Nick Sherry (Tasmania, Australian Labor Party, Shadow Minister for Banking and Financial Services) Share this | Hansard source

The bill we are considering in the Senate this afternoon, the Financial Framework Legislation Amendment Bill (No. 2) 2005, is similar to the Financial Framework Legislation Amendment Act 2005, the FFLA Act, which commenced in February 2005. The bill we are considering is an omnibus bill which seeks to amendment 16 acts and repeal two acts. The amendments are mostly of a housekeeping nature. They relate to six main areas of policy. Firstly, through various acts, there is special account streamlining of the Aboriginal and Torres Strait Islander land account, the Aboriginal advancement account, the ARC research endowment account, the child support account, the gene technology account, the industrial chemicals account, the national blood account, the medical research endowment account and the natural resources management account. That is covered in schedule 1.

Secondly, a category known as compensation to eligible employees aligns the Safety, Rehabilitation and Compensation Act 1988 with the existing administrative practice of compensation due to eligible employees being paid either through Commonwealth employers or direct to employees. That is in schedule 2. The third area is act of grace payments. Schedule 3 of the bill clarifies the appropriation acts and provides the appropriation authority for an act of grace payment approved under the Financial Management and Accountability Act 1997, the FMA Act, or a payment in special circumstances to a person employed by the Commonwealth authorised under the Public Service Act 1999.

The fourth area is intelligence and security agencies. The bill extends the existing authority for the modified application of the FMA Act to cover sensitive activities of law enforcement agencies specified in regulations. The fifth area is modernising language. Schedule 3 of the bill more clearly expresses provisions in the Public Accounts and Audit Committee Act 1951. I have to ask whether it is possible to modernise language in this area of the financial framework—especially for the layperson, who I am sure is listening with great interest to this debate; I notice we are on broadcast—given the highly complex and technical financial terminology used. An attempt is being made to modernise language. Finally, there are a number of miscellaneous amendments and updates of other financial management provisions in acts in schedule 3 and the repeal of two superseded acts in schedule 4.

The Labor Party will not be opposing the passage of this legislation. However, I think Senator Murray has circulated a second reading amendment.