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

I present an addendum to the replacement explanatory memorandum relating to the Australian Postal Corporation and Other Legislation Amendment Bill 2024 and a revised explanatory memorandum relating to the Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Bill 2024 and I move:

That these bills be now read a second time.

I seek leave to have the second reading speeches incorporated in Hansard.

Leave granted.

The speeches read as follows—

AUSTRALIAN POSTAL CORPORATION AND OTHER LEGISLATION AMENDMENT BILL 2024

The Australian Postal Corporation and Other Legislation Amendment Bill 2024 will strengthen regulatory regimes for international mail screening, inspection, and where warranted, intervention.

The postal sector is in rapid transformation and responding to changes in technology, consumer preferences and markets, including eCommerce driving substantial growth of international parcels.

Australia's international mail gateways, where incoming and outgoing mail is screened and processed, are being placed under increasing pressure due to rising volumes and growing threats to Australia's biosecurity and national security.

It is essential that Australia is well equipped to mitigate and respond to any risks that arise in the mail stream. This is why the Government is ensuring the legislation that governs the security of postal articles continues to be fit for purpose, and provides operational flexibility so our border agencies can adapt and lawfully respond to the changing threat environment.

In response to these issues and challenges, the Bill will make amendments to the Australian Postal Corporation Act 1989, to improve the operation of the information sharing arrangements between Australia Post and border agencies, and the rules for opening and examination of postal articles.

The Bill contains measures that will enhance the disclosure of information and documents in relation to postal articles between Australia Post and government agencies. A new exception will be introduced to the disclosure regime to better facilitate information sharing with Commonwealth, State and Territory bodies to assist in the performance of their functions or duties. This will provide greater clarity on the agencies and purposes for which Australia Post is able to share information and documents. Existing exceptions will continue to apply.

Information sharing arrangements will be further enhanced by new provisions that will permit secondary disclosures of information and documents between government agencies, under strict parameters. This will support border protection and law enforcement outcomes and ensure alignment across levels of government.

The measures for enhanced information sharing arrangements have been designed with appropriate privacy safeguards and are reasonable, appropriate and justified.

Australia Post and border agencies have consistently raised concerns about ambiguities in the current law due to changes in the way technology has been employed to support processing and screening of articles, and evolving risks in the mail stream.

The Bill therefore contains a number of amendments to simplify terminology and legislative processes to provide greater certainty to Australia Post employees, and customs and biosecurity officers, when exercising their legislative powers and functions for the inspection and examination of mail, and ease the burden of compliance.

Another key element of the Bill is a new measure to ensure that as the threat environment changes, postal articles suspected of containing explosive, dangerous and injurious goods are able to be handled appropriately and safely. The amendments will incorporate these provisions currently contained in Australia Post's terms and conditions into legislation.

The Bill will also make minor and technical amendments to clarify the operation of certain provisions of the Australian Postal Corporation Act 1989, and minor consequential amendments to the Criminal Code Act 1995 for consistency with amendments to the Act.

It is proposed Schedule 1 to the Bill would commence on proclamation, but not later than 6 months after the Royal Assent. This will allow sufficient time for Australia Post and border agencies to prepare for any necessary operational changes.

In summary, the proposed amendments will contribute to immediate enhancements to Australia's border protection, biosecurity and national security, and provide greater flexibility for Australia Post and border agencies to lawfully deal with current and emerging security risks in the mail stream.

CRIMINAL CODE AMENDMENT (PROTECTING COMMONWEALTH FRONTLINE WORKERS) BILL 2024

The Australian Government is introducing the Criminal Code Amendment (Protecting Commonwealth Frontline Workers) Bill 2024 to strengthen protections for Commonwealth frontline workers, who are increasingly subjected to acts of violence or aggression from members of the public. This violence and aggression can have devastating impacts on frontline workers and their families as well as on the broader safety and operation of Commonwealth workplaces.

The Services Australia Security Risk Management Review was commissioned after a serious assault on a staff member at a Services Australia Service Centre in 2023 and conducted by Mr Graham Ashton. Mr Ashton made 44 recommendations to increase staff safety and deter acts of aggression. The Government has committed to implementing all 44 of those recommendations.

This Bill will implement recommendation 18 of the Ashton Review by amending the Commonwealth Criminal Code to increase the penalties available for causing harm, or threatening to cause serious harm, to a Commonwealth public official where the official is also a Commonwealth frontline worker.

These amendments will align the penalties for causing harm, or threatening to cause serious harm to a Commonwealth frontline worker with the penalties applicable for the same conduct against a Commonwealth judicial officer or Commonwealth law enforcement officer.

Specifically, the penalty for conduct that causes harm to a Commonwealth frontline worker under section 147.1(1) of the Criminal Code will increase from a maximum of 10 years to 13 years' imprisonment. Similarly, the penalty for conduct that threatens to cause serious harm to a Commonwealth frontline worker under section 147.2(1) of the Criminal Code will increase from a maximum of 7 years to 9 years' imprisonment.

The Bill defines 'Commonwealth frontline worker' as a Commonwealth public official who performs work requiring the person to deal directly (whether or not in person) with the public, or a class of the public, as a primary function of their role. This reflects the diversity of Commonwealth frontline worker roles, from service delivery to regulatory functions.

Commonwealth frontline workers are in service centres and call centres across Australia. Commonwealth frontline workers are also out in the community performing essential outreach in our communities, providing access to government payments following emergencies or natural disasters, and safeguarding the integrity of government programs through monitoring and enforcement activities.

These amendments send a strong message that the Albanese Government values the contributions made by our frontline workers and that violence and aggression towards those workers is unacceptable.

This Bill is an important step towards creating safer Commonwealth workplaces.

I acknowledge the strong support of the Minister for Government Services for the measures in this Bill and I commend the Bill.

EXCISE AND CUSTOMS LEGISLATION AMENDMENT (STREAMLINING ADMINISTRATION) BILL 2024

The Australian government has a strong commitment to reduce excessive and unnecessary regulation and administrative costs for businesses.

This Bill will deliver significant deregulation benefits for businesses who engage in the manufacture, importation and distribution of fuel and alcohol.

The measures in this Bill, together with amendments to subordinate legislation, implement the remaining elements of the 'Streamlining the administration of fuel and alcohol excise package'.

A first tranche of measures from this package were legislated as part of Treasury Laws Amendment (Refining and Improving our Tax System) Act 2023 and took effect on 1 July 2023.

Those measures have improved reporting arrangements for small businesses by aligning the excise and customs reporting with other indirect taxes, and support innovation in the beer industry by allowing the small-scale sale of 'growlers' from licenced hospitality venues without attracting excise duty and licence obligations.

This Bill implements the remaining measures of the deregulation package.

This Bill will remove unnecessary regulatory touch points by ensuring that businesses dealing with dutiable alcohol or fuel will no longer need to renew their excise or customs warehouse licences which permit the storage of excise equivalent goods (customs EEG warehouse).

In addition, the Bill will provide an immediate and ongoing cash saving for those businesses by removing fees and charges associated with excise and customs EEG warehouse licences.

The licencing process will also be simplified. Business with multiple manufacturing or warehousing sites around Australia, will now be able to apply to consolidate each of their excise and customs EEG warehouse licences into corresponding single 'entity-level' licences. This will allow business to easily apply to add or remove sites from their licence without the need of going through the full onerous licence application process.

A new arrangement that allows freer movement of dutiable goods between licenced sites will be provided. Approved businesses will no longer need to seek regulator permission each time they wish to move or supply their excisable goods to and from other excise licenced businesses or excise-equivalent goods to and from other customs EEG warehouses.

This Bill will also make it easier and timelier for businesses to access information they need, allowing businesses to readily identify licensed entities without having to contact regulators and wait for a reply. This will be achieved by the creation of a new on-line public register of all excise and customs licencees that manufacture, store and warehouse fuel or alcohol products.

Finally, this Bill will remove unnecessary administrative burdens for onshore oil producers by removing the requirement that they hold excise licences, unless the relevant production threshold is exceeded.

The Government is committed to removing unnecessary administrative and compliance burdens for businesses, reducing costs and helping keep prices lower.

This Bill complements the continued support the government currently provides to local brewers and distillers who receive an automatic full remission of any excise duty they would otherwise have paid on the alcohol they produce up to a cap of $350,000 each financial year.

Full details of the measures are contained in the Explanatory Memorandum.

HEALTH INSURANCE LEGISLATION AMENDMENT (ASSIGNMENT OF MEDICARE BENEFITS) BILL 2024

The Health Insurance Legislation Amendment (Assignment of Medicare Benefits) Bill 2024 represents more progress on the Government's commitment to strengthen Medicare for the needs of modern Australia.

This Bill will make critically needed improvements to make it easier for GPs and health professionals to bulk bill their patients, by updating the assignment of benefit process, which underpins bulk billed Medicare services and 'simplified billing'.

This will modernise the assignment of benefits process, bring it into the 21st century and help to further safeguard Medicare from fraud. This upgrade has been sorely needed for many years now. GPs have long complained of an overly complex and onerous paperwork process that is inefficient and holds back productivity.

Since coming into Government, we've invested in measures to help GPs and health professionals deliver the care Australians need. Stopping the slide in the bulk billing rate has been front of mind—and our record investment into bulk billing in last year's Budget has succeeded in that effort—leading to increase bulk billing in every state and territory across the country.

We want to do everything we can to make it easier for patients to be bulk billed and support Australians' access to timely and affordable healthcare.

This Bill will also address simplified billing, which relates to assignments by patients who are privately insured, for hospital or hospital-substitute treatment that is covered by their policy.

In both cases the assignment of benefit enables the right to payment of a Medicare benefit, which is payable for eligible patients, to be transferred to healthcare providers in exchange for zero or low out-of-pocket expenses for the patient.

These amendments are required to protect the integrity of Medicare payments and to reduce the administrative burden of regulatory compliance. The Australian National Audit Office (ANAO), in its 2022-23 Expansion of Telehealth report, also identified the potential incompatibility of 'verbal assignment' for bulk billed telehealth services with current legislation.

The Bill will support the Government's ongoing commitment to bulk billing, complementing the $3.5 billion measure to triple bulk billing incentives in the 2023-24 Budget, and maintain simplified billing to reduce or eliminate out-of-pocket costs for privately insured patients.

Modernising and making assignment of benefit easier for patients and providers will preserve goodwill toward and trust of the Medicare program in its fortieth year and beyond.

In response to industry feedback, amendments under this Bill streamline bulk billing and simplified billing processes. The Bill goes further than telehealth, as the amendments reform assignment of benefit broadly.

One aspect of the Bill is to support more efficient and effective claiming processes (including use of digital technologies) and provide for appropriate protections to ensure the integrity of Medicare for future generations.

The current requirement for an 'approved form' would be replaced with requirements prescribed in regulations, enabling digital solutions that give Government and stakeholders the flexibility to leverage existing interactions with patients, such as appointment booking, patient registration, hospital admission processes and informed financial consent discussions.

For simplified billing, where health insurers and approved billing agents manage claims for patients receiving hospital and hospital-substitute treatment, the bill will make use of health insurance coverage including insurer agreements with hospitals and 'no gap' or 'known gap' arrangements with practitioners.

Specifying requirements in regulations proposed to be made under the bill, subject to consideration by the Governor-General in Council, will have the benefit of future proofing the processes and ensuring they are adaptable as technology advances.

This Bill will enable a patient to assign a Medicare benefit before or after a professional service is rendered. This is a change advocated by key stakeholders, along with capability for enduring assignment agreements in some scenarios.

Amendments are also required to protect and reinforce the integrity of Medicare without introducing unnecessary administrative burden for stakeholders.

Medicare payment integrity will be supported through improving the provision of information relevant to patients' understanding of their treatment and the associated costs including notifying the patient of claims for benefits.

The Bill will also improve record keeping requirements, supporting auditability. The focus will be on flexibly using information already collected by the sector.

Medical industry, hospital and private health insurance stakeholders have voiced support for legislative changes to simplify and modernise the Health Insurance Act 1973; to improve transparency for patients while ensuring minimal administrative burden for healthcare providers and insurers.

To conclude, this Bill supports the Medicare Benefits Schedule and modernises and simplifies the assignment of benefits process to provide patients' continued access to timely and subsidised care. Amendments will improve Medicare payment integrity and benefits both patients and providers, ultimately resulting in better healthcare outcomes for Australians.   .The Albanese Government is determined to make it easier and cheaper for people to access high quality care where and when they need it.

This Bill will help to deliver this and further strengthen Medicare for the needs of modern Australia.

SOCIAL SERVICES AND OTHER LEGISLATION AMENDMENT (MORE SUPPORT IN THE SAFETY NET) BILL 2024

The Social Services and Other Legislation Amendment (More Support in the Safety Net) Bill 2024 delivers targeted assistance to further strengthen Australia's social security safety net.

It builds on the Government's safety net measures in the last Budget, which increased working age and student payments by $40 a fortnight, expanded eligibility for the higher rate of JobSeeker, expanded Parenting Payment Single to parents until their youngest child turns 14, and increased maximum rates of Commonwealth Rent Assistance by 15 per cent.

Together with last year's investments, the measures in this Bill represent an additional $11.5 billion investment in the social security system, providing more assistance to Australians on some of the lowest incomes.

In 2024-25 alone, it is estimated over $143 billion will be spent on social security and family payments.

The Government knows that access to secure and affordable housing has significant social, economic and personal benefits. And in the current context, we recognise many people are still struggling with high rental costs.

That is why, as part of this Bill, the Government will increase Commonwealth Rent Assistance maximum rates by a further 10 per cent, providing recipients with more support to manage rental pressures.

This builds on our increase in the previous Budget, providing the first back-to-back increases to rent assistance in over 30 years.

This further increase means that, combined with indexation, by   .20 September 2024, when this measure is due to commence, maximum rates of Rent Assistance will have increased by over 40 per cent since the Albanese Government was elected in May 2022.

And regular indexation will be applied on top, on the same day.

Commonwealth Rent Assistance is the most effective policy lever the Government has to provide immediate, targeted assistance for low income households in private rentals. This latest measure will help address the pressure associated with housing costs for close to a million households.

The second measure delivered by this Bill will extend eligibility for the higher rate of JobSeeker Payment to single recipients who have been assessed as only being able to work less than 15 hours per week due to a physical, intellectual or psychiatric impairment. This higher rate is currently $816.90 per fortnight and goes to single recipients with dependent children and single recipients aged 55 and over who are on payment for 9 or more continuous months.

Through this measure, additional assistance will be targeted to recipients with a significantly reduced capacity to work, recognising the barriers they face to supplement their income support with earnings from work and the financial strain this can create.

This measure will bring around 4,700 additional existing recipients onto the higher rate of JobSeeker Payment, better reflecting their needs and circumstances and supporting them with their daily living costs.

On average, recipients with a partial capacity to work of less than 15 hours remain on payment for almost twice as long as those without a partial capacity to work and are less likely to experience the benefit of work, with only 9 per cent reporting earnings on average each fortnight.

Of those who will benefit from this measure, 36 per cent are women, 34 per cent live in regional and remote Australia and 14 per cent are First Nations people.

Combined with a higher rate of Energy Supplement, these recipients will receive at least an additional $54.90 per fortnight before indexation.

Subject to the passage of this Bill, this measure will commence from 20 September 2024. This is the same day as regular indexation of JobSeeker Payment, which means the actual increase will be higher.

This measure builds on our changes to payments in the last Budget, including the $40 per fortnight base rate increase for working age and student payments and extending the higher rate of JobSeeker Payment to single Australians aged 55 and over who have been on payment long term, down from 60.

Expanding eligibility for the higher JobSeeker rate to these cohorts is designed to strengthen the system, by better targeting support to people based on their age, stage and circumstances.

Since the Government was elected in May 2022, the base single rate of JobSeeker Payment has increased by $120 per fortnight, or 18.7 per cent, providing over $3,100 in additional support each year. This is the largest nominal increase in a two-year period ever and the largest two-year increase in real terms—7.4 per cent, in more than 40 years.

And for those cohorts moving from the base rate to the higher rate, they are over $4,500 a year better off since May 2022.

Alongside this targeted increase in income support, the Government remains committed to our workforce participation agenda.

The third measure of this Bill—to introduce more flexibility for Carer Payment recipients to manage their work commitments and caring responsibilities, aligns with the Government's roadmap in the Employment White Paper to remove barriers to employment and improve workforce participation.

This includes provisions to change the 25 hour per week participation limit for Carer Payment recipients to instead allow up to 100 hours over a 4-week settlement period, effective from 20 March 2025.

Changes will also be made to ensure education and volunteering activities will no longer be counted in the participation limit. Travel time will also be removed through related policy changes.

Currently, Carer Payment can be cancelled if the 25 hour limit per week is exceeded. As well as greater flexibility, this measure also introduces a 6-month suspension period for recipients who work over the new 100 hour limit, meaning if their circumstances change they won't need to reapply to access the Carer Payment. They will also retain their Pensioner Concession Card during this period.

Policy changes will also provide for the use of single Temporary Cessation of Care days for one-off or occasional instances of exceeding the participation hours limit. Currently, carers receive 63 respite days annually—which they can use for any purpose in 7-day blocks. This change means that they can opt to use one day of their 63 day annual allocation, in instances where they only require a single respite day.

Combined, these changes are designed to give carers—who are predominantly women—greater flexibility and choice to structure their work, study or volunteering commitments around their caring responsibilities. This is expected to particularly benefit people who care for those with episodic or fluctuating conditions.

The removal of travel time from the participation limit will particularly assist carers who live in regional and remote areas and are more likely to need to travel further for work.

Around 31,000 Carer Payment recipients currently report employment earnings and may benefit from these changes.

This measure responds to recommendations in the Economic Inclusion Advisory Committee's 2024 Report and the 2020 Productivity Commission Inquiry into Mental Health. The changes have also been called for by stakeholders, advocacy groups and recipients of Carer Payment.

As a result of this Bill:

These measures provide responsible relief, including to some of the most vulnerable in our community, and help to remove barriers to work for carers.

I commend this Bill.

TREASURY LAWS AMENDMENT (DELIVERING BETTER FINANCIAL OUTCOMES AND OTHER MEASURES) BILL 2024

Schedule 1 to the Bill delivers the first tranche of the Delivering Better Financial Outcomes package, the Government's response to the Quality of Advice review.

It amends the Corporations Act 2001 to streamline ongoing fee renewal and consent requirements into a single form, provide more flexibility for advice providers in how financial services guide requirements can be met, simplify the rules banning conflicted remuneration and introduce new consumer consent requirements for certain insurance commissions. This schedule also amends the Superannuation Industry (Supervision) 1993 and Income Tax Assessment Act 1997 to provide a clear legal basis for the payment of advice fees from superannuation and associated tax consequences.

These amendments support improved access to affordable financial advice for millions of Australians by cutting onerous red tape that adds to the cost of advice with no benefit to consumers.

The Explanatory Memorandum clarifies that trustees will be able to continue using robust risk-based assurance processes when complying with section 99FA of Superannuation Industry (Supervision) 1993. Trustees with assurance frameworks that are consistent with existing guidance from the Regulators on paying advice fees from superannuation will be able to continue with their existing practices.

Schedule 2 to the Bill updates the petroleum resource rent tax general anti-avoidance rules so that they align with the more robust approach of the general anti-avoidance provisions contained in Part IVA of the Income Tax Assessment Act 1936.

Schedule 3 to the Bill amends the Petroleum Resource Rent Tax Assessment Act 1987 to clarify the meaning of the phrase 'exploration for petroleum'. It also clarifies that mining, quarrying or prospecting rights cannot be depreciated for income tax purposes until they are used, not merely held and the circumstances in which the issue of new rights over areas covered by existing rights lead to income tax adjustments.

Schedule 4 to the Bill amends domestic legislation governing Australia's agreements with international financial institutions to automatically incorporate amendments made to the treaties between Australia and these institutions. This reflects modern drafting practises and will avoid administratively burdensome processes, helping Australia honour its commitments to the international financial institutions that we are a member of.

Schedule 5 to the Bill amends various laws in the Treasury portfolio to ensure those laws operate in accordance with policy intent, make minor changes to improve administrative outcomes and remedy unintended consequences, as well as correcting technical and drafting defects.

Schedule 6 to the Bill amends the Income Tax Assessment Act 1997 to make changes to the Location Tax Offset to attract international investment in the Australian screen industry and provide domestic employment and training opportunities.

The Location Tax Offset is a refundable tax offset designed to encourage large-scale film and television productions to film in Australia. These changes increase rate of the Location Tax Offset from 16.5% to 30%.

The minimum qualifying Australian production thresholds will also increase to $20 million and $1.5 million per hour for television series.

To maximise the domestic employment and training opportunities these productions provide in the Australian screen industry, the changes introduce new eligibility criteria, requiring productions to meet the minimum training obligations or contribute to the broader workforce and infrastructure capacity of the sector, as well engage one or more Australian post, digital and visual effects provider to work on the production.

Schedule 6 also introduces an alternative minimum expenditure threshold to the producer tax offset for drama series of $35 million per season in qualifying Australian production expenditure.

This change will allow iconic long-form Australian drama series that film significant numbers of hours over a season to be eligible to access the producer tax offset, where they have not been able to meet the existing per hour expenditure threshold.

Finally, the Legislative and Governance Forum on Corporations and the GST Policy and Administration Sub-group were notified of relevant amendments in this Bill.

Full details of the measure are contained in the Explanatory Memorandum.

TREASURY LAWS AMENDMENT (FINANCIAL MARKET INFRASTRUCTURE AND OTHER MEASURES) BILL 2024

Today I introduce legislation that implements two important reforms.

New mandatory climate reporting requirements for large businesses;

And a new regime to protect our financial market infrastructure in the event of a crisis.

Collectively, these two reforms will help modernise our economy, maximise the economic opportunities in the decades ahead, and build a stronger financial system.

We know we need significant and well-targeted investment to grasp the benefits of the net zero transformation and manage the challenges of climate change.

Australian businesses and investors see the potential to harness demand for renewable energy to broaden and deepen our industrial base;

While at the same time maximising our traditional economic strengths.

But to enable this, and to give investors more clarity we need a robust way to measure progress and manage risk and opportunity.

To make the big, economy-defining improvements we want to see, we need to help investors make the right calls.

And to make the right calls, we need the right information.

That's why today we're introducing legislation mandating corporate climate reporting in Australia.

Our new climate reporting requirements will help Australia maximise the economic opportunities of cleaner, cheaper and more reliable energy;

And better manage climate change risks.

These changes introduce standardised reporting requirements for businesses, to ensure they are making high quality climate-related financial disclosures.

This will support Australia's reputation as an attractive destination for international capital especially when it comes to investment in our energy transformation;

And bring us in line with international standards.

The new climate reporting requirements will commence from 1 January 2025 for Australia's largest listed and unlisted companies and financial institutions.

Other large businesses will be phased in over time.

We know that for some, making climate disclosures for the first time will be challenging.

These lead times and this staggered approach gives companies time to build internal capability and expertise to make high quality climate risk disclosures.

The Government will also provide limited relief from private litigation for a three-year transitional period.

But ASIC can still take action for breaches of the reporting requirements during this period.

These changes will establish Australia's climate risk disclosure framework;

Give investors and companies the transparency, clarity and certainty they need to invest in new opportunities as part of the net zero transformation;

And ensure our economy is working to attract and deploy capital where it's needed.

We have consulted extensively with industry, investors, academics and regulators to ensure we take a balanced approach to mandatory climate disclosure requirements;

And there is broad industry support.

This legislation is part of our broader sustainable finance agenda;

And shows the Albanese Government is responding to the challenge of climate change by maximising the economic opportunities from cleaner, cheaper, more reliable energy.

Today, I also introduce legislation to strengthen regulatory arrangements for Australia's financial market infrastructure.

This legislation gives the RBA the power to step in and quickly resolve crises impacting critical financial market infrastructure and strengthens the RBA and ASIC's regulatory powers.

These powers were first recommended by the Council of Financial Regulators in 2015.

The gap in emergency powers should have been addressed years ago to ensure continuity of clearing and settlement services in the face of a crisis.

It took the previous Government six years to agree to the recommendations—and they never got around to delivering it.

As is the case in so many areas—the Albanese Government is delivering where the former Government failed.

We are acting to implement these important and longstanding recommendations.

The crisis regime has three key elements:

One, giving the RBA the power to ensure stability of clearing and settlement services when a crisis occurs, as well as giving them the regulatory powers to help prevent a crisis in the first place.

This will help maintain critical market functions and protect Australia's financial stability.

While our financial system is resilient, the failure of a clearing and settlement facility would cause significant disruption to Australia's financial markets.

That's why it's important that the RBA has appropriate powers to act quickly and decisively to resolve a crisis.

The Bill contains a range of supporting powers to ensure that the RBA can exercise its crisis powers as effectively as possible;

But only when one or more conditions for resolution are met.

These conditions clearly define the triggers for intervention and draw a distinction between the RBA's crisis powers and its day-to-day regulatory oversight and risk mitigation function.

The Bill also gives the RBA the power to provide up to $5 billion in support to ensure continuity of critical clearing and settlement services if a facility faces a crisis event.

The funds are only intended to be used as a last resort option, where a financial failure threatens the stability of the financial system.

The funds allow the RBA to step in to resolve the business of the clearing and settlement service, they would be recovered after the event;

And can only be used with the approval of the Treasurer and Minister for Finance.

Two, providing greater licencing and supervision powers to ASIC and the RBA to strengthen clearing and settlement facility standards.

Our reforms enhance the regulatory powers of ASIC and the RBA, giving them the tools they need to take decisive action to monitor, mitigate, and reduce risks in our financial markets.

The new powers include notification requirements, the power to issue directions and rule-making powers for clearing and settlement facilities.

It also gives them the power to ban individuals when they are not fit, proper, and competent;

And ensures that changes in control of any financial market infrastructure must be approved by either the Minister or ASIC.

And three, transferring existing ministerial powers for licencing and supervision to ASIC and the RBA.

The majority of these powers are already delegated to ASIC and the RBA.

These changes ensure that day-to-day supervisory powers sit with the regulators, while the Minister will retain broader strategic and governance powers.

This will create a coherent, complete suite of regulatory powers that support strong financial markets.

We urge this chamber to support the climate disclosure and financial market infrastructure reforms we are introducing today.

These reforms will make it easier for businesses to make decisions about investing in the energy economy;

And will modernise and strengthen Australia's financial system.

If we don't act, we risk missing out on capturing the investment opportunities of the energy transition;

And leaving our financial system exposed to potential crises with no way of responding.

We ask that you support these sensible measures which come after a long period of collaboration and consultation.

Full details of the measure are contained in the Explanatory Memorandum.

Debate adjourned.

Ordered that the bills be listed on the Notice Paper as separate orders of the day.