‘Australians Lose $7 Million a Day’: Departing Minister Pushes Scam Crackdown in Final Speech

A man looks at his smartphone in Newcastle, Australia on Dec. 1, 2024. Roni Bintang/Getty Images

A week after announcing his decision to leave politics, Assistant Treasurer Stephen Jones delivered an emotional farewell speech, urging Parliament to pass his long-advocated anti-scam bill.

“Prime minister, I’m asking for nothing. That’s not true. Let me ask for one thing,” he said.

“I want to talk about my scams bill. I put a hell of a lot of work into this one. Australians are losing 7 million bucks a day, and we can do better.”

The member for Whitlam introduced the Scams Prevention Framework Bill to the Parliament on Nov. 7, 2024, proposing tougher regulations to hold businesses accountable for scam prevention.

The legislation, if passed, would grant regulators, including the Australian Competition and Consumer Commission (ACCC), more power to penalise non-compliance, with fines of up to $50 million (US$33 million).

Financial institutions would be required to enhance transaction checks, and digital platforms would need to rigorously verify advertisers.

Additionally, the bill includes provisions to streamline scam reporting and improve dispute resolution mechanisms.

Australian Financial Services Minister Stephen Jones speaks to the media during a press conference at Parliament House in Canberra, Australia, on Nov. 7, 2022. AAP Image/Lukas Coch

A Call for Bipartisan Support

Jones made a direct appeal to both sides of Parliament, emphasising the urgency of the bill’s passage during the current sitting period.

“I’ve attempted not to politicise the issue, because I think this should be something that enjoys bipartisan support to find its passage through the Senate,” he stated.

“We’ve got a bill before the Senate at the moment. I understand it enjoys the support of those opposite, so it'd be really good if we could get your people [the opposition] to talk to my people [Labor] to get it through before we get up at the end of the week.”

15 Years in Politics

Jones is one of many MPs—from both sides of the aisle—stepping down, or have already stood down from Parliament in the lead-up to the next election due before May this year.

Jones took time to reflect on his 15-year journey in politics, expressing gratitude to colleagues, staff, and the prime minister.

Finance Minister Katy Gallagher, who came in from the Senate to watch from the visitor’s gallery, was among those present to show support. Jones wife, daughter and brother were also present.

“Never forget the people who were there from the beginning. Never forget the people who backed you right from the very beginning,” Jones said. “And I don’t, and I thank you for that, Prime Minister. You’ve been a good friend and a supporter of mine for many, many years.”

Prime Minister Anthony Albanese responded with praise for Jones, recognising him as a dedicated member of the Labor team.

“Jonesy, as he’s always been known, has a great Labor heart, and he’s always worn it on his sleeve. He has served our party and his community in this place with passion and principle,” Albanese said.

He also commended Jones’ work on scams, highlighting his efforts in educating Australians on fraud prevention.

“I’ve been a friend and comrade of Stephen’s for a very long period of time, certainly since before I came into this place, well before attending various meetings around the place, some of them public, some of them a bit quieter, putting together, planning and engaging with each other.”

Acknowledgement from Across the Aisle

Shadow Treasurer Angus Taylor also took a moment to recognise Jones’ contributions, recalling their long-standing acquaintance even before politics.

“We knew each other from before politics. I knew Julia as well before politics, and little did we know we were going to become neighbouring seats, but it has been a very civilised neighbouring relationship for the most part,” Taylor said.

He further acknowledged Jones’ leadership during crises, particularly the 2019-20 bushfires, and their shared commitment to supporting the Illawarra steel industry.

“I’ve enjoyed working with him on really critical issues across the region. And we share a passion which might surprise some—that’s a passion for the survival and the prosperity of the steel works in the Illawarra,” Taylor said.

“It was the first place I worked coming out of university, and I think it’s an incredibly important contributor to the region. Good on the member for the role he’s played in the success of that important business. So thank you for your public service.”

A Long Career

First elected in 2010 to the then-seat of Throsby, Jones built a reputation as a passionate advocate for financial consumer protection and economic reform.

His appointment as Assistant Treasurer and Minister for Financial Services in 2022 marked his first ministerial role, where he focused on strengthening regulatory frameworks to protect Australians from financial harm.

As he prepares to leave politics, Jones’ farewell speech was a reminder of his enduring commitment to public service.