Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

by leave—I move government amendments (1) to (21) on sheet HT101:

(1) Clause 2, page 1 (line 9), omit "1 July 2014", substitute "the day after this Act receives the Royal Assent".

(2) Clause 4, page 3 (lines 30 and 31), omit "Financial Management and Accountability Act 1997", substitute "Public Governance, Performance and Accountability Act 2013".

(3) Clause 4, page 4 (lines 24 and 25), omit "Financial Management and Accountability Act 1997", substitute "Public Governance, Performance and Accountability Act 2013".

(4) Clause 8, page 9 (line 1), omit "appropriate", substitute "permissible".

(5) Clause 8, page 9 (line 3), omit "powers", substitute "power".

(6) Clause 12, page 11 (lines 10 to 12), omit "Special Account for the purposes of the Financial Management and Accountability Act 1997", substitute "special account for the purposes of the Public Governance, Performance and Accountability Act 2013".

(7) Clause 12, page 11 (lines 13 to 17), omit "Special Account" (wherever occurring), substitute "special account".

(8) Clause 13, page 12 (line 5), omit "On the commencement of this section", substitute "At the start of the 28th day after this section commences".

(9) Clause 13, page 12 (line 17), omit "On the commencement of this section", substitute "At the start of the 28th day after this section commences".

(10) Clause 16, page 15 (lines 16 and 17), omit the note, substitute:

Note: See section 80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).

(11) Clause 17, page 17 (lines 13 and 14), omit the note, substitute:

  Note: See section 80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).

(12) Clause 21, page 19 (line 22), at the end of subclause (2), add "The State or Territory must comply with any such terms and conditions.".

(13) Clause 22, page 20 (lines 2 and 3), omit "Special Account for the purposes of the Financial Management and Accountability Act 1997", substitute "special account for the purposes of the Public Governance, Performance and Accountability Act 2013".

(14) Clause 22, page 20 (lines 4 to 8), omit "Special Account" (wherever occurring), substitute "special account".

(15) Clause 23, page 20 (lines 14 and 15), omit the note, substitute:

  Note: See section 80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).

(16) Clause 27, page 22 (line 12), at the end of subclause (2), add "The person must comply with any such terms and conditions.".

(17) Clause 28, page 22 (line 26), at the end of subclause (2), add "The person must comply with any such terms and conditions.".

(18) Clause 34, page 26 (line 23), omit "On the day that this section commences", substitute "On the 28th day after this section commences".

(19) Clause 34, page 27 (line 14), omit "On the day that this section commences", substitute "On the 28th day after this section commences".

(20) Clause 35, page 28 (lines 17 and 18), omit "Section 39 of the Financial Management and Accountability Act 1997", substitute "Section 58 of the Public Governance, Performance and Accountability Act 2013 (which deals with investment by the Commonwealth)".

(21) Clause 47, page 36 (lines 26 to 28), to be opposed.

The Asset Recycling Fund Bill 2014 and the Asset Recycling Fund (Consequential Amendments) Bill 2014 establish a new fund as a vehicle for providing financial assistance and incentives to states and territories to invest in infrastructure. The new fund is necessary, as I have just said in my summing up speech, to support the government's asset recycling initiatives. The amendments being introduced by the government are primarily a necessary consequence of delays to the passage of the bill through parliament. Amendment (1) revises the commencement date from 1 July 2014 to the day after the bill receives royal assent. This will ensure that the parliament does not pass legislation that has retrospective effect.

Amendments (2), (3), (6), (7), (10), (11), (13) to (15), (20) and (21) are minor amendments taking into account that the Public Governance, Performance and Accountability Act 2013 took effect on 1 July. Amendments (4) and (5) clarify the Commonwealth can only make payments where it is permissible to do so under its executive power. These amendments provide clarity on what the government has the power to do under the Constitution. They ensure that this government and future governments cannot do anything under the bill that is inconsistent with this power. Amendments (8), (9), (18) and (19) ensure the Future Fund board of guardians has sufficient time to transfer $5.9 billion of uncommitted balances from the Education Investment Fund and the Building Australia Fund to the Asset Recycling Fund. Amendments (12), (16) and (17) ensure that the recipients of incentives and contributions towards large-scale infrastructure, including states and territories, are bound by the terms and conditions of the agreements under which funding is provided. The amendments strengthen accountability requirements that provide taxpayers with further confidence that funding is used for purposes allowed under the proposed legislation.