Michael McCormack (Riverina, National Party, Parliamentary Secretary to the Minister for Finance) Share this | Link to this | Hansard source

I move:

That this bill be now read a second time.

Madam Speaker, Appropriation Bill (No. 2) 2015-2016, along with Appropriation Bill (No. 1) 2015-2016, which was introduced earlier, and Appropriation (Parliamentary Departments) Bill (No. 1) 2015 2016, are the budget appropriation bills for the 2015-16 financial year.

This bill seeks approval for appropriations from the Consolidated Revenue Fund of just over $15 billion for 2015-2016.

I now outline the significant items provided for in this bill.

First, the Department of Communications would receive just under $7.4 billion to continue its investment in the National Broadband Network in 2015-2016.

Second, the Department of Infrastructure and Regional Development would receive just under $3 billion. This includes a provision for a Commonwealth concessional loan of up to $2 billion to accelerate the delivery of stage 2 of the WestConnex project in Sydney; $250 million would also be provided for concessional loans to the Australian Capital Territory government in respect to loose fill asbestos remediation program.

Third, the Department of Defence would receive just under $2.9 billion in capital funding to support capabilities. Funding would be used for the Approved Major Capital Investment Program, and for existing investment commitments.

The bill also provides the debit limit, formerly known as the general drawing rights limit, for the nation-building funds; the Building Australia Fund, the Education Investment Fund, the Health and Hospitals Fund, the general purpose financial assistance payments and the national partnership payments. As legislation is to be introduced to close the funds, the estimated expenditure in 2015-16 represents the wind-up of projects already committed. No new projects will commence.

Details of the proposed expenditure are set out in the schedules to the bill and the portfolio budget statements tabled in the parliament.

I commend the bill to the House.

Debate adjourned.