Marise Payne (NSW, Liberal Party, Minister for Foreign Affairs) Share this | Link to this | Hansard source

I move:

That these bills may proceed without formalities, may be taken together and be now read a first time.

Question agreed to.

Bills read a first time.

by leave—I move:

That the provisions of paragraphs (5) to (8) of standing order 111 not apply to the Treasury Laws Amendment (Timor Sea Maritime Boundaries Treaty) Bill 2019, allowing it to be considered during this period of sittings.

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

Leave granted.

The statement read as follows—

Purpose of the Bill

The purpose of the bill is to amend Australia's tax laws to enable the Treaty between Australia and the Democratic Republic of Timor-Leste Establishing their Maritime Boundaries in the Timor Sea, which was signed by Australia and Timor-Leste on 6 March 2018, to enter into force. The legislative amendments will provide that the taxation arrangements of existing oil and gas fields affected by the Treaty continue under conditions equivalent to current arrangements.

Reasons for Urgency

Introduction and passage of legislation in the same sitting is required to enable to Treaty to enter into force. If passage of legislation is delayed this could risk Australia's international reputation, particularly if the Timorese Government ratifies the Treaty and Australia has not done so. The commercial operators of the affected oil and gas fields may also criticise the Australian Government for the delay and uncertainty around the taxation arrangements.

Question agreed to.