Glenn Sterle (WA, Australian Labor Party, Shadow Assistant Minister for Road Safety) Share this | Hansard source

I direct my comments to the chamber—Senator Patrick, this amendment would fundamentally alter the proposal to make it strictly an underwriting fund with no ability to make direct equity investments. While Labor believes there may be merits to the fund underwriting investments, we do not believe that altering the bill via legislative amendment is the right approach in this instance. The Commonwealth is only a minority shareholder in the proposed fund, which means any substantive change would need to be renegotiated by the remaining shareholders, and the proposal has not been subjected to sufficient analysis or stakeholder consultation. Labor has sought, and been provided with, undertakings from the government that it supports the fund's potential to underwrite investments that are consistent with the investment mandate.