Jacinta Collins (Victoria, Australian Labor Party, Parliamentary Secretary for School Education and Workplace Relations) 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 International Monetary Agreements Amendment Loans Bill 2012 and the Statute Law Revision Bill 2012, allowing them to be considered during this period of sittings.

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

Leave granted.

The statement read as follows

STATEMENT OF REASONS FOR INTRODUCTION AND PASSAGE IN THE 2012 SPRING SITTINGS

INTERNATIONAL MONETARY AGREEMENTS AMENDMENT (LOANS) BILL

Purpose of the Bill

The purpose of the bill is to amend the International Monetary Agreements Act 1947 (the Act) to accept changes to the IMF Executive Board Decision which established the IMF New Arrangements to Borrow (NAB)(‘the NAB Decision’), with the effect of reducing Australia’s current credit arrangement under the NAB once Australia’s agreed IMF quota increase has come into effect and been paid for; and giving effect to other minor changes to the NAB Decision.

Reasons for Urgency

Passage of the bill in the 2012 Spring sittings is essential to continuing to meet Australia’s commitments under the NAB once changes to the NAB Decision come into effect.

The changes to the NAB Decision will give effect to a roll-back in NAB credit arrangements, including a decline in Australia’s NAB commitment from SDR 4,370.41 million to SDR 2,220.45 million, and to other minor technical changes.

It is critical that the bill amending the Act to reflect changes to the NAB Decision is passed by 17 November 2012. The definition of the NAB currently provided by the Act is restricted to the current version of the NAB Decision. Consequently, early passage will ensure that the standing appropriation that s 8B of the Act provides for in relation to Australia’s obligations under the NAB continues to be applicable once the amendments to the NAB Decision take effect.

If the bill is not passed by 17 November 2012, Australia’s ability to meet its obligations under the NAB will be put at risk.

Pursuant to section 198AB of the Migration Act 1958, I table a legislative instrument designating a country as a regional processing country. I give notice that on the next day of sitting I shall move:

That for the purposes of section 198AB of the Migration Act 1958, the Senate approves the designation of the Republic of Nauru as a regional processing country by instrument made on 10 September, 2012.

I also table documents relating to this matter pursuant to section 198AC of the Migration Act 1958.