Anne Ruston (SA, Liberal Party, Assistant Minister for Agriculture and Water Resources) Share this | Hansard source

Firstly, in response to the comments of Senator Brown in relation to the costs, there were some wildly exaggerated figures thrown around in the House of Representatives when this particular bill, the Regional Investment Corporation Bill 2017, was debated. There was some sort of bizarre suggestion that this was going to cost taxpayers $81.4 million over the forwards. That is manifestly false. The government provided $28.5 million in the budget of May 2017 for the current program to establish the RIC over the next four years. Those funds will be offset against charges and are expected to be cost neutral over the life of the project.

In relation to the policy intent of the organisation that we're seeking to establish under the bill, as I said in my summing up notes following the finalisation of the second reading speech, it is for a number of purposes, not least of which is to get a more responsive and streamlined approach to get money to our farmers as quickly as possible when they're most in need. Creating a purpose designed organisation to enable us to be very quick and responsive in times of need for our farmers is a very sound and valid policy reason for the establishment of this particular corporation. It's about giving farmers the quickest and easiest opportunity to respond to unforeseen circumstances and, most importantly, take advantage of market opportunities.

In offering to administer the national water infrastructure loans and grants program through this organisation, we provide a far greater level of transparency than is currently necessary. So it seems somewhat bizarre that those opposite would not accept the offer extended by the government in good faith to provide a greater level of transparency and accountability in relation to the administration of a considerable amount of taxpayers' funds for the National Water Infrastructure Development Fund.

Senator Brown, in her opening remarks, asked me to explain the reasoning behind the small amendments that we have tabled for consideration today. Explicitly included in this bill is a statement to make it absolutely clear that the responsible ministers under this instrumentality, should it become enacted, must exercise their powers consistently with the Water Act. That was implicit in the existing bill, but we put it forward to make sure that it is explicitly stated in this bill that the ministers must act consistently with the Water Act. We are proposing to put forward an added level of transparency. We have charged the Murray-Darling Basin Authority with the responsibility of ensuring that any actions that are taken by the RIC meet the requirements of the Water Act, and we would have a second body that would validate that the Water Act has been complied with, and that validation would be made public. That is the intent of the amendments that have been tabled by the government in relation to this bill, Senator Brown.