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Thursday, 19 June 2014
Page: 6659

Mr BILLSON (DunkleyMinister for Small Business) (09:25): I move:

That this bill be now read a second time.

This bill is part of a package of bills that will give effect to the government's commitment to reintroduce biannual indexation of fuel excise and excise-equivalent fuel duties.

Specifically, this bill amends the Financial Management and Accountability Act 1997 to establish the Fuel Indexation (Road Funding) special account.

The Treasurer will be responsible for making a determination to allocate funds to the special account. The Deputy Prime Minister and Minister for Infrastructure and Regional Development will be able to direct that amounts be transferred from the special account in order to provide funding to the states and territories for road infrastructure investment.

This account will ensure that the net revenue raised through the re-introduction of fuel duty indexation is used to assist the government in building the road infrastructure for a 21st century economy and will be reported in Budget Paper No. 4.

Full details of this bill are contained in the explanatory memorandum. I commend this bill and the package to the House.

Debate adjourned.