systems that were not always designed with their safety at the centre. Behind those numbers are lived experiences in communities across the country, where individuals seek safety, stability and dignity. Ending domestic, family and sexual violence requires early intervention, crisis response, recovery support and prevention. It requires sustained national leadership and a commitment that extends beyond any single policy decision. That is why the Albanese Labor government has committed more than $4 billion since 2022, across prevention, early intervention, response and recovery measures under the national plan. This investment recognises that violence against women and children is not an isolated issue.”
“'I'm struck not by despair but by a profound sense of possibility and urgency.' Those are the words of Australia's Domestic, Family and Sexual Violence Commissioner in her most recent annual report to this parliament. That report tracks our progress under the National Plan to End Violence against Women and Children 2022-2032. It is both a stocktake and a call to action. The scale of the task is clear. According to the Australian Bureau of Statistics' personal safety survey, one in four women has experienced violence by an intimate partner since the age of 15 and one in five has experienced sexual violence. One in eight Australians have witnessed violence between a parent and a partner as a child.”
“It also positions Australia to remain a trusted, competitive and forward-looking participant in global markets. It is thoughtful reform, it's responsible reform, it is better targeted, it is better balanced, and it's better for Australians. I commend the bill to the House.”
“It doesn't disregard institutional knowledge; it integrates it within a more modern and coherent structure. For the people of Maribyrnong, this reform helps ensure that the governance and structural arrangements of our economic institutions are best positioned to build a more competitive, dynamic and productive economy. This is important for retirement savings. It's important for business confidence. It's important for long-term economic security. A competitive economy requires credible institutions. A productive economy requires coherent governance. A fair economy requires transparency and accountability. This bill advances all three objectives. It modernises Australia's financial reporting architecture. It strengthens coordination and clarity. It embeds sustainability within our core framework.”
“When a local business in Moonee Ponds seeks capital, lenders and investors rely on clear and consistent reporting standards. When public sector bodies publish financial statements, communities rely on integrity and transparency. Institutional quality affects economic security. Trust is foundational to economic stability. People plan for the future when the system is predictable. Businesses invest when the regulatory environment is clear. Markets allocate capital efficiently when participants have confidence that the rules are fair and consistently applied. Strong reporting standards reinforce that trust. Transparent governance enhances credibility. Clear accountability strengthens confidence. This bill does not seek to reinvent Australia's financial system but works to strengthen it.”
“If the bill receives royal assent before 30 June 2026, a four-month transition period will commence on that date, with External Reporting Australia beginning operations on 1 November 2026. If royal assent is received after that date, commencement will occur on the first day of the first calendar month four months after royal assent. This timeline ensures continuity of expertise and certainty for the profession and the market. Transitional provisions maintain the validity of existing standards issued by the current bodies. This is careful reform, not reckless change. Financial Reporting standards may not dominate everyday conversations, but they underpin the confidence that allows markets to function effectively. When a worker in Essendon reviews their superannuation statement, they rely on accurate corporate disclosures.”
“There will be alignment between responsibility for performance and capacity to address issues when they arise. Conflicts of interest will be managed. Authority and responsibility will be clearly aligned. This bill also addresses unnecessary overlap. ERA will not assume the Financial Reporting Council's existing role in monitoring audit quality, a function already performed by ASIC. ASIC possesses the investigative powers, compulsory mechanisms and enforcement remit necessary for that role. Clarifying responsibilities reduces duplication and enhances regulatory coherence. Without this function, ERA will be better positioned to direct its specialist resources toward its primary role of setting standards in its establishment phase. The transition arrangements are orderly and responsible.”
“First, in regard to flexibility, we are removing structural barriers so that future standard-setting needs can be more readily accommodated. Financial markets change rapidly. The rise of digital assets, evolving global disclosure standards and technological disruption require an institutional framework that can adapt without delay. Second, in regard to preserving what works, Australia benefits from world-class accounting and auditing expertise. This reform retains dedicated technical boards and safeguards the rigour that underpins our standards. It integrates expertise within a stronger and more cohesive framework. Third, in regard to strengthening accountability, ERA will operate under workable and appropriate governance arrangements.”
“Consumers and shareholders expect transparency about how companies are positioned in a changing global economy. By embedding sustainability reporting within Australia's core financial reporting architecture, we ensure that these disclosures are treated as integral to financial accountability, not as optional or peripheral considerations. This positions Australia alongside other leading jurisdictions that are modernising their reporting frameworks to reflect global expectations. It provides certainty to business, it enhances investor confidence and it supports capital flowing to productive, sustainable opportunities. The design of the ERA has been guided by three clear principles: flexibility, preserving what works and strengthening accountability.”
“It reduces duplication, it strengthens coordination, it provides clearer strategic oversight, and it ensures that Australia can engage more effectively in international standard-setting processes rather than simply respond to them. This is structural reform grounded in economic reality. A central feature of the ERA will be the establishment of dedicated technical boards, including one specifically focused on sustainability standards. This reflects a simple and widely recognised truth: climate risk is a financial risk. Investors increasingly demand consistent, reliable and comparable disclosures about how organisations manage environmental and transition risks. Superannuation funds require that information to assess long-term exposure. Banks and insurers incorporate it into risk modelling.”
“These bodies have contributed greatly to the integrity of Australia's financial reporting system. They have helped to build a framework that is respected domestically and internationally. But financial markets have evolved significantly. Global supply chains are more complex. Investment flows are faster and more interconnected. Reporting expectations are increasingly international in scope. Sustainability and climate disclosures are now central to financial decision-making. In that environment, a fragmented structure is no longer the most effective way to deliver strategic coherence. ERA consolidates these standard-setting functions whilst preserving the deep technical expertise that underpins high-quality standards in this country.”
“A strong economy needs integrity, and this bill delivers on that. Integrity in our markets is crucial because, when people trust the system to be fair and honest, they are more willing to invest, innovate, expand and plan for the future. That confidence underpins a strong economy for everyone, from global investors to local businesses to working families. At the heart of this reform is the establishment of a new body, External Reporting Australia, ERA. ERA will bring together Australia's accounting, auditing and sustainability standard-setting functions within a single coherent institutional framework. It will serve as a one-stop shop that consolidates the functions of the Australian Accounting Standards Board, the Auditing and Assurance Standards Board and the Financial Reporting Council.”
“Young families in Moonee Ponds are thinking about their children's future and how to make ends meet today. We know Australians are still under pressure, and that is why we are delivering real, practical and ongoing help with the cost of living, including two more tax cuts for every single Australian taxpayer—one this year and another the next. Immediate relief is what Australians need, and that is why we are strengthening Medicare, investing in skills and productivity, backing wage growth and supporting households. But long-term economic confidence is just as vital. A resilient economy depends not only on fiscal measures but on institutional strength. It depends on credible governance. It depends on clear rules that are consistently applied. It depends on markets that operate with integrity.”
“They stand for higher taxes, lower wages, bigger deficits and more debt. We have taken a different approach. We have worked hard to turn this around, and we have made real progress together. Inflation has moderated significantly from its peak, though we recognise it remains higher than we would like. Real wages are growing again. Employment remains strong. Participation is at near-record highs. Fiscal repair has progressed. And we are clear-eyed about the pressures Australians continue to face. In my electorate of Maribyrnong, families speak to me about the price of groceries, electricity bills and mortgage repayments. Small-business owners in Flemington and Kensington talk about cost pressures and access to finance. Retirees in Gladstone Park and Avondale Heights want stability and certainty in their superannuation.”
“They focused on short-term political management rather than long-term institutional strengthening. Overlaps were tolerated. Fragmentation was accepted. Modernisation was delayed. The Liberal and National parties are reckless with the economy, and they are reckless with community safety. They are divided and dangerous, and it is always the Australian people who pay for it—they pay for their dysfunction. They, on the opposite side, are demonstrating they are far more focused on themselves and far-right ideological culture wars than they are on the cost-of-living pressures that are facing working families. They have consistently voted against policies that would take the pressure off ordinary Australians, because they are more interested in their own politics than in your household budget.”
“Where responsibilities overlap or strategic direction is diffused, efficiency is diminished. But where institutions are streamlined, accountable and aligned with international best practice, confidence grows. This bill is about strengthening that confidence, because confidence underpins investment productivity, retirement savings and long-term economic stability. However, we can't discuss this reform and not acknowledge the economic inheritance this government faced. When we came to office we inherited a trillion dollars of Liberal debt, entrenched structural deficits, inflation running at elevated levels and real wages declining. Institutional drift had been allowed to persist in too many areas of economic governance. For a decade, those opposite were comfortable postponing structural reform.”
“This legislation, the Treasury Laws Amendment (Financial Reporting System Reform) Bill 2026, represents an important and timely modernisation of Australia's financial system. It ensures that the institutions safeguarding market integrity are as strong, credible and forward-looking as the economy they oversee. If Australia is to remain a competitive and trusted destination for investment, our financial reporting framework must be clear, coherent and internationally respected. In a global economy, capital does not wait. Investors compare jurisdictions, markets price risk quickly and businesses operate across borders and time zones. In that environment, transparency and consistency are not optional extras but prerequisites for confidence. Where reporting systems are fragmented or duplicative, clarity suffers.”