Andrew McLachlan (SA, Deputy-President) Share this | Hansard source

The question before the committee is that the requests for amendments on sheet UC149 to the Housing Australia Future Fund Bill 2023, the amendment on sheet UC142 to the Housing Australia Future Fund Bill 2023 and the amendment on sheet ZC221 to the Treasury Laws Amendment (Housing Measures No. 1) Bill 2023 be agreed to.

Gove rnment's circulated requests for amendments in respect of the Housing Australia Future Fund Bill 2023

SHEET UC149

(1) Clause 4, page 5 (after line 16), after the definition of derivative, insert:

designated annual amount has the meaning given by section 33B.

(2) Clause 12, page 13 (line 14), omit "section 33", substitute "sections 33 and 33A".

(3) Clause 26, page 24 (lines 8 and 9), omit paragraph (4)(b), substitute:

(b) the Finance Minister is satisfied that the transfer will not:

(i) if the financial year is the financial year beginning on 1 July 2023—contravene section 36 (annual limit); or

(ii) if the financial year is a financial year beginning on or after 1 July 2024—cause the total amount debited from the Housing Australia Future Fund Special Account under this section and sections 29 and 33 during the financial year to exceed the designated annual amount for the financial year;

(4) Clause 29, page 26 (line 23), omit "The", substitute "If the financial year is the financial year beginning on 1 July 2023, the"

(5) Clause 29, page 26 (after line 25), after subclause (4), insert:

(4A) If the financial year is a financial year beginning on or after 1 July 2024, the Finance Minister must not give a direction under subsection (2) if doing so would cause the total amount debited from the Housing Australia Future Fund Special Account under this section and sections 26 and 33 during the financial year to exceed the designated annual amount for the financial year.

(6) Clause 32, page 28 (after line 10), after the paragraph beginning "Amounts will be", insert:

(7) Heading to clause 33, page 28 (line 11), omit "Transfers", substitute "Requested transfers".

(8) Clause 33, page 29 (lines 7 and 8), omit paragraph (4)(b), substitute:

(b) the Finance Minister is satisfied that the transfer will not:

(i) if the financial year is the financial year beginning on 1 July 2023—contravene section 36 (annual limit); or

(ii) if the financial year is a financial year beginning on or after 1 July 2024—cause the total amount debited from the Housing Australia Future Fund Special Account under this section and sections 26 and 29 during the financial year to exceed the designated annual amount for the financial year;

(9) Page 30 (after line 9), after clause 33, insert:

33A Guaranteed transfers from the Housing Australia Future Fund Special Account to the Housing Australia Special Account

(1) This section applies if, at the start of 1 June in a financial year beginning after 30 June 2024, the total amount (the total debited amount) that has been, or will be, debited from the Housing Australia Future Fund Special Account under sections 26, 29 and 33 during the financial year is less than the designated annual amount for the financial year.

(2) The Finance Minister must, in writing, direct that a specified amount (which must equal the designated annual amount for the financial year minus the total debited amount) is to be:

(a) debited from the Housing Australia Future Fund Special Account; and

(b) credited to the Housing Australia Special Account;

on a specified day before the end of the financial year.

(3) A direction under subsection (2) is not a legislative instrument.

(4) If the Finance Minister personally gives a direction under subsection (2), the Finance Minister must give a copy of the direction to the Housing Minister and the Treasurer.

(5) If a delegate of the Finance Minister gives a direction under subsection (2), the delegate must give a copy of the direction to the Treasury Department.

33B Meaning of designated annual amount

The designated annual amount for a financial year is:

(a) if a determination in force under section 33C specifies the amount applicable to the financial year—that amount; or

(b) otherwise—$500 million.

Note: If no determination has been made under section 33C, the designated annual amount is indexed in accordance with section 33E. If a determination has been made under section 33C, the determination may provide for the designated annual amount to be indexed in accordance with the determination.

33C Determination of designated annual amount

(1) The responsible Ministers may, by legislative instrument, determine that, for the purposes of paragraph 33B(a), a specified amount is the designated annual amount for:

(a) a specified financial year; or

(b) a specified financial year and each subsequent financial year.

Note: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901.

(2) A determination under subsection (1) must not have the effect of reducing the designated annual amount for a financial year.

(3) A determination under subsection (1) may make provision for and in relation to the indexation of the designated annual amount for a financial year.

(4) A determination under subsection (1) must be made before the start of the first financial year to which the amount specified in the determination is applicable.

(5) In making a determination under subsection (1), the responsible Ministers must have regard to:

(a) the advice given by the Future Fund Board under section 33D in relation to the impact of the making of the determination on the ability of the Future Fund Board to comply with this Act and the Housing Australia Future Fund Investment Mandate; and

(b) such other matters (if any) as the responsible Ministers consider relevant.

(6) If the responsible Ministers make a determination under subsection (1) (the initial determination), the responsible Ministers must ensure that a determination under subsection (1) is in force at all times after the initial determination is made.

(7) If the responsible Ministers vary a determination under subsection (1) to specify a different amount, the variation must be made before the start of the first financial year to which the varied amount is applicable.

33D Determination of designated annual amount — advice given by the Future Fund Board

(1) Before making a determination under subsection 33C(1), the responsible Ministers must give the Future Fund Board a written notice that:

(a) sets out a draft of the determination; and

(b) requires the Future Fund Board to:

(i) give advice to those Ministers about the impact of the making of the determination on the ability of the Future Fund Board to comply with this Act and the Housing Australia Future Fund Investment Mandate; and

(ii) do so within the period specified in the notice; and

(c) requires the Future Fund Board, in giving that advice, to have regard to:

(i) the Housing Australia Future Fund Investment Mandate; and

(ii) such other matters (if any) as are specified in the notice.

(2) The Future Fund Board must comply with a requirement in a notice under subsection (1).

(3) A period specified under subparagraph (1)(b)(ii) must not be shorter than 60 days after the notice is given.

(4) A matter specified under subparagraph (1)(c)(ii) must not be inconsistent with:

(a) this Act; or

(b) the Housing Australia Future Fund Investment Mandate.

(5) Paragraph (1)(c) does not, by implication, limit the matters to which the Future Fund Board may have regard.

(6) The advice given by the Future Fund Board in accordance with subparagraph (1)(b)(i) must be tabled in each House of the Parliament with the relevant determination.

Note: As the determination is a legislative instrument, it is also tabled in each House of the Parliament under section 38 of the Legislation Act 2003.

33E Indexation of designated annual amount

(1) At the start of each financial year (an indexation year) after the financial year ending on 30 June 2029, the designated annual amount is replaced by the amount worked out using the following formula:

(2) However, subsection (1) does not apply in relation to a financial year if a determination under subsection 33C(1) has been made in relation to that financial year or a previous financial year.

(3) The indexation factor for an indexation year is the number worked out using the following formula:

where:

base quarter means the last March quarter before the reference quarter.

index number, for a quarter, means the All Groups Consumer Price Index number (being the weighted average of the 8 capital cities) published by the Australian Statistician for that quarter.

refere nce quarter means the March quarter in the last year before the indexation year.

(4) An indexation factor is to be calculated to 3 decimal places (rounding up if the 4th decimal place is 5 or more).

(5) Amounts worked out under subsection (1) are to be rounded to the nearest whole dollar (rounding 50 cents upwards).

(6) An indexation factor that is less than 1 is to be increased to 1.

(7) Calculations under subsection (3):

(a) are to be made using only the index numbers published in terms of the most recently published index reference period; and

(b) are to be made disregarding index numbers that are published in substitution for previously published index numbers (except where the substituted numbers are published to take account of changes in the index reference period).

(10) Clause 34, page 30 (before line 11), insert:

Requested transfers

(11) Clause 34, page 30 (line 11), before "If", insert "(1)".

(12) Clause 34, page 30 (after line 17), at the end of the clause, add:

Guaranteed transfers

(2) If an amount (the credited amount) has been credited under paragraph 33A(2)(b) to the Housing Australia Special Account, the Housing Minister must:

(a) ensure that the Housing Australia Special Account is debited for the purposes of making a payment of an amount equal to the credited amount to Housing Australia for the purpose specified in paragraph 47C(1)(b) of the Housing Australia Act 2018; and

(b) do so as soon as practicable after the credited amount has been credited.

Note: Under subsection 47C(2A) of the Housing Australia Act 2018, such a payment enables Housing Australia to make grants and loans in relation to acute housing needs, social housing or affordable housing.

(13) Heading to Part 5, page 31 (line 1), omit "Annual Limit", substitute "Limit".

(14) Clause 35, page 31 (line 6), omit "an annual", substitute "a".

(15) Clause 35, page 31 (line 7), after "Account", insert "in the financial year beginning on 1 July 2023".

(16) Clause 36, page 31 (lines 8 to 14), omit the clause, substitute:

36 Limit on amounts debited from the Housing Australia Future Fund Special Account

The total amount debited from the Housing Australia Future Fund Special Account under sections 26, 29 and 33 during the financial year beginning on 1 July 2023 must not exceed $500 million.

(17) Clause 38, page 32 (line 17), omit "and 33", substitute ", 33 and 33A".

(18) Clause 41, page 34 (line 11), omit "section 33", substitute "sections 33 and 33A".

(19) Clause 61, page 45 (line 8), omit "or 33", substitute ", 33 or 33A".

(20) Clause 65, page 47 (line 25), omit "section 33", substitute "sections 33 and 33A".

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Statement of reasons: why certain amendments should be moved as requests

Section 53 of the Constitution is as follows:

Powers of the Houses in respect of legislation

53. Proposed laws appropriating revenue or moneys, or imposing taxation, shall not originate in the Senate. But a proposed law shall not be taken to appropriate revenue or moneys, or to impose taxation, by reason only of its containing provisions for the imposition or appropriation of fines or other pecuniary penalties, or for the demand or payment or appropriation of fees for licences, or fees for services under the proposed law.

The Senate may not amend proposed laws imposing taxation, or proposed laws appropriating revenue or moneys for the ordinary annual services of the Government.

The Senate may not amend any proposed law so as to increase any proposed charge or burden on the people.

The Senate may at any stage return to the House of Representatives any proposed law which the Senate may not amend, requesting, by message, the omission or amendment of any items or provisions therein. And the House of Representatives may, if it thinks fit, make any of such omissions or amendments, with or without modifications.

Except as provided in this section, the Senate shall have equal power with the House of Representatives in respect of all proposed laws.

Amendment (9)

The effect of this amendment is to provide for a set amount to be credited each financial year into the National Housing Finance and Investment Corporation Special Account (established by section 47A of the National Housing Finance and Investment Corporation Act 2018) from the Housing Australia Future Fund Special Account (established by section 10 of the Bill). It also provides that a higher set amount may be determined and that if no higher set amount is determined, the set amount will be indexed for each financial year that begins after 30 June 2029.

This will increase the amount that will be paid each financial year from the Special Accounts mentioned above, with those payments being made out of the Consolidated Revenue Fund under the standing appropriation in section 80 of the Public Governance, Performance and Accountability Act 2013.

Amendment (12)

The effect of this amendment is to provide for the set amount that is credited each financial year to the National Housing Finance and Investment Corporation Special Account (established by section 47A of the National Housing Finance and Investment Corporation Act 2018) to be debited from that Special Account.

This will increase the amount that will be paid each financial year from the National Housing Finance and Investment Corporation Special Account, with those payments being made out of the Consolidated Revenue Fund under the standing appropriation in section 80 of the Public Governance, Performance and Accountability Act 2013.

Consequential amendments

All other amendments on sheet UC149 are consequential on the amendments mentioned above.

Statement by the Clerk of the Senate pursuant to the order of the Senate of 26 June 2000

Amendments (9) and (12)

If the effect of the amendments is to increase the amount of expenditure under the standing appropriation in section 80 of the Public Governance, Performance and Accountability Act 2013, then it is in accordance with the precedents of the Senate that the amendments be moved as requests.

Remaining amendments

The remaining amendments are consequential on the requests. It is the practice of the Senate that an amendment that is consequential on an amendment framed as a request may also be framed as a request.

Government's circulated amendments in respe ct of the Housing Australia Future Fund Bill 2023

SHEET UC142

(1) Clause 65, page 48 (line 24), omit "31 December 2028", substitute "31 December 2026".

Government's circulated amendments in respect of the Treasury Laws Amendment (Housing Measures No. 1) Bill 2023—

SHEET ZC221

(1) Schedule 2, page 19 (after line 3), after item 12, insert:

12A At the end of section 48

Add:

(3) The Investment Mandate may include a direction that the Board must, for the purposes of subsections (1) and (2), disregard liabilities or loans of a specified type.