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Asset Recycling Fund Bill 2014

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7486

2013-2014

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

 

 

Asset Recycling Fund Bill 2014

 

 

(1)     Clause 4 , page 4 (lines 16 to 18) , omit the definition of Education Investment Fund .

[Education Investment Fund]

(2)     Clause 4 , page 4 (lines 19 to 21) , omit the definition of Education Investment Fund Special Account .

[Education Investment Fund]

(3)     Heading to subclause 13 ( 1 ), page 12 (line 4), omit the heading .

[Education Investment Fund]

(4)     Clause 13 , page 12 (line 5) , omit (1) .

[Education Investment Fund]

(5)     Clause 13 , page 12 (line 14) , omit subsection 34(1) ”, substitute section 34 ”.

[Education Investment Fund]

(6)     Clause 13 , page 12 (lines 16 to 28) , subclause ( 2 ) , to be opposed .

[Education Investment Fund]

(7)     Clause 18, page 17 (after line 23), at the end of subclause (1), add:

Note:          See also section 21A.

[recommending grants payments]

(8)     Clause 18, page 18 (lines 5 and 6), omit “Minister who recommended the specification of the grant (see section 19)”, substitute “Infrastructure Minister”.

[recommending grants payments]

(9)     Clause 19, page 18 (lines 7 to 16), omit the clause, substitute:

19  Recommendations about grants payments

             (1)  The Finance Minister must not make a direction under subsection 18(1) in relation to a grant for an infrastructure project unless the Infrastructure Minister has recommended that a direction be made.

             (2)  The Infrastructure Minister must not make a recommendation under subsection (1) in relation to a grant for an infrastructure project if:

                     (a)  capital expenditure on the project is $100 million or more; and

                     (b)  Infrastructure Australia has not done both of the following:

                              (i)  given the Minister an evaluation of the project (see subsection (3));

                             (ii)  advised that there are likely to be productivity gains from the project.

             (3)  Infrastructure Australia’s evaluation of an infrastructure project mentioned in subsection (2) must:

                     (a)  contain a cost benefit analysis of the project, including an estimate of the productivity gains from the project; and

                     (b)  set out any other matter that Infrastructure Australia considers relevant to the project.

             (4)  The Infrastructure Minister must not make a recommendation under subsection (1) in relation to a grant for an infrastructure project if:

                     (a)  the grant is for expenditure incurred under the National Partnership Agreement on Asset Recycling; and

                     (b)  the grant does not relate to a transaction that the Treasurer has approved by legislative instrument.

             (5)  An approval under paragraph (4)(b) must specify the State-owned assets, or the parts of State-owned assets, to the sale of which the transaction relates.

[recommending grants payments]

(10)   Page 19 (after line 24), at the end of Subdivision B, add:

21A  Cost benefit analyses to be made public

                   If a direction is made under subsection 18(1) in relation to a grant for an infrastructure project, the Infrastructure Minister must:

                     (a)  table in each House of the Parliament, within 14 sitting days of that House after the direction is made, a copy of the evaluation by Infrastructure Australia provided to the Minister under section 19; and

                     (b)  within 14 days of the direction being made, ensure that the following information about the project is made available on the Infrastructure Department’s website:

                              (i)  a description of the project;

                             (ii)  when the project is to start and is likely to be completed.

[recommending grants payments]

(11)   Clause 24, page 20 (after line 26), at the end of subclause (1), add:

Note:          See also section 28A.

[recommending payments]

(12)   Clause 25, page 21 (lines 4 to 7), omit the clause, substitute:

25  Recommendations about payments

             (1)  The Finance Minister must not make a direction under subsection 24(1) for the purposes of making infrastructure payments for an infrastructure project unless the Infrastructure Minister has recommended that a direction be made.

             (2)  The Infrastructure Minister must not make a recommendation under subsection (1) in relation to infrastructure payments for an infrastructure project if:

                     (a)  capital expenditure on the project is $100 million or more; and

                     (b)  Infrastructure Australia has not done both of the following:

                              (i)  given the Minister an evaluation of the project (see subsection (3)); and

                             (ii)  advised that there are likely to be productivity gains from the project.

             (3)  Infrastructure Australia’s evaluation of an infrastructure project mentioned in subsection (2) must:

                     (a)  contain a cost benefit analysis of the project, including an estimate of the productivity gains from the project; and

                     (b)  set out any other matter that Infrastructure Australia considers relevant to the project.

             (4)  The Infrastructure Minister must not make a recommendation under subsection (1) in relation to infrastructure payments for an infrastructure project if:

                     (a)  the payments are for expenditure incurred under the National Partnership Agreement on Asset Recycling; and

                     (b)  the payments do not relate to a transaction that the Treasurer has approved by legislative instrument.

             (5)  An approval under paragraph (4)(b) must specify the State-owned assets, or the parts of State-owned assets, to the sale of which the transaction relates.

[recommending payments]

(13)   Page 22 (after line 28), at the end of Subdivision C, add:

28A  Cost benefit analyses to be made public

                   If a direction is made under subsection 24(1) for the purposes of making infrastructure payments for an infrastructure project, the Infrastructure Minister must:

                     (a)  table in each House of the Parliament, within 14 sitting days of that House after the direction is made, a copy of the evaluation by Infrastructure Australia provided to the Minister under section 25; and

                     (b)  within 14 days of the direction being made, ensure that the following information about the project is made available on the Infrastructure Department’s website:

                              (i)  a description of the project;

                             (ii)  when the project is to start and is likely to be completed.

[recommending payments]

(14)   Heading to subclause 34 ( 1 ), page 26 (line 19), omit the heading .

[Education Investment Fund]

(15)   Clause 34 , page 26 (line 21) , omit subsection 13(1) ”, substitute section 13 ”.

[Education Investment Fund]

(16)   Clause 34 , page 26 (line 26) , omit subsection 13(1) ”, substitute section 13 ”.

[Education Investment Fund]

(17)   Clause 34 , page 27 (lines 10 to 31) , subclauses ( 4 ) to ( 6 ) , to be opposed .

[Education Investment Fund]