If the legislation is to be ambushed, it will happen in the Senate. The ALP’s Shadow Financial Services and Regulation Minister Senator Stephen Conroy generally supports the Bill and the reform concept, but is likely to be intensively lobbied in the next few weeks by professional groups that may not like some of the FSRB developments.

However, Canberra insiders say the ALP will also be mindful of the delays the Bill has already encountered, and it is, after all, generally supportive of the concepts expressed in the FSRB.

But there is a possibility that “election fever” could delay or even derail the Bill. One parliamentary source said “nothing is normal in the run-up to an election”.

“If they believe they can score shots, the ALP will exploit it. If an issue jumps up, they may want to play games with the Bill.”

Expect the FSRB to be in place as scheduled by October 1, well before December 1, which is the most likely date for an election. The Government won’t call a snap election while its electorate is in turmoil, and the Prime Minister will be overseas on high-profile business in November. Coupled with an expected visit by the Queen later in the year, that pushes the Government in to a pre-Christmas timeslot. Most Canberra sources are tipping December 1 or 8, although the Government could hold off until February.