Chris Ketter (Queensland, Australian Labor Party) Share this | Link to this | Hansard source

I ask that the name of Senator Waters be added to business of the Senate notice of motion No. 6, proposing a reference to the Economics References Committee.

Stephen Parry (President) Share this | Link to this | Hansard source

Senator Waters's name is so added.

Chris Ketter (Queensland, Australian Labor Party) Share this | Link to this | Hansard source

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

That the following matter be referred to the Economics References Committee for inquiry and report by 7 December 2017:

The governance and operation of the Northern Australia Infrastructure Facility (NAIF), with particular reference to:

(a) the adequacy and transparency of the NAIF's governance framework, including its project assessment and approval processes;

(b) the adequacy of the NAIF's Investment Mandate, risk appetite statement and public interest test in guiding decisions of the NAIF Board;

(c) processes used to appoint NAIF Board members, including assessment of potential conflicts of interest;

(d) the transparency of the NAIF's policies in managing perceived, actual or potential conflicts of interest of its Board members;

(e) the adequacy of the Northern Australia Infrastructure Facility Act 2016 and Investment Mandate to provide for and maintain the independence of decisions of the Board;

(f) the status and role of state and territory governments under the NAIF, including any agreements between state and territories and the Federal Government; and

(g) any other related matters.

James McGrath (Queensland, Liberal National Party, Assistant Minister to the Prime Minister) Share this | Link to this | Hansard source

I seek leave to make a short statement.

Stephen Parry (President) Share this | Link to this | Hansard source

Leave is granted for one minute.

James McGrath (Queensland, Liberal National Party, Assistant Minister to the Prime Minister) Share this | Link to this | Hansard source

The Northern Australia Infrastructure Facility, NAIF, has a comprehensive suite of governance arrangements publicly available on its website. Its existing governance structures are comparable to similar government finance entities, such as the Clean Energy Finance Corporation. The NAIF is designed to operate and compete in a commercial environment. Similar to the Clean Energy Finance Corporation's investment policy documentation, the NAIF must recognise the competing challenges faced under its investment mandate, including the commercial imperatives of the NAIF, its requirement to drive economic development in northern Australia and the mandatory criteria outlined in the NAIF investment mandate.

Stephen Parry (President) Share this | Link to this | Hansard source

The question is that the motion moved by Senator Ketter, be agreed to.

Stephen Parry (President) Share this | Link to this | Hansard source

I will advise senators that there is most likely going to be a series of divisions and the bells will be rung in accordance with standing order 101 for one minute, if that is the case.