Madonna Jarrett
Brisbane · Australian Labor Party · Australia
“Parents, teachers and mental health professionals have increasingly expressed concern that social media companies have prioritised engagement and profit over children's wellbeing.”
“Since the introduction of those reforms, we have seen over five million accounts belonging to under-16s deleted off social media. That's an outcome, Member for Casey. This is a very positive development.”
“Protecting big tech or protecting young children—easy choice. Those opposite have the wrong priorities for this country, and we see it time and time again, whether it's keeping Australians locked out of the housing market, not supporting wage increases, voting against higher taxes or not acting on climate change.”
“Fourth is greater protection from online predators, scams and harmful content. Finally, the reforms send a strong message to the technology companies that child safety should be built into platform design rather than treated as an afterthought.”
“Platforms such as Instagram, TikTok, Facebook and X are all central to our modern lifestyle. But, while they're great opportunities to learn, to be creative, to connect, they also expose young people to significant risk. I'm going to make a point here: there is research behind this. There are facts that support this.”
“I'm pretty proud that the government is standing strong against big tech because that's what we need to do. We went out alone, but there are 16 more countries that are coming in behind us, which is pretty important. That's a pretty strong contrast to those opposite, who have chosen big tech over Australian kids.”
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“Not only did we see the wonderful care our educators deliver, but we got to hear firsthand how getting more money in the pocket makes a difference to many families. For those workers, it helps them get their food on the table and pay their bills, but, very importantly, something that's not often talked about is the fact that carers felt more valued and appreciated. We can't underestimate the impact this can have on the confidence, performance and commitment to workplaces and the children that go to these centres. For too long, the work of these people has been undervalued, and women have been financially disadvantaged, including into retirement, with less super than their male counterparts.”
“History shows that when the answer is, 'We can't afford it,' it's usually the woman who stays at home, and we know the negative impact this has long term. It makes women poorer in retirement, not to mention their lost contribution to our communities and our economy. As Minister Rishworth has said, Labor backed wage increases for low-paid workers in each of the last three annual wage reviews. This has helped workers in aged care, health care and early childhood education. They got bigger paycheques, and these went to especially women, who make up the majority of workers in the care sector. Late last year, I had the privilege of meeting some early childhood education workers in my electorate with Minister Walsh.”
“Young people voted for this, and we are delivering this much-needed cost-of-living relief. Labor is making free TAFE permanent and is providing paid prac for nurses, midwives, social workers and teachers. This not only helps with cost of living but provides an incentive for workers to join these professions. We will continue to deliver affordable child care closer to home. There'll be more childcare centres and three days of early childhood education guaranteed, which started this year. This will save many families on average almost $1,500 a year. This sort of change and this sort of package makes it easier for mums, dads and carers when they're having those dinner table conversations and wondering whether or not both parents should be working or not. It makes it easier for them to decide yes.”
“So these bills put money behind this plan, enabling the Albanese Labor government to deliver for Brisbane and every other electorate across this country. Let's start with cost-of-living relief. Under Labor, 14 million Australian taxpayers will get a new tax cut this year and next. Last year, Australians received $150 in energy bill relief, and in Queensland the former state Labor government delivered consecutive energy bill rebates, which meant many residents in Brisbane didn't pay an energy bill, some for over a year, until recently. Labor has cut 20 per cent off student debt. This is going to help Patrick, Angus, Jack, Nathan, Emily and Josie in my electorate, who, amongst others, will see their student debt cut, some up to $10,000. This will help almost 34,000 students and graduates with student debt living in Brisbane.”
“I rise in support of the appropriations bills for 2025-26. Just under a year ago, the Albanese government took to the voters of Australia an ambitious plan to ease cost-of-living pressures and to rebuild the economy. That plan was built around three main pillars: that the economy worked for people, not the other way around, that no-one was held back and no-one left behind and that workers would earn more and keep more of what they earn. We hear these words daily in this House. This plan was backed up by an ambitious agenda around a fairer industrial landscape, housing, health care, renewable energy, climate, education and the environment, all designed to simultaneously address the biggest challenge confronting our communities: cost of living.”
“I also say to the women across the country and in Brisbane that, if you're questioning yourself—and we had some of these discussions at the event at Mt St Michael's—just think a little bit. Maybe channel a bit of Michelle Obama: 'Am I good enough? Yes, I am.' Or maybe hear the words of our first Australian astronaut: Every day you need to believe it's going to happen. Happy International Women's Day. Federation Chamber adjourned at 16:50”
“A couple that I'll mention are the $1 billion in the new Leaving Violence Program and the $4.4 billion that followed in September, which includes funding to support legal assistance. The majority-women Albanese government continues to invest in women, putting women and gender equality at the centre of Australia's economic plan and making women's lives safer, fairer and more equal. When women and girls stand equal, families are stronger, workplaces are fairer, communities thrive and society becomes safer and better for everyone. Government plays an important role in driving change for women and girls across the country. This government, as you've heard, has done a lot, but we do have more to do. I'm really proud to be a member of this Labor government that backs women and delivers for them.”
“Alongside that announcement, the Albanese Labor government announced that superannuation will now be paid on parental leave. The government has also taken very strong steps to support working women with the three-day childcare guarantee. Let's briefly talk about housing. It was this government that passed the legislation to establish the Housing Australia Future Fund. More women are buying their homes with five per cent deposits. We're investing in crisis accommodation. In response to the unacceptable rates of violence against women that continue across Australia, the Albanese government has taken a national leadership role and convened National Cabinet meetings on gender based violence. The Commonwealth, states and territories have agreed to increased action to address this violence, and the Commonwealth has made a range of investments.”
“They funded and legislated the implementation of all 55 recommendations of the Respect@Work report. They finalised the National Plan to End Violence against Women and Children They finalised Our Ways—Strong Ways—Our Voices, the National Aboriginal and Torres Strait Islander Plan to End Family, Domestic and Sexual Violence. The government also established the Women's Economic Equality Taskforce and began work on a national strategy to achieve gender equality. In 2022, Labor introduced legislation forcing companies, especially those with over 100 employees, to publish their gender pay gaps. There's a lot going on. On 7 March 2024, the Australian government's Working for Women: A Strategy for Gender Equality was launched by the Minister for Women, the Hon. Katy Gallagher, outlining the government's vision for gender equality.”
“Before EstroGel was listed, women could have paid up to $670 a year, and now they're only paying $25 a script, or $7.70 if they're on concession. Since this package was announced, more than 71,000 women have received Medicare funded menopause health assessments. Since 1 November last year, women in Brisbane have also had access to affordable IUDs and birth control implants, as have women around the country. Women asked the government to take their health seriously, and this Labor government is delivering. Let's look at the workplace. The Albanese government centred gender equality as a key economic issue at the Jobs and Skills Summit. They expanded paid parental leave. They increased funding for child care. They made gender equality an object of the Fair Work Act. They introduced paid family and domestic violence leave.”
“For far too long, women's health has been overlooked, underfunded and misunderstood, even though it's central to women's equality. Last year, our government announced a landmark women's health package, investing almost $800 million in women's health. The investment improves access to long-term contraceptives, provides better support to women experiencing chronic pelvic pain and supports those with menopause conditions. This includes funding 11 additional endometriosis clinics and expanding all 33 clinics to provide specialised menopause care. Since this historic health package was announced, more than 660,000 women have accessed more than two million cheaper scripts. Before Yaz, Yasmin and Slinda were listed, women were paying around $380 a year for their contraception, and now they're paying only $25 a script.”
“There were arguments on merit versus tokenism, but over time the party found accomplished women to run for seats, and that rule changed the culture and a process. The facts speak to its success. The parliamentary Labor team has swelled from under 10 per cent women in 1989 to over 50 per cent now. Further, in May last year, seven of the nine representatives who won in Queensland were women. Their CVs are impressive and they're doing a great job. The tokenism argument is gone. We know that getting women elected matters because it means we can drive the change that women need. We make up half the population, and yet our issues are often misunderstood, dismissed or ignored. I want to say to women all across the country and in my seat of Brisbane: you matter, and this Labor government is listening and delivering. Let's start with health.”
“Slowly, over time, more and more women were elected to parliament and have taken on significant roles. In our party, how can we forget Julia Gillard, who became our first female prime minister in 2010? Jump forward 16 years and what do we see? This Labor government is the first majority woman federal government, with women making up 52 per cent of the Labor caucus. The Albanese Labor government's cabinet is now the first ever federal cabinet to be gender equal, with women comprising 11 of the 22 positions. The representation of women in Labor is not by accident, and I talked a lot about this on Sunday. On 26 September 1994, the ALP made a historic decision to introduce quotas for women. It was highly controversial. I remember it at the time.”
“There's not one winner nor one loser. Balancing the scales is not about asking for special treatment; it's about ensuring that when decisions are made—whether it be in this House, in business, in schoolrooms, in churches, in homes—women are present. Here in Australia, we are beginning to see some real change take form. Throughout history, I think it's fair to say, Labor has been a progressive force for women, establishing many of the reforms and initiatives that continue to drive gender equality to this day. But having women in key government decision-making roles had been slow. When I think about the first federal Labor woman in cabinet, it was Senator Susan Ryan, and that started back in 1983. What a trailblazer she was, the architect of the Sex Discrimination Act.”
“The streets were alive with bright pink shirts, and it was truly a remarkable sight. In the afternoon I returned to my high school, Mt St Michael's College, to deliver a keynote speech to the mothers and daughters at their high tea. At the event, I spoke about the importance of backing yourself and leaning into your values. I shared my story that speaks to how young girls and women have a place in our world, how they can lead and they can make a difference, and how, as others before us have done, we can use our experiences, our courage and resilience to better balance the scales. While I believe each of us can make a difference on our own, I do believe we need women in decision-making roles to make those scales tip more quickly. I'm not talking about pushing men down. I'm talking about making sure we all rise. It's not a zero-sum game.”
“This Sunday just gone, as we just heard, was International Women's Day, and the theme for that day was 'Balance the Scales'. It's a day when we reflect and honour the women and girls from all walks of life: young women, courageous women, inspiring women, pioneering women, girls growing up to be women, brave women, women who take on other people's burdens, radiant women, tenacious women and all the women in between. Women matter, and their voices matter. For this International Women's Day, I joined the member for Griffith and the member for Moreton in the sea of pink at the Mater fun run in Brisbane. Mater Chicks in Pink exists so no woman has to face breast cancer alone. This year they raised more than $2 million in donations and had over 25,000 participants.”
“Our government is proud to support sporting clubs across the Brisbane electorate. When we invest in sport not only do we inspire the next generation of leaders, teammates and champions but we strengthen the social fabric that holds our community together.”
“During the election I committed $350,000 for the installation of new lights, which will improve the conditions for players and other participants, as well as improving safety while training and for competition. It will enable a wider variety of sports to be played on the field, opening up the facilities to potentially more activities and to a much more diverse group of participants. This commitment will also support the park's water infrastructure. It will double its capacity, reducing operating costs and saving water, which is very important to our environment, as well as helping to improve the playing surface. Everyone needs their group—their peeps, people they can count on, people who inspire them and people they can learn from. Sport provides one avenue for this.”
“Then there's Norths hockey club at Dorrington Park in Ashgrove. I recently joined local state member Jonty Bush there for the 2026 sign-on day. Alongside Adam and the team, we worked the barbecue, cooking the snags and preparing the sausage sangers. It's a social, inclusive and family oriented club that has teams for boys, girls, women and men of all ages, skill levels and experience. If you're looking for a sport to maybe help you keep fit or make friends for life, this could be one. There's Gibson Park in Stafford. Gibson Park is under the steady leadership of Steve and Tony. They host Stafford District Cricket Club and Brothers Leagues Club, alongside other teams across Brisbane. These grounds are important because they provide a safe space to play and for players to meet up with their mates.”
“With Amelia, Joe and Michael at the helm and with a very impressive academy development program—not to mention a great pizza oven!—Brisbane City Football Club is not only producing champions but is a natural place for locals to come together and enjoy the community. Labor recently committed funding for a female change facility at this large local Brisbane football club. Finally, the girls will have the same facilities as the boys. This is more than just a building; it's recognition that women in sports matter, and sports matter for women. The 50 or so players that joined me the morning that we made the announcement were so excited. They told me that this means more girls will join their community and it will grow. You never know, there might be a future Matilda or two in the making.”
“Alongside Senator Chisholm, it was great to make an announcement last year committing $2.7 million towards the indoor facilities as the club looks to cater to more young players, men and women, across Brisbane. I recently had the pleasure of joining Dan and Carl from the club onsite for a tour of the grounds and a look at the proposed plans. I really do acknowledge the great work the club does for the community and its players, and I look forward to seeing how the project progresses. Brisbane City Football Club in Newmarket is one of the fastest growing soccer clubs in Brisbane.”
“In less than a decade, Brisbane will host the biggest sporting event in the world: the 2032 Olympic and Paralympic Games. Queensland has a really proud sporting history. We've produced the King, Madam Butterfly and Cathy, the Golden Girl—three greats from my era. But the games are more than a sporting contest. They will provide many opportunities to enrich and strengthen our community. As are other electorates around the country, Brisbane, luckily, is home to many amazing sports clubs, such as the Valley District Cricket Club in Ashgrove. Valley District Cricket Club was established in 1897 and is one of Queensland's oldest clubs and one of the largest cricket clubs in Australia, boasting 1,600 players.”
“Sport is a powerful tool for building community, reducing loneliness and enabling social cohesion. It creates a sense of belonging and helps foster relationships across different social, cultural and age groups. Sport promotes core values, such as fair play, teamwork, respect and tolerance. Through sport we learn confidence, strength, leadership and, importantly, resilience. I was an avid sportsperson growing up; in fact, I still am—I have the proof of that at the moment. The pool, the police club, the park and the school, with its athletics and swimming sessions, were my hangout places. As a swimmer and a lifesaver who trained five days a week, I slept in sandy beach beds and rejoiced at states and nationals—boy, did I learn a lot!”
“We are tackling the housing crisis from every angle. Our government is the boldest and most ambitious Australian government on housing since the postwar period. We are already delivering, we are taking this seriously and we're seeing real results for many Australians, including in Brisbane. To make a difference, we must work together at all levels of government. We need to find better ways to get on top of the housing challenge. We're doing our bit, and I'm calling on the state government and, frankly, the LNP council to do their bit. We owe it to the next generation of Australians.”
“Karyn Walsh, chief executive of not-for-profit organisation Micah, said: I understand the issues that social housing is facing— and she would know— but I think there are other ways that we need to be addressing it because it disproportionately is going to affect the most vulnerable in our community. I say to the people in the Brisbane community that you should demand better out of the state LNP government. Their record, frankly, is shameful. They have abandoned you and they have given up the fight of making housing more affordable in Brisbane. They don't care, frankly, and it's just not good enough. I want to say to the people of Brisbane that this Labor government has your back, and we will keep working hard to tackle the housing challenges you are facing. Under this Labor government we've made a radical switch.”
“In a major policy shift, the LNP government said that mandating social housing reduces the speed and volume of construction. What a pathetic excuse. Think about what the Queensland Council of Social Services says when they talk about the impact. They've expressed distress over the lack of mandates, stating that without government driven requirements, new housing supply will not benefit low-income households. Last year, the state LNP government reintroduced the 'three strikes' policy for social housing. What it means is that you get evicted after three incidents of disruptive, antisocial or illegal behaviour within 12 months. There is no recourse and nowhere to go. This is a cruel policy that does nothing to help the most vulnerable in our community.”
“Since coming to government in 2024, the LNP housing policy has been the removal of the 20 per cent social and affordable housing target for developments in the Woolloongabba priority development area, which was located near the Cross River Rail—the perfect place. The Deputy Premier, Jarrod Bleijie, revoked approval of a 90-unit affordable housing project in Birtinya on the Sunshine Coast. With the Noosa social housing project, they scrapped an approved four-storey, 90-unit affordable housing project in Tewantin. With state owned government land developments, the government has pivoted to a 'use it or house it' policy, selling vacant state owned land to the private sector without mandatory quotas for social and affordable homes. At the Olympic village site, the requirements for a percentage of affordable housing have now been removed.”
“We know there is more to do, and I'm calling on the state LNP government in my state of Queensland to stop playing politics and to build more social and affordable homes. Housing in Queensland is the tightest it's been in more than a decade. Entry level prices for first home buyers have overtaken Sydney. That was hard to imagine, really, even a few years ago. Research shows there's only one month left of apartment supply. The Queensland LNP government needs to stop cancelling affordable and social housing projects, stop selling off public land, stop claiming previous Labor government projects as their own and start helping to build more social and affordable housing. Let's look at some of the activities that have happened recently.”
“It's still too hard to build and to buy in this country, and that's what we're focused on. In this term this Labor government will build more homes. We are continuing down the path of building 55,000 social and affordable homes, as well as building 100,000 homes for first home buyers. And we're working towards our bold national aspiration in Australia to build 1.2 million homes in five years. We're making it better to rent, helping thousands more rental homes to get built, and continuing to lift rental standards through our work with the states. We're also implementing Help to Buy, our first national shared equity scheme, and delivering on our five per cent deposit guarantee for every first home buyer. But we need to keep building, we need to make it easier to build and we need to make it quicker to build.”
“After fleeing domestic violence around seven or eight years ago, she lived in shared accommodation and then finally got a place of her own. She said to me that she can decorate it as hers, she can leave the dishes until tomorrow if she wants to and she can use the washing machine without checking first. Basically, she can live her life her way. Since we were elected, more than 180,000 Australians, and counting, have bought their first home with our five per cent deposit scheme. More than one million households have been supported with our 50 per cent increase in rent assistance. We are seeing a real turnaround in homebuilding, with 500,000 homes being built since we came to office, and new housing commitments up 17 per cent compared to the same time last year. But let's be clear. The job is not done.”
“Indeed, for the nine years the coalition were last in power, they didn't even have a housing minister. They built just 373 social and affordable homes over that entire period. This crisis wasn't created overnight, and it won't be fixed overnight. Our government understands this, and we are throwing everything at it. We are undertaking the single-biggest housing build since the Second World War. Our $43 billion housing agenda is focused on three things: building more homes better, making it easier to rent and backing first home buyers. We have actually completed more than 500,000 social and affordable homes, and have 25,000 more homes being planned and in the construction phase. This is helping people right across the country—like Karen, who I met during the election campaign. Karen's in her 60s.”
“In my first speech to this parliament, I spoke about my experience growing up in Brisbane and the importance of this foundation not just to me and my siblings, but to the many foster siblings who shared our home. Our inner-city home was noisy, there is no question about it—there were eight siblings, seven girls and my brother, along with foster kids that came and went. At times, there were mattresses on the floors and sometimes sheets hung for privacy as bedrooms were made to accommodate children needing a safe home. I saw firsthand how having a bed, clean sheets and the safety of a home can be life transforming. For a long time, the Commonwealth government had tapped out of our nation's housing challenge, leaving the hard work up to the states.”
“Families with kids who would have absolutely owned their own home a generation ago can't get a foothold in the door. We hear from young people who feel they will never have the chance to own a place of their own. We hear it from their parents, who cannot give their kids the stability they got as children. We hear it from renters whose rents are going up too much and too often. And we see women who have fled violent or unworkable domestic situations being left stranded, couch surfing or car sleeping. And we see it in the rising rate of homelessness that is so evident across our suburbs and our region. So no matter what your situation, having a roof over your head is fundamental to how your life will unfold.”
“I'm here to talk about housing, because it really is a fundamental human right and we're at a critical point in this nation's history that we need all levels of government working together to build the homes we need for this generation and the next. When we put up our hands to represent our communities, one of the main goals is to ensure we leave our communities in a better position than when we started, and this starts with making housing more affordable and accessible. Housing really is a life-defining challenge for so many Australians. People are working hard; they are doing the right thing and still they can't get into a home or into a place to call their home. Young people are outbidding each other for rental properties.”
“When investors trust in our market, they invest in it. It's this trust and confidence that's crucial to Australia's ongoing broader economic strength and Australia's economic growth. I commend this bill to the House.”
“As Minister Mulino said, this bill aims to create a modern, durable and transparent institutional structure that positions Australia to maintain high-quality reporting standards and adopt to global developments. We've heard a number of those opposite say, if it ain't broke, don't fix it; don't change it. But I ask this question: would they say that about a racing car that's 20 years old and competing against a modern, new, lighter car that they know, even before the key is turned, will do better on the track? I'll leave it at that. So Australia needs a financial market that's robust, relevant and reliable. This requires a standards-setting system and reporting frameworks that are built for purpose, and this bill contributes to that. Strong, trusted reporting standards are essential to market integrity and trust.”
“Being one organisation—and we've heard criticism about this by earlier speakers—ERA can more efficiently respond to emerging issues, evolving priorities and future standards-setting needs. The second is the preservation of expertise. The development and review of standards is very technical. I know; I've been in that world, and it does require deep expertise. That's going to be retained with the specialised boards within ERA and the ability to bring in others as needed. Then, of course, there's accountability. New transparency provisions require that discussions on standards be held in public forums, and the rules around managing conflicts of interest have been strengthened. These include that the governing council be made up of individuals who are independent of the auditing profession, perceived and real.”
“It's going to be supported by technical boards for the accounting, auditing, assurance and sustainability standards. But the council may also include associate members who might bring additional expertise that is needed. The pace of change across our financial markets is rapid, to say the least. If we add the technological advancements driving AI, new financial instruments, new digital assets et cetera to the interconnectivity of markets around the world and the need to meet investor expectations and societal expectations to protect our businesses and to protect consumers, we have a very complex environment indeed. That's why ERA is designed around three principles. The first is flexibility.”
“Long story short, the chairman's report states that 'the resulting scandal shook corporate Australia to its core' and that the professional services firm involved 'became synonymous with a profoundly disturbing breach of public trust'. I talk about this because it's led us to why we are here today. This bill represents a significant overhaul of Australia's financial reporting governance with the merging of the Australian Accounting Standards Board, the Auditing and Assurance Standards Board and the Financial Reporting Council into the single entity External Reporting Australia. It's long overdue. There hasn't been a substantial change to the standard-setting framework for more than 20 years. ERA will be governed by a council responsible for oversight of all functions.”
“For the past 12 minutes or so, I've tried to paint a picture of the corporate disclosure regime in this country. It's complex and in need of an upgrade. These changes didn't just happen; they grew out of several reviews. Bringing the standard-setting bodies together was a recommendation of the climate related financial disclosure consultation paper released in 2022. We also saw the Parliamentary Joint Committee on Corporations and Financial Services recommending consolidation of the standard-setting bodies. This committee led an inquiry into allegations of, and responses into, misconduct in the Australian operations of the major accounting, audit and consultancy firms.”
“As a result, there were also allegations of greenwashing by companies who were competing for sustainability focused investment: market saw companies exaggerate claims that their services, products and operations were more environmentally friendly or sustainable than they actually were. So the introduction of the standards was there to set the benchmark for comparability—apples with apples. This is extremely important, especially in countries committed to climate action like Australia. Individuals are voting with their feet, acting in a more environmentally conscious way and making specific investment choices that promote sustainability outcomes. Without these standards, consumers can be mislead, legitimate environmental efforts are undermined and companies with legitimate sustainability goals don't get the capital they should.”
“I want to quickly circle back to sustainability standards because they're included in this whole big world. These guiding standards require an entity to disclose information about climate related risks and opportunities that could be reasonably expected to affect the entity's financial position in the short to long term. There's also an expectation that they disclose their actions and processes around these. This reporting can include relevant processes, procedures and controls as well as the metrics used to measure them—for instance, greenhouse gas emissions. As I mentioned, ESG reporting started out as voluntary, which contributed to it becoming fragmented and incomparable.”
“At that time, for those who can remember, Arthur Andersen was convicted in the United States of obstructing justice for shredding thousands of documents and deleting emails related to its audit of the failed energy giant Enron. It lost its licence, investors lost their trust, the markets lost trust, and the firm fell apart. We also saw the collapse of Ansett here in Australia quite a few years ago, which was contributed to by poor financial reporting. Not only were there financial losses; 16,000 workers lost their jobs. These are all sad tales of why we need strong, reliable and trustworthy financial reporting systems. They explain the importance of our standards and our standard-setting bodies as well as the importance of our auditors and why investors need this strength.”
“Just last year we saw the collapse of the First Guardian and Shield investment funds. Between the two schemes, 12,000 Australians are facing the loss of more than $1 billion of retirement savings. According to ASIC, these two funds were riddled with conflicts, misconduct and false statements that were made to investors. ASIC is pursuing these funds through the legal process. Australia has seen even bigger corporate collapses, including HIH in 2001. It's the largest corporate collapse in Australia's history, with an estimated up to $5.3 billion in losses, and involved major failings in auditing and supervision by its auditor, Arthur Andersen. This failure contributed to Arthur Andersen's collapse, not just in Australia but globally.”
“However, as others have said, climate disclosure became mandatory in this country last year for large businesses and is now being phased in for medium and small enterprises. We are seeing these standards being increasingly integrated with assurance standards, which now verify sustainability reports, so all of a sudden we have more interconnectivity. Our financial and capital markets rely on our standards and reporting systems being robust, relevant and reliable. If financial reports are not correct and there are audit failures, then it's everyday mums and dads, retirees, workers, businesses and others that lose out. Companies can fracture and collapse, and those who put their money into that business may not end up getting their expected returns, or, worse of all, they can lose their money altogether, and workers can lose their jobs.”
“For example, for the standard covering assurance reports on controls, they may look at the controls associated with how a particular business manages its IT provider or its payroll assessors. Lastly, we have sustainability standards. These standards grew out of calls from investors and market players for companies to report on their environmental, social and governance risks—ESG risks. Put simply, these are really about how a company might manage its carbon footprint and how it manages its reputation factors such as how it treats its workforce and its community impact and ethical conduct. For governance, the company's board and oversight practices are good examples. This type of reporting has been voluntary in Australia, largely guided by the ASX corporate principles and other laws like the Modern Slavery Act.”
“The auditing standards are a framework that guides the auditors on how to examine these reports or the financial information so that they can obtain a reasonable assurance that the report is free from material misstatement. Here's an example. Auditors have to exercise professional judgement and maintain scepticism—we hear that a lot in that world—and they draw informed conclusions and make decisions surrounding factors in the financial statements. So what they might do is question information. They may look at the value of plant and equipment and look at the depreciation value and make a judgement as to whether or not that makes sense given the age of the equipment. Assurance standards guide practitioners in providing conclusions on the financial or non-financial information provided by the company.”
“We have accounting, auditing, assurance and sustainability standards. These standards are frameworks that guide how financial and non-financial data is recorded, verified and reported by a company. They ensure consistency, transparency and trust in corporate reporting. They enable investors and others to, as I said, compare apples with apples. Now, without being too technical, I'll try and run through these. The Australian accounting standards define how to measure, recognise and disclose financial transactions. For instance, if you're a business and you have property plant and equipment, the standards might outline how this equipment is recognised in the financial report. It would include consideration of its current value, depreciation and impairment loss.”
“When people trust the system to be fair and honest, they're more willing to invest, businesses are more willing to innovate and it's easier to plan for the future. That confidence also underpins strong financial markets and therefore contributes to the strength of our economy. So what is the bill? This legislation delivers the biggest reform to our financial reporting institutions in over two decades. It proposes the merging of the Australian Accounting Standards Board, the Auditing and Assurance Standards Board and the Financial Reporting Council into a single entity, External Reporting Australia, or the ERA. The ERA will centralise standard setting for accounting, auditing and sustainability reporting to enhance efficiency and align with international standards. But what are these standards?”
“These bodies have evolved over long periods of time—as have the standards—as investor expectations, financial assets and instruments have changed, alongside the volume of money that's flowing around the world. Basically, audit and assurance mean that an investor doesn't need to take the company's word for it before they put their hard-earned savings into that business. They can look at the audited report and get reliable information. Why is this important? It's because a common language and reporting method, as well as a common review process, means every person or every business that might be investing in another is able to compare apples with apples, not apples with oranges. This builds the integrity of our financial markets, and integrity matters.”