Previous Fragment Next Fragment
-
Hansard
- Start of Business
- TELSTRA (DILUTION OF PUBLIC OWNERSHIP) BILL 1996
- DISTINGUISHED VISITORS
- ELECTION PETITION
-
QUESTIONS WITHOUT NOTICE
-
Tariffs
(Mr CREAN, Mr MOORE) -
Budget Deficit: Public Service
(Mr BRADFORD, Mr HOWARD) -
Tariffs
(Mr GARETH EVANS, Mr COSTELLO) -
Small Business
(Miss JACKIE KELLY, Mr HOWARD) -
Trade Practices Act
(Mr BEAZLEY, Mr HOWARD) -
Budget Deficit
(Mr LIEBERMAN, Mr COSTELLO) -
Tariffs
(Mr CREAN, Mr PROSSER) -
Landcare
(Mr HICKS, Mr ANDERSON) -
National Crime Authority
(Mr FILING, Mr WILLIAMS) -
Industrial Relations
(Mr MAREK, Mr REITH) -
Landmines
(Mr BEVIS, Mr McLACHLAN) -
Taxation: Award Payments
(Mr BROADBENT, Mr COSTELLO) -
Department of Defence: Ministerial Briefings
(Mr BEVIS, Mrs BISHOP) -
Australian National Railways Commission
(Mr WAKELIN, Mr SHARP) -
Grain Imports
(Mr O'KEEFE, Mr ANDERSON) -
New Zealand
(Mr CADMAN, Mr DOWNER) -
Ministerial Responsibility
(Mr BEAZLEY, Mr HOWARD) -
Prescriptions
(Mrs GALLUS, Dr WOOLDRIDGE) -
Compulsory Patient Fee
(Mr LEE, Dr WOOLDRIDGE) -
Meat Industry
(Mr TUCKEY, Mr ANDERSON) -
Compulsory Patient Fee
(Mr HOWARD) -
Member for Werriwa
(Mr TIM FISCHER, Mr LATHAM)
-
Tariffs
-
Australian National Audit Office Report No. 18
(Mr SINCLAIR, Mr SPEAKER) -
House of Representatives Committee Staff
(Mr PRICE, Mr SPEAKER) - PERSONAL EXPLANATIONS
- PAPERS
- MATTERS OF PUBLIC IMPORTANCE
- MINISTERS OF STATE AMENDMENT BILL 1996
- EXCISE TARIFF AMENDMENT BILL 1996
- DAIRY PRODUCE LEVY (No. 1) AMENDMENT BILL 1996
- DAIRY PRODUCE AMENDMENT BILL 1996
- LOAN BILL 1996
- SUPPLY BILL (No. 1) 1996-97
- SUPPLY BILL (No. 2) 1996-97
- SUPPLY (PARLIAMENTARY DEPARTMENTS) BILL 1996-97
- HOUSING ASSISTANCE BILL 1996
- HOUSING LOANS INSURANCE CORPORATION (TRANSFER OF ASSETS AND ABOLITION) BILL 1996
- TELSTRA (DILUTION OF PUBLIC OWNERSHIP) BILL 1996
- ADJOURNMENT
- Adjournment
- NOTICES
- Main Committee
Page: 615
Mr FAHEY (Minister for Finance)(4.31 p.m.)
—I move:
That the bill be now read a second time.
This bill is a machinery financing measure to enable certain defence expenditures to be met from the loan fund rather than the consolidated revenue fund and to supplement the moneys available to the consolidated revenue fund.
Legally, expenditure from the consolidated revenue fund cannot exceed the moneys available to that fund. Successive governments have adopted the practice of introducing a loan bill to authorise the issue of moneys from the loan fund to meet expenditures that have been appropriated by the parliament, but for which insufficient funds are available in the consolidated revenue fund.
The purpose of this bill is to make provision for the financing of the prospective deficit in the consolidated revenue fund. The difference between the estimated budget and consolidated revenue fund outcomes, estimated at about $2.8 billion in 1995-96, arises because appropriations from the CRF include various items which are functionally classified as financing transactions rather than outlays, and thus do not affect the budget outcome. These items include superannuation payments made by the Commonwealth on behalf of public trading enterprises.
The bill provides authority for the loan fund to meet defence expenditures incurred in 1996-97 after the passage of the bill that would otherwise have been met from the consolidated revenue fund and, if necessary, to reimburse the consolidated revenue fund for certain non-defence expenditures. The bill also provides the authority to raise loans to cover these payments from the loan fund.
Except for loan raising expenses, which are currently estimated at $0.2 million for 1996-97, the bill does not authorise expenditures additional to those already approved by, or currently before, the parliament. I emphasise that the bill does not in any way impinge on the prerogative of the parliament to appropriate moneys, but simply provides the means to finance expenditures previously approved and appropriated by the parliament. I present the explanatory memorandum to the bill.
Debate (on motion by Mr Kerr) adjourned.