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GUARANTEE SCHEME FOR LARGE DEPOSITS AND WHOLESALE FUNDING APPROPRIATION BILL 2008

Order read for the adjourned debate on the motion of the Minister for Superannuation and Corporate Law (Senator Sherry)—That this bill be now read a second time.

Debate resumed.

Question put and passed.

Bill read a second time.

The Senate resolved itself into committee for the consideration of the bill.

In the committee

Bill taken as a whole by leave.

The Leader of the Australian Greens (Senator Bob Brown) moved the following amendment:

 Page 1 (after line 10), after clause 2, insert:

  

2A Sunset

   This Act ceases to have effect on the second anniversary of its commencement.

Debate ensued.

Question—That the amendment be agreed to—put and negatived.


Senator Bob Brown moved the following amendment:

 Page 2 (after line 28), at the end of the bill, add:

  

7 Minister to make statement to Parliament

  (1) If the Minister borrows money in accordance with subsection 6(1) then the Minister or the Minister's representative must, within 3 days of taking that action, make an explanatory statement to each House of the Parliament.

  (2) If either House of the Parliament is adjourned so that it would not otherwise meet within the time referred to in subsection (1), the Presiding Officer shall summon that House to meet, in spite of anything contained in the resolution of adjournment of that House.

  (3) In this section, Presiding Officer in relation to a House of the Parliament means the Presiding Officer of that House within the meaning of the Parliamentary Presiding Officers Act 1965, or the person who is deemed to be the Presiding Officer of that House for the purpose of that Act.

Debate ensued.

Question—That the amendment be agreed to—put.

The committee divided—

AYES,6


Senators—
Brown, BobLudlamSiewert (Teller)Xenophon
Hanson-YoungMilne

NOES, 44


Senators—
ArbibCrossinHutchinsPratt
BarnettFarrellKrogerRonaldson
BilykFaulknerLundyRyan
BishopFergusonMarshallScullion
BoyceFieldingMasonSherry
Brown, CarolFierravanti-WellsMcEwenStephens
BushbyFifieldMcLucasSterle
CameronForshawNashTroeth
ColbeckFurnerParryTrood
CollinsHumphriesPayneWilliams (Teller)
CoonanHurleyPolleyWortley

Question negatived.

Bill agreed to.

Bill to be reported without amendment.

The Acting Deputy President (Senator Parry) resumed the chair and the Temporary Chair of Committees reported accordingly.

On the motion of Senator Sherry the report from the committee was adopted and the bill read a third time.