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ECONOMICS REFERENCES COMMITTEE—PROPOSED REFERENCE

Senator Xenophon, pursuant to notice of motion not objected to as a formal motion, moved business of the Senate notice of motion no. 1—That—

 (1) The following matter be referred to the Economics References Committee for inquiry and report by 28 February 2012:

  The impact of fixed currencies on international trade and the potential consequences for Australian jobs and industries as a result of goods being imported from countries with artificially suppressed currencies.


 (2) In undertaking the inquiry, the committee must consider:

  (a) the effect of fixed currencies on the price of imported and exported goods;

  (b) whether it is desirable that all countries have floated currencies;

  (c) the ability for domestic industries to fairly compete against imported goods from countries which do not have floated currencies;

  (d) whether there are any existing trade remedies available to support Australian industries which compete against imports from countries which do not have floated currencies;

  (e) possible tools and trade remedies to compensate for, or otherwise redress, those currency fluctuations that may impair commitments undertaken by members in successive rounds of trade negotiations;

  (f) whether Australia's anti-dumping regime needs to take into account the impact of fixed currencies;

  (g) the effect that fixed currencies have on Australia's terms of trade; and

  (h) any other related matters.

Statement by leave: Senator Xenophon, by leave, made a statement relating to the motion.

Question put.

The Senate divided—

AYES, 11

Senators—

Brown, Bob

Di Natale

Hanson-Young

Ludlam

Madigan

Milne

Rhiannon

Siewert

Waters

Wright

Xenophon (Teller)

NOES, 39

Senators—

Adams

Back

Bernardi

Bilyk

Birmingham

Boyce

Brown, Carol

Cameron

Carr

Cash

Colbeck

Cormann

Crossin

Edwards

Eggleston

Faulkner

Fawcett

Feeney

Fifield

Fisher

Furner

Gallacher

Kroger (Teller)

Ludwig

Lundy

Marshall

McEwen

McKenzie

McLucas

Moore

Nash

Parry

Pratt

Singh

Sinodinos

Stephens

Sterle

Thistlethwaite

Urquhart

Question negatived.