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Wednesday, 27 June 2018
Page: 4152


Senator McGRATH (QueenslandAssistant Minister to the Prime Minister) (15:43): I give notice that, on the next day of sitting, I shall move:

That the provisions of paragraphs (5) to (8) of standing order 111 not apply to the following bills, allowing them to be considered during this period of sittings:

Farm Household Support Amendment Bill 2018

Corporations Amendment (Asia Region Funds Passport) Bill 2018

I also table statements of reasons justifying the need for these bills to be considered during these sittings and seek leave to have the statements incorporated in Hansard.

Leave granted.

The statement s read as follows—

Statement of reasons for introduction and passage in the 2018 winter sittings

Corporations Amendment (Asia Region Funds Passport) Bill 2018

Purpose of the bill

The bill gives effect to the Asia Region Funds Passport (ARFP) in Australia, a multilateral framework that facilitates cross border offering of managed investment funds in participating economies. The participating economies are Australia, Japan, Korea, New Zealand, and Thailand. Singapore, the Philippines and Hong Kong have been observers in the regular ARFP Joint Committee meetings of participating economies and maintain interest in the scheme.

The ARFP will allow Australian funds to sell their products into other participating economies, including Asia's expanding middle class and growing numbers of high net worth individuals, and achieve greater economies of scale. Other participating economies will also be able to sell their products into Australia, meaning increased competition and choice for Australian investors.

Reasons for Urgency

The Memorandum of Cooperation committed participating economies to endeavour to implement the Passport by 31 December 2017. Japan and Thailand are now very close to being ready to go live on their arrangements so it is imperative that Australia is also ready. The readiness of any two economies can trigger the start of the Passport.

A piloting process is currently underway to test arrangements, which is expected to run until July 2018. The formal commencement of the Passport is expected to occur in around August or September 2018, once the Joint Committee has considered the results of the pilot. The next Joint Committee meeting is expected to take place by telephone in July 2018.

(Circulated by authority of the Minister for Revenue and Financial Services)

______________

Statement of reasons for introduction and passage in the 2018 winter sittings

Farm Household Support Amendment Bill 2018

Purpose of the bill

The bill will amend the Farm Household Support Act 2014 (FHS Act) to extend the cumulative period of Farm Household Allowance from three to four years.

Reasons for Urgency

Introduction and passage in the 2018 Winter session of parliament is required for commencement on 1 August 2018.

There is significant public concern about the cumulative period of farm household allowance (FHA) being limited to three years. In particular, recent feedback from New South Wales and Queensland is that some farmers and their partners who have exhausted their three years of payment have not had an opportunity to implement their plans for financial self-sufficiency and remain in financial hardship, mainly due to ongoing poor climatic conditions.

Extending FHA by one additional year will give current and former recipients access to another year of FHA payments, as well as provide breathing space to be able to implement their plans to improve their circumstances.

(Circulated by authority of the Minister for Agriculture and Water Resources)