Senator SHERRY (Deputy Leader of the Opposition in the Senate)(1.19 p.m.) —by leave—I move:

(1)   Schedule 1, page 15 (after line 10), before section 33J, insert:

33HA Minister for Finance to direct AIDC Ltd to transfer asset

(1)   The Minister for Finance must, by written notice given to AIDC Ltd. direct that body to transfer all of its holdings in the Australian Submarine Corporation to the Corporation.

(2)   The direction may impose on AIDC Ltd requirements that are ancillary or incidental to the transfer, including, but not limited to, any of the following requirements:

   (a)   a requirement that the transfer must be completed no later than 30 June 1997;

   (b)   a requirement that the transfer must be undertaken as a specified manner.

(3)   AIDC Ltd must comply with a direction given under subsection (2).

(4)   To avoid doubt, nothing in this or any other Act authorises the Minister to transfer from the Corporation its holding in the Australian Submarine Corporation.

(2)   Schedule 1, item 39, page 15 (line 13), omit "The Minister for Finance", substitute "Subject to section 33HA, the Minister for Finance".

(3)   Schedule 1, item 39, page 16 (line 5), omit "The Minister for Finance", substitute "Subject to section 33HA, the Minister for Finance".

I also point out that amendment 4 would have to be carried if this issue was to be dealt with correctly and legally. It deals with the same issue.

The effect of the amendments we have circulated, as I foreshadowed in my speech in the second reading debate, is to separate out the sale of the Australian Submarine Corporation and to ensure that it is not sold without parliamentary approval—certainly at this stage. I have outlined in my speech in the second reading debate the reasons we believe that is important.

We have amendments from the Australian Democrats which deal with the same issue but in a very different way. As I am advised, the Democrat amendments separate out the Submarine Corporation. However, it can be left to a minister at a future date, without reference to parliament, to sell the Submarine Corporation. That is the first area of difference. Secondly, the Democrat amendments give preference to the buyer of the AIDC if that is a foreign corporation. If the purchaser of the AIDC—excluding the Submarine Corporation—is a foreign corporation, it has first preference. Then, if a foreign buyer declines that first preference, the AIDC is to be put on the market in Australia. As I under stand it, those are the Australian Democrat amendments.

We think they are very wishy-washy amendments, for the reasons I have outlined. Above all else, if we are going to separate out the sale of one of the assets of the AIDC and it is not to be sold, it should come back to parliament for sale. That is a very important principle, which I would have thought that the Democrats would agree to. I am surprised they have effectively agreed to the minister—in this case, the Minister for Finance—selling it off. This is at best a holding operation for the Submarine Corporation until the government goes through the process of selling the rest of the AIDC. I do not want to talk too long on this issue. I know that time is pressing and we have a heavy commitment legislatively. Could Senator Campbell let us know when he anticipates the conclusion of the sale of the AIDC?