Nick Xenophon (SA, Independent) Share this | Hansard source

I can count. I think that the numbers are against me in relation to that, to put it mildly. I am grateful to the opposition for at least supporting this initially, because there is an important principle at stake here. The fact is, you can use the mechanism of a creative sunset clause—and I am grateful to the Clerk Assistant (Procedure), Richard Pye, for drafting this particular clause in this way. The intent of this amendment was to force the government to come back to the parliament within three years with an improved bill that included a greater degree of accountability in relation to termination payments.

I welcome the government’s moves in relation to this bill. But given that we are yet to see a final report from the Productivity Commission and that there has been a lot of movement in relation to the whole issue of termination payments, this amendment would have required the government to come back within three years, because if they did not come back within three years everything would have been subject to shareholder approvement and it would have been a much more onerous regime. I want to make it clear on the record that the intent of this amendment was to force the government to come up with a more comprehensive mechanism to deal with termination payments, particularly given that we will see a final report from the Productivity Commission and there will be further developments, no doubt, in the next two to three years in relation to this.

I am pleased that the bill is going through. There was a lost opportunity to ensure that the bill would have an inbuilt mechanism to ensure that it would become tougher in years to come. I am grateful to Minister Bowen’s office for pointing out that the Office of Best Practice Regulation will be looking at how this particular bill works. There is little doubt that a Senate committee, possibly the economics committee, will look at the impact of termination payments and this particular bill in years to come. An opportunity has been lost for further reform. But I acknowledge the numbers. I am grateful to the opposition for at least considering this at the first instance. I look forward to this bill working effectively and doing what it is meant to in the context of the government’s aims.

Question agreed to.

Resolution reported; report adopted.