Stephen Jones (Whitlam, Australian Labor Party, Assistant Treasurer) Share this | Link to this | Hansard source

I want to thank those members who have contributed to this debate. I remind the House of the important measures that are contained within this bill. Firstly, schedule 1 to the Treasury Laws Amendment (2022 Measures No. 3) Bill 2022 amends the Foreign Acquisitions Takeovers Act to double the maximum financial penalties for contraventions by foreign investors of provisions that relate to residential property. The Foreign Acquisitions and Takeovers Fees Imposition Amendment Bill 2022 amends the Foreign Acquisitions and Takeovers Fees Imposition Act 2015 to incorporate the cumulative total of indexation to date in the legislated maximum fee cap. This will align the indexation process in the FATA Fees Act within the indexation process in the Foreign Acquisitions and Takeovers Fees Imposition Regulations 2020.

Schedule 2 to the bill amends the taxation secrecy provisions to enable the Australian Taxation Office to share the taxation information with an Australian government agency, including states and territory governments for the purposes of administering disaster support programs. These amendments will assist Australian government agencies to address the needs of individuals and businesses significantly disrupted by a major disaster event more efficiently and more effectively. We could not have a greater reminder of the importance of these sorts of administrative measures as we approach major flood events throughout eastern Australia, Tasmania, Victoria, the northern rivers of New South Wales and South-East Queensland. We're expecting these to persist right through to January this year. Communities are on a knife edge in these areas. It is absolutely critical that relief is not only promised but delivered speedily. I encourage all members of the House to ensure that we offer no obstacle to the speedy passage of these provisions to enable the efficient operation of not only the Commonwealth government but state and territory governments in providing the relief anticipated.

Schedule 3 to the bill extends the operation of a temporary mechanism in response to the COVID-19 pandemic, which allows arrangements for complying with information and documentary requirements to be ordered under Commonwealth legislation, including requirements to give information in writing and produce witness and sign documents. The temporary mechanism responded to the ongoing challenges posed by restrictions on the movement for individuals during COVID-19. In recognition of the importance of continued business transactions and government service delivery during the pandemic, this measure provides that a responsible minister may determine the provisions in Commonwealth legislation containing particular information, or documentary requirements can be varied or do not apply. A responsible minister must not exercise the power unless they are satisfied the determination is in response to circumstances relating to COVID-19. We can only hope that the measures aren't necessary, but we provide them out of an abundance of caution.

Schedule 4 to the bill, along with the Income Tax Amendment (Labour Mobility Program) Bill, sets out the income tax arrangements for foreign resident workers participating in the Pacific Australia Labour Mobility scheme, otherwise known as the PALM scheme. These amendments specify that foreign resident PALM scheme workers will pay a final withholding tax of 15 per cent for each dollar of income earned under the scheme from the 2022-23 income year.

Again, it's important that all members of the House understand that in the grip of labour market shortages around the country—but particularly affecting businesses in regional Australia, including agricultural and horticultural businesses—it is absolutely critical that these measures are able to pass the House and move to the Senate so they can be moved through the Senate and into law as a matter of urgency. Fruit is rotting on trees. Crops are rotting in the ground. All of those members in this place who represent regional electorates would understand the absolute urgency of us doing whatever we can to assist farmers, horticulturalists and other primary industry employers to have access to labour, particularly seasonal overseas labour, as quickly as possible. Of course, that is made attractive if we get the taxation arrangements in place. The advantage of the PALM scheme is that it not only provides a valuable source of labour for businesses in the agricultural and horticultural sectors but also is great international relations. It is an important form of foreign remittance income for the workers and the families in the countries who are the source of that labour. So I know that all members of this House, politics aside, will share an interest in ensuring that the swift passage of these measures through the House occurs with bipartisan support.

Schedule 5 to the bill will ensure that Australians of faith have the freedom to choose a fund that invests their superannuation in line with their religious beliefs. I might not share the religious beliefs of Australians who choose to invest their superannuation in a particular fund, but I 100 per cent support their ability to choose that fund, and I don't think it should be the role of the Australian government to shut that fund down because that fund happens to operate in accordance with religious and faith based investing principles. I might not agree with them, but I will defend to my last breath, as the saying goes, their right to hold those beliefs and to invest in accordance with those beliefs. It affects an incredibly small number of funds. I can get to less than five. It affects an incredibly small number of funds, but the members of the funds and the communities who support them hold dearly their belief about being able to invest and have a fund which is available for them to have their retirement savings invested in accordance with their principles.

I'm sure those who were in this House earlier this year, prior to the May election, would understand the great passion with which this parliament and the previous parliament have debated principles of religious freedom. In the earlier debates, it was thought important by the former government that we provide certain freedoms to principals and boards of government of religious based schools to be able to act in accordance with their religious principles. Those provisions caused immense consternation within the community, but there were many members in this House—including, I understand, the member for Fadden, who will be speaking shortly in this debate—who held a very strong view during those debates about the importance of religious schools being able to operate in accordance with their religious principles. I can only assume that the member for Fadden, having held those views in previous debates on previous legislation, will hold the same passion and the same consistent line of principle and view when it comes to protecting members of certain faiths being able to invest their retirement incomes in accordance with their faith based principles, because I'm sure the member for Fadden is nothing but consistent in his approach to bills before this House.

So I thank once again all members of the House who have made a contribution to this debate. For the reasons that I have set out, whether it's the importance of securing disaster relief to families whose houses, livelihoods and families lie in the path of destruction because of seasonal weather events, or whether it's in favour of regional businesses attempting to get crops off their trees and out of the ground, or whether it's the importance of maintaining consistency of principle when adopting an approach to religious freedom, there is no reason for this House, or indeed this parliament, to delay the passage of these bills. I commend them to the House.

Question agreed to.

Bill read a second time.