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Asset Recycling Fund Bill 2014

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2013-2014

 

 

THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA

 

 

THE SENATE

 

 

Encouraging Privatisation (Asset Recycling Fund) Bill 2014

 

 

Schedule of the amendments made by the Senate

 

 

 

 

 

(1)     AG (1) [Sheet 7487 Revised]

Title, page 1 (line 1), before “ establish the Asset Recycling Fund ”, insert “ encourage privatisation and ”.

(2)     AG (2) [Sheet 7487 Revised]

Clause 1, page 1 (line 7), omit “ Asset Recycling Fund ”, substitute “ Encouraging Privatisation (Asset Recycling Fund) ”.

(3)     Govt (1) [Sheet HT101]

Clause  2 , page 1 (line 9) , omit “ 1 July 2014 ”, substitute “the day after this Act receives the Royal Assent”.

(4)     Govt (2) [Sheet HT101]

Clause 4, page 3 (lines 30 and 31), omit “ Financial Management and Accountability Act 1997 ”, substitute “ Public Governance, Performance and Accountability Act 2013 ”.

(5)     Opp (1) [Sheet 7486]

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

(6)     Opp (2) [Sheet 7486]

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

(7)     Govt (3) [Sheet HT101]

Clause 4, page 4 (lines 24 and 25), omit “ Financial Management and Accountability Act 1997 ”, substitute “ Public Governance, Performance and Accountability Act 2013 ”.

(8)     Govt (4) [Sheet HT101]

Clause  8 , page 9 (line 1) , omit “ appropriate ”, substitute “ permissible ”.

(9)     Govt (5) [Sheet HT101]

Clause  8 , page 9 (line 3) , omit “ powers ”, substitute “ power ”.

(10)   Govt (6) [Sheet HT101]

Clause 12, page 11 (lines 10 to 12), omit “Special Account for the purposes of the Financial Management and Accountability Act 1997 ”, substitute “special account for the purposes of the Public Governance, Performance and Accountability Act 2013 ”.

(11)   Govt (7) [Sheet HT101]

Clause  12 , page 11 (lines 13 to 17) , omit “ Special Account ” (wherever occurring), substitute “ special account ”.

(12)   Opp (3) [Sheet 7486]

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

(13)   Opp (4) [Sheet 7486]

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

(14)   Govt (8) [Sheet HT101]

Clause  13 , page 12 (line 5) , omit “ On the commencement of this section ”, substitute “At the start of the 28th day after this section commences”.

(15)   Opp (5) [Sheet 7486]

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

(16)   Opp (6) [Sheet 7486]

Clause 13 , page 12 (lines 16 to 28) , omit subclause ( 2 ).

(17)   Govt (10) [Sheet HT101]

Clause  16 , page 15 (lines 16 and 17) , omit the note, substitute:

Note:          See section 80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).

(18)   Govt (11) [Sheet HT101]

Clause  17 , page 17 (lines 13 and 14) , omit the note, substitute:

Note:          See section 80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).

(19)   Opp (7) [Sheet 7486]

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

Note:          See also section 21A.



 

(20)   Opp (8) [Sheet 7486]

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

(21)   Opp (9) [Sheet 7486]

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.

(22)   Govt (12) [Sheet HT101]

Clause 21, page 19 (line 22), at the end of subclause (2), add “The State or Territory must comply with any such terms and conditions.”.

(23)   Opp (10) [Sheet 7486]

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.

(24)   Govt (13) [Sheet HT101]

Clause 22, page 20 (lines 2 and 3), omit “Special Account for the purposes of the Financial Management and Accountability Act 1997 ”, substitute “special account for the purposes of the Public Governance, Performance and Accountability Act 2013 ”.

(25)   Govt (14) [Sheet HT101]

Clause  22 , page 20 (lines 4 to 8) , omit “ Special Account ” (wherever occurring), substitute “ special account ”.

(26)   Govt (15) [Sheet HT101]

Clause  23 , page 20 (lines 14 and 15) , omit the note, substitute:

Note:          See section 80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).

(27)   Opp (11) [Sheet 7486]

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

Note:          See also section 28A.

(28)   Opp (12) [Sheet 7486]

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.

(29)   Govt (16) [Sheet HT101]

Clause 27, page 22 (line 12), at the end of subclause (2), add “The person must comply with any such terms and conditions.”.

(30)   Govt (17) [Sheet HT101]

Clause 28, page 22 (line 26), at the end of subclause (2), add “The person must comply with any such terms and conditions.”.

(31)   Opp (13) [Sheet 7486]

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.

(32)   AG (3) [Sheet 7487 Revised]

Page 23 (after line 10) , after Division 4 , insert:

Division 4A— State-owned essential services

29A  State-owned essential services

                   A grant or payment mentioned in this Part must not relate to a transaction that relates to the sale of State-owned assets that provide essential services.

(33)   Opp (14) [Sheet 7486]

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

(34)   Opp (15) [Sheet 7486]

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

(35)   Govt (18) [Sheet HT101]

Clause  34 , page 26 (line 23) , omit “ On the day that this section commences ”, substitute “On the 28th day after this section commences”.

(36)   Opp (16) [Sheet 7486]

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

(37)   Opp (17) [Sheet 7486]

Clause 34 , page 27 (lines 10 to 31) , omit subclauses ( 4 ) to ( 6 ).

(38)   Govt (20) [Sheet HT101]

Clause 35, page 28 (lines 17 and 18), omit “Section 39 of the Financial Management and Accountability Act 1997 ”, substitute “Section 58 of the Public Governance, Performance and Accountability Act 2013 (which deals with investment by the Commonwealth)”.

(39)   Govt (21) [Sheet HT101]

Clause  47 , page 36 (lines 26 to 28) , omit the clause.

 

 

 

 

 

Rosemary Laing

Clerk of the Senate

 

 

The Senate

17 July 2014