How much will a leg of lamb cost?
The opposition used question time to challenge Tony Abbott's claims about the impact of the carbon tax on household bills.PT0M0S 620 349
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Financial planners will be required to reveal their earnings from customers when Labor and the cross benches combine this week to vote down Tony Abbott's weakened financial planning laws, but the government will finally get its way on the carbon tax.
Mr Abbott has now secured the parliamentary majority needed to scrap the carbon tax with a repeal vote, backdated to July 1, due to be taken in the Senate on Tuesday.
FoFA laws to stay: Tony Abbott may have gotten his way over the carbon tax, but Clive Palmer is holding his ground on changes to financial planners.
The Palmer United Party will provide the additional numbers to see the repeal bills pass through the Senate having cleared the House of Representatives on Monday following last week's surprise collapse of the majority.
Clive Palmer told a Canberra press conference late on Monday afternoon that his PUP grouping, including Australian Motoring Enthusiasts senator Ricky Muir, had resolved to back the repeal, making its demise a formality.
He said he was satisfied that the PUP had salvaged several important features of the previous government's effort to address emissions including the Clean Energy Research Agency, but claimed the carbon tax itself had been set far too high and had been out of step with the rest of the world.
Illustration: Ron Tandberg.
But Mr Palmer has pulled the rug from the government on another incendiary issue - the Future of Financial Advice laws.
The PUP leader said his party was not negotiating with the government to reach a compromise on the laws and would simply not be approving the regulations as tabled.
A government attempt to circumvent an unco-operative Senate by watering down tough consumer protections for investors now appears doomed.
The issue has divided the financial and political communities with banks leaning on the government to weaken Labor's laws which were seen as too restrictive on banks.
Labor has argued its FoFA reforms were aimed at stopping the kind of fraud which ruined the retirement plans of thousands of ordinary Australian investors who sought the advice of the Commonwealth Bank's financial services arm and lost their life savings.
Finance Minister Mathias Cormann had hoped to have the changes, which among other things removed a specific requirement for planners to always act in the best interests of clients, accepted by the Senate this week.
Labor's scheme meant that as of July 1, bank tellers were prohibited from receiving commissions for recommending financial products.
The government's changes would have allowed commissions to continue, albeit in limited circumstances.
But Mr Palmer has now scuttled that hope, announcing on Monday that his party was not negotiating with the government and would instead vote with Labor and the Greens to keep the current FoFA laws in place.
Labor's Senator Sam Dastyari has given notice of a motion to formally disallow the changes, with a vote likely this week.
PUP support for dumping the carbon tax came as Labor stepped up the pressure in Parliament, calling on the Prime Minister to show which food and other items will go down in price and by how much once the carbon tax is removed. Mr Palmer described the demise of the tax as a good day for Australia.
''It means that there's less cost of production for our manufacturing industry, more competitive exports for the country, hopefully more jobs for everybody and we're now going to have a realistic view of how we can work on a global sense of what we're trying to do with an ETS,'' he said.