Nick Xenophon (SA, Independent) Share this | Link to this | Hansard source

I, and also on behalf of Senator Whish-Wilson and Senator Madigan, move:

That the following matter be referred to the Economics References Committee for inquiry and report by 30 October 2014:

     The need for a national approach to retail leasing arrangements to create a fairer system and reduce the burden on small to medium businesses with associated benefits to landlords, with particular reference to:

(a) the first right of refusal for tenants to renew their lease;

(b) affordable, effective and timely dispute resolution processes;

(c) a fair form of rent adjustment;

(d) implications of statutory rent thresholds;

(e) bank guarantees;

(f) a need for a national lease register;

(g) full disclosure of incentives;

(h) provision of sales results;

(i) contractual obligations relating to store fit-outs and refits; and

(j) any related matters.

Question agreed to.

Peter Whish-Wilson (Tasmania, Australian Greens) Share this | Link to this | Hansard source

I, and also on behalf of Senator Xenophon, move:

That the following matter be referred to the Economics References Committee for inquiry and report by 27 October 2014:

The structure and development of forestry managed investment schemes (MIS), including:

(a) the motivation and drivers that established the framework for the schemes initially;

(b) the role of governments in administering and regulating forestry MIS;

(c) the current policy and regulatory framework of forestry MIS;

(d) the role of some in the financial services industry in promoting and selling forestry MIS;

(e) compensation arrangements for small investors in forestry MIS who have lost life savings and their homes in the face of the collapse of forestry MIS;

(f) the burden on farmers and other agricultural producers who have been left with the uncertainty of timber plantations linked to forestry MIS on their land;

(g) options for reforming forestry MIS to protect investors and rural communities; and

(h) any other related matters.

I seek leave to make a short statement.

Alan Ferguson (SA, Deputy-President) Share this | Link to this | Hansard source

Leave is granted for one minute.

Peter Whish-Wilson (Tasmania, Australian Greens) Share this | Link to this | Hansard source

I have been lucky enough to have participated in two inquiries through the Economics Reference Committee in relation to ASIC, the Australian Securities and Investments Commission, and also in relation to the FoFA laws. It has become very clear to me that a large number of financial problems are out there in the community and they need to be addressed, effectively, through the Senate system. One of the big problems is, of course, managed investment schemes. Thousands of Australians have lost their life savings to these schemes. This has occurred not just from potentially dodgy financial planners or financial advisers; these schemes are fundamentally flawed. The government has played a significant role over the years in managed investment schemes, and it is high time that we had a close look at them and also at whether and, if so, how the government can play a role in compensating for, or remediating, the damage that these schemes have caused to communities and to individuals.

Question agreed to.

Claire Moore (Queensland, Australian Labor Party, Shadow Minister for Women) Share this | Link to this | Hansard source

At the request of Senator Conroy, I move:

That the future sustainability of Australia's strategically vital naval ship building industry be referred to the Economics References Committee for inquiry and report by 1 July 2015.

Question agreed to.