Mitch Fifield (Victoria, Liberal Party, Assistant Minister for Social Services) Share this | Link to this | Hansard source

I give notice that, on the next day of sitting, I shall move:

That the provisions of paragraphs (5) to (8) of standing order 111 not apply to the following bills, allowing them to be considered during this period of sittings:

Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy Amendment Bill 2014

Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy (Collection) Amendment Bill 2014.

I table a statement of reasons justifying the need for these bills to be considered during these sittings and seek leave to have the statement incorporated in Hansard.

Leave granted.

The statement read as follows—

STATEMENT OF REASONS FOR INTRODUCTION AND PASSAGE IN THE 2014 SPRING SITTINGS

AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE SUPERVISORY COST RECOVERY LEVY AMENDMENT BILL

AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE SUPERVISORY COST RECOVERY LEVY (COLLECTION) AMENDMENT BILL

Purpose of the Bill

The bills cease AUSTRAC’s current cost recovery regime and introduce a new single charge to industry to cover 70 per cent of AUSTRAC’s budget expenditure in 2014 15, 90 per cent in 2015 16 and 2016-17, and 100 per cent from 2017 18 onwards.

Reasons for Urgency

The single charge was a measure in the 2014-15 Budget to replace the current cost recovery arrangements. As the new single charge will be introduced, no legislative instrument will be issued to raise cost recovery liabilities for 2014-15. If the bills do not pass in the Spring sittings, there will be no mechanism for AUSTRAC to levy and collect from industry. This will result in a Budget shortfall equal to 70 per cent of AUSTRAC’s operating costs ($42.845 million).

Passage of the bills is the first step in the levy process, empowering the Minister to issue a legislative instrument setting out the arrangements for the charge. Passage in the Spring sittings is necessary to allow the Minister’s legislative instrument to be developed and issued with sufficient time for the charge to be collected in the 2014-15 financial year. Under the Budget measure, the revenue is required to be collected in 2014-15.

Question agreed to.