Mathias Cormann (WA, Liberal Party, Vice-President of the Executive Council) Share this | Hansard source

Just briefly. This amendment gives the Treasurer the power to make regulations to ensure that, when a body corporate disposes of assets under a divestiture order, the entity through which the assets are disposed of must comply with arrangements or undertakings that were made by the body corporate in relation to its employees and that satisfy requirements set out in the regulations. The government is confident that this amendment strikes the right balance between facilitating a smooth divestment process in the circumstances where divestiture is ordered while also protecting any rights or agreements previously negotiated between an entity which is subject to a divestment order and its workforce. But it does provide the appropriate level of discretion where the government of the day can make relevant judgements on whether a particular non-registered agreement is, indeed, in the public interest.