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Wednesday, 13 November 2013
Page: 217

Senator FIFIELD (VictoriaManager of Government Business in the Senate and Assistant Minister for Social Services) (15:41): I give notice that, on the next day of sitting, I shall move:

That the provisions of paragraph (5) to (8) of standing order 111 not apply to the Commonwealth Inscribed Stock Amendment Bill 2013, allowing it to be considered during this period of sittings.

I also table a statement of reasons justifying the need for this bill to be considered during these sittings and seek leave to have the statement incorporated in Hansard.

Leave granted.

The statement read as follows—


Commonwealth Inscribed Stock Amendment Bill

Purpose of the Bill

This bill seeks to amend Section 5(1) of the Commonwealth Inscribed Stock Act 1911 to increase the legislative limit on Commonwealth Government Securities (CGS) on issue.

Reasons for Urgency

The Government cannot legally issue additional CGS under the Commonwealth Inscribed Stock Act 1911 beyond $300 billion unless the limit is increased by the Parliament.

On current estimates, CGS subject to the legislative limit are expected to reach the limit in December 2013.

Additional CGS will be required from December 2013 onwards in order to ensure sufficient financing to continue the ordinary operations of government.

Royal Assent on the bill will be required by the end of November 2013.