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Wednesday, 19 August 2009
Page: 5468


Senator BOB BROWN (Leader of the Australian Greens) (6:25 PM) —by leave—I move Australian Greens amendment (10) and (15) on sheet 5816 revised:

(10)  Schedule 1, page 8 (after line 10), after item 7, insert:

7AB  At the end of Division 4 of Part 2

Add:

Subdivision D—Period of validity of certificates

24A  Period of validity of certificates

                  A certificate created in accordance with this Division is a valid certificate for the period ending 4 years from the date of its creation.

(15)  Schedule 1, page 10 (before line 1), after item 8, insert:

8AB  Section 45

Before “A certificate”, insert “(1)”.

8AC  At the end of section 45

Add:

         (2)    For the purpose of paragraph (1)(a), a certificate is a valid certificate for the period ending 4 years from the date of its creation.

These amendments limit the banking of the RETs to four years. The outcome of this amendment would be to smooth out the boom-bust potential in the system as it is before the chamber. We are not going to die in a ditch over this, but it would give more stability to the system were it to be accepted.

Question negatived.