Joe Ludwig (Queensland, Australian Labor Party, Manager of Government Business in the Senate) Share this | Hansard source

I give notice that, on the next day of sitting, I shall move:

That the provisions of paragraphs (5) to (8) of standing order 111 not apply to the following bills, allowing them to be considered during this period of sittings:

Governor-General Amendment (Salary and Superannuation) Bill 2008

Governance Review Implementation (AASB and AUASB) Bill 2008.

I also table statements of reasons justifying the need for these bills to be considered during these sittings and seek leave to have the statements incorporated in Hansard.

Leave granted.

The statements read as follows—

GOVERNOR-GENERAL AMENDMENT (SALARY AND SUPERANNUATION) BILL 2008

Purpose of the Bill

The bill sets the salary of the next Governor-General and removes references in the Governor-General Act 1974 (the Act) to the Superannuation Surcharge.

Reasons for Urgency

The Prime Minister has announced that Her Excellency Ms Quentin Bryce AC will be sworn as Governor-General on 5 September 2008.

The salary of the Governor-General is laid down in the Act and, by operation of the Constitution, cannot be varied during the term in office. 

In line with convention, the Governor-General’s salary has been calculated to exceed moderately the estimated average salary of the Chief Justice of the High Court of Australia over the notional term of the appointment (in the case of Ms Bryce, five years).  In calculating the salary, regard was had, in line with precedent, to the pension that Ms Bryce expects to receive from the Commonwealth.

To enable the salary to be set in time, the Governor-General Amendment (Salary and Superannuation) Bill 2008 must pass both Houses and receive Royal Assent before Ms Bryce assumes office on 5 September 2008.

GOVERNANCE REVIEW IMPLEMENTATION (AASB AND AUASB) BILL

Purpose of the Bill

The bill amends the Australian Securities and Investments Commission Act 2001 to establish two agencies under the Financial Management and Accountability Act 1997.  These agencies will support the operations of the Australian Accounting Standards Board and the Auditing and Assurance Standards Board.  Consequential changes will also be made to the functions of the Financial Reporting Council.

Reasons for Urgency

Introduction and passage of the bill in the 2008 Winter sittings will enable passage prior to 30 June 2008, thereby ensuring that the enhanced governance arrangements for both Boards are implemented from 1 July 2008.

The new governance arrangements involve the transfer of financial assets and liabilities and reporting obligations which need to commence from the start of a financial year.  If the bill is not passed during the 2008 Winter sittings, the new arrangements will not be able to commence until 1 July 2009.