Michael Sukkar (Deakin, Liberal Party, Assistant Minister to the Treasurer) Share this | Link to this | Hansard source

I move:

That this bill be now read a second time.

This bill deals with consequential and transitional matters arising from the National Housing Finance and Investment Corporation Bill 2018.

In particular, it amends the Administrative Decisions (Judicial Review) Act 1977 to exempt the National Housing Finance and Investment Corporation (NHFIC) from the requirement to provide a statement setting out the findings and reasons for decisions relating to its activities where requested—for example, by an unsuccessful applicant. This exemption will ensure the efficient administration of the Housing Finance and Investment Corporation and is consistent with the exemption afforded to similar bodies, including the Export Finance and Insurance Corporation.

The bill also amends schedule 2 to the Freedom of Information Act 1982 to exempt the Housing Finance Investment Corporation from the requirements of that act in relation to documents pertaining to its commercial activities. Again, this is similar to the exemption that applies on the commercial activities of the Export Finance Insurance Corporation, as well as NBN Co and other entities, such as the Indigenous Business Australia.

Finally, it provides for a transitional provision related to the operations of the Housing Finance Investment Corporation because, while the National Housing Finance and Investment Corporation Bill is intended to commence as soon as possible, the government recognises that some time will be required for the Housing Finance Investment Corporation to be staffed—for example, for appointments to be made to the independent, skills based board and a full-time CEO to be engaged—as well as for the Housing Finance Investment Corporation's strategic policies and administrative processes and procedures to be developed.

It has always been the government's intention that the Housing Finance Investment Corporation will commence making decisions regarding the making of loans, investments or grants—that is, its core function—from 1 July 2018, and this is reflected in the transitional provision contained in this bill.

Passage of the National Housing Finance and Investment Corporation Bill and this bill during the current sitting will enable the Housing Finance Investment Corporation to undertake its infrastructure facility and bond aggregator activities from 1 July 2018.

Full details of the measure are contained in the explanatory memorandum.

Debate adjourned.