Carol Brown (Tasmania, Australian Labor Party, Assistant Minister for Infrastructure and Transport) Share this | Link to this | Hansard source

by leave—I move government amendments (1) to (3) on sheet ZB222 together:

(1) Schedule 3, item 20, page 18 (line 32), omit "fund; and", substitute "fund.".

(2) Schedule 3, item 20, page 19 (lines 1 to 4), omit paragraph (3)(d).

(3) Schedule 3, item 20, page 19 (lines 5 to 13), omit subitem (4), substitute:

(4) On and after the commencement of this Part, treat the public fund as having the principal purpose set out in item 9.1.1 of the table in subsection 30-80(1) of the Income Tax Assessment Act 1997, unless or until there is a change to the principal purpose of the public fund.

These amendments address an unintended consequence regarding the transitional provisions for existing overseas aid organisations. The amendments ensure that overseas aid funds continue to be endorsed or remain eligible for endorsement as deductible gift recipients under the new requirements. The amendments are consistent with the recommendations of the report of the Senate Economics Legislation Committee and address concerns about transitional provisions raised by the Law Council of Australia and the Australian Council for International Development in submissions to the inquiry.

Question agreed to.

Nick McKim (Tasmania, Australian Greens) Share this | Link to this | Hansard source

by leave—I move amendments (1) and (2) on sheet 1925 together:

(1) Clause 2, page 1 (after table item 3), insert:

(2) Page 6 (after line 16), after Schedule 2, insert:

Schedule 2A — Periodic investment reports by Future Fund Board

Future Fund Act 2006

1 Section 5

Insert:

reporting rules means rules made under section 55B.

2 After Division 6 of Part 4

Insert:

Division 6A — Periodic investment reports

55A Periodic investment reports

(1) The reporting rules may require the Board:

(a) to prepare a periodic investment report for each reporting day; and

(b) to make the report available on the internet throughout the period (the publication period) ascertained in accordance with the reporting rules.

(2) The publication period must not begin until at least 90 days have elapsed after the reporting day concerned.

(3) The reporting rules may empower the Board to make a periodic investment report available on the internet before the start of the publication period concerned.

(4) For the purposes of this section, periodic investment report for a reporting day means a report that:

(a) relates to the investments held by or on behalf of the Board (whether under this Act or any other Act) as at the end of the reporting day; and

(b) sets out such information as is specified in the reporting rules.

(5) If the reporting rules prescribe the way in which information must be set out in a periodic investment report, the information must be set out in a periodic investment report in accordance with the reporting rules.

(6) For the purposes of this section, reporting day means a day ascertained in accordance with the reporting rules.

(7) A reporting day must not occur before the commencement of this section.

(8) The period:

(a) beginning at the start of a reporting day; and

(b) ending at the start of the next reporting day;

must be at least 6 months.

55B Reporting rules

(1) The nominated Minister may, by legislative instrument, make rules (reporting rules) prescribing matters required or permitted by this Division to be prescribed by the reporting rules.

(2) The nominated Minister must take all reasonable steps to ensure that the first set of reporting rules are made as soon as practicable after the commencement of this Division.

(3) If the first set of reporting rules have commenced on a particular day, the nominated Minister must take all reasonable steps to ensure that reporting rules are in force at all times after that day.

55C Board to be consulted on reportin g rules

(1) Before making or amending reporting rules, the nominated Minister must:

(a) send the draft reporting rules or amendments to the Board; and

(b) invite the Board to make a submission to the nominated Minister on the draft reporting rules or amendments, as the case may be, within a time limit specified by the nominated Minister; and

(c) consider any submission that is received from the Board within that time limit.

(2) If:

(a) the nominated Minister makes or amends reporting rules; and

(b) the Board made a submission to the nominated Minister on a draft of the reporting rules or amendments, as the case may be, within the time limit specified by the nominated Minister;

the submission is to be tabled in each House of the Parliament with the reporting rules or amendments, as the case may be.

Note: For tabling of the reporting rules or amendments, see section 38 of the Legislation Act 2003.

(3) A time limit specified under this section must be reasonable.

Jane Hume (Victoria, Liberal Party, Shadow Minister for the Public Service) Share this | Link to this | Hansard source

For the sake of the chamber, the opposition will be opposing these amendments. The coalition won't be supporting them because, while we support appropriate transparency and reporting measures for public agencies and entities, it's not clear at this time that the impact or the broader public benefit of these amendments would deliver the outcomes you are seeking.

Carol Brown (Tasmania, Australian Labor Party, Assistant Minister for Infrastructure and Transport) Share this | Link to this | Hansard source

I indicate that the government will be supporting these amendments. The amendments relate to periodic investment reporting by the Future Fund. These amendments are identical to one that the previous government introduced into the last parliament but never implemented. So we will be supporting the amendments.

Nick McKim (Tasmania, Australian Greens) Share this | Link to this | Hansard source

Just very quickly in response to Senator Hume's comments, as Senator Brown has just pointed out, this is exactly an amendment that was introduced in the previous parliament by the previous government. So this is a backflip by the opposition away from the position they held in government. They put that in place because they were seeking to offset the backlash they were getting from their moves to exempt the Future Fund from the Freedom of Information Act. I just need to be clear. I could go into detail about what these amendments will do, but I think it is more of a philosophical objection from the opposition than an objection to the detail and so I don't propose to do that. I just need the Senate and people who are listening or perhaps reading this debate later to understand that this is an amendment that was introduced in the previous parliament by the previous government.

Question agreed to.

Bill, as amended, agreed to.

Bill reported with amendments; report adopted.