Tony Abbott's reforms saved by Clive Palmer deal

THE Abbott government has rescued its financial advice laws through an 11th hour deal with the Palmer United Party but the changes have drawn harsh criticism for increasing red tape and diminishing the rights of investors.

The regulations will allow financial planners associated with banks to continue to receive payments for directing customers towards the banks' own products.

Finance Minister Mathias Cormann revealed in the Senate that the government had agreed with the balance-of-power senators to introduce further protections as a condition of their support for the unravelling of changes made under the previous Labor government.

It capped a tumultuous few days during which Labor tabled the government's reforms against its wishes and Clive Palmer said negotiations with the Coalition were not taking place when they obviously were.

The deal, first reported by Fairfax Media on Tuesday, caught Labor and the Greens by surprise and saw them attempt to block the changes with a motion of disallowance in the Senate. The final Senate vote of 31-34 for disallowance meant the attempt to strike down the changes failed.

Read more at the Sydney Morning Herald
 



Firefighters are once again protecting homes

Firefighters are once again protecting homes

The fire had burnt 255 hectares before jumping road

Rain, when and where will it fall?: BoM forecaster

premium_icon Rain, when and where will it fall?: BoM forecaster

Some towns could receive up to 80mm of rainfall this week

Motorbike rider killed after crash at Alstonville

Motorbike rider killed after crash at Alstonville

39-year-old man suffered critical injuries and died at the scene

Local Partners