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Tuesday, 30 November 2004
Page: 50


Senator CHAPMAN (3:36 PM) —I seek leave to make a statement in relation to the consideration of message No. 4 from the House of Representatives relating to the appointment of the Parliamentary Joint Statutory Committee on Corporations and Financial Services.

Leave granted.


Senator CHAPMAN —Yesterday, when the motion was moved to re-establish the Parliamentary Joint Committee on Corporations and Financial Services, I moved an amendment, which was put and passed, to change the structure of the committee by providing greater flexibility in terms of the government and the opposition respectively being able to nominate their members to this committee from the House of Representatives and the Senate. Although it was possible to appoint the committee on the basis of that amended resolution and still be consistent with the requirements of the ASIC Act, which does require currently a fixed number of members of the House and the Senate, concern has arisen that there is a potential within the terms of that resolution for the ASIC Act not to be complied with. In light of that concern, as I advised yesterday, it is now proposed that the ASIC Act be amended early next year to similarly provide that degree of flexibility but that, until that amendment occurs, the structure of the committee will remain as it traditionally has. Therefore, the motion that was put in its original form yesterday is the way in which the committee should be structured until that amendment to the act occurs.

On that basis, I seek leave to have the motion as it was put yesterday put again, and the amendment to that motion put again and negatived, to give effect to that intention for the current structure to apply. Then, when the ASIC Act is amended early next year, there will be an opportunity again to put a subsequent motion dealing with the structure of the committee so that both the ASIC Act and the motion establishing the committee are in concert. At that time we will then be able to change membership of the committee to provide that greater flexibility should either the government or the opposition parties desire to change the balance in their numbers of members of the House and of the Senate constituting that committee.

Leave granted.


The DEPUTY PRESIDENT —Leave has been granted for the questions to be put again on the motion for the consideration of message No. 4 from the House of Representatives relating to the appointment of the Parliamentary Joint Committee on Corporations and Financial Services. The question therefore is:

That the amendment moved by Senator Chapman be agreed to.

Question negatived.


The DEPUTY PRESIDENT —The question now is:

That the Senate concurs with the resolution relating to the appointment of the committee.

Question agreed to.