- Time for a rethink on monetary policy: https://t.co/lsDNxdQKd7
- Great to catch up with my new senate colleague @HumanHeadline. Shame, shame, shame we didn't have more time. https://t.co/q359OAXKTE
- @stephanieando 12 noon, Mural Hall.
Independent Senator for SA Nick Xenophon has called for urgent legislative changes to corporations law to protect gift card holders caught up in the Dick Smith electronics retailer corporate collapse.
In addition to moving for an urgent senate inquiry into the collapse when the Senate resumes next month, Senator Xenophon is proposing that gift card holders and consumers who paid deposits (including layby) to retailers can be protected in three ways:
“The Dick Smith Holdings collapse highlights the lack of protection for consumers when it comes to gift cards and deposits paid,” Nick said.
“These proposed reforms which will be contained in legislation I will be introducing into the Senate next month, will finally give consumers the protection they deserve.
“The reforms, if passed, will also have the effect of strengthening consumer confidence in gift cards which has been shaken with this collapse.”
Senator Xenophon also foreshadowed that the Terms of Reference for the inquiry to the Senate Economics References Committee will include a “forensic examination” of:
“The Dick Smith stores collapse puts a spotlight on the role of private equity firms in takeovers where the long-term sustainability of a business is put in question by virtue of the structure of the deal that was done,” Nick said.