Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
 Download PDFDownload PDF 

Previous Fragment    Next Fragment

27    Major Bank Levy Bill 2017

Treasury Laws Amendment (Major Bank Levy) Bill 2017

Order read for the adjourned debate on the motion of the Minister for Finance (Senator Cormann)—That these bills be now read a second time.

Debate resumed.

Senator Whish-Wilson moved the following amendment:

At the end of the motion, add “but the Senate calls on the Council of Financial Regulators to annually assess the adequacy of the levy in covering the estimated benefit received by major banks by way of reduced funding costs for being perceived to be too big to fail”.

Debate ensued.

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

Main question put and passed.

Bills read a second time.

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

 

 

 

In the committee

Bills taken together and as a whole by leave.

Senator Xenophon moved the following requests for amendments in respect of the Major Bank Levy Bill 2017 together by leave:

That the House of Representatives be requested to make the following amendments:

Clause 4 , page 3 (lines 7 to 9) , omit subclause ( 2 ), substitute:

     (2)   The total liabilities amount for a quarter in relation to an ADI is:

                              (a)  if the ADI is a foreign ADI (within the meaning of the Banking Act 1959 )—the amount equal to the total liabilities of the ADI and its related bodies corporate (within the meaning of the Corporations Act 2001 ) for the quarter (excluding any liabilities to each other); or

                              (b)  in any other case—the amount equal to the total liabilities of the ADI for the quarter;

as reported under an applicable reporting standard.

Clause 5 , page 3 (lines 20 and 21) , omit paragraph ( 2 )( a ), substitute:

                              (a)  the amount equal to the total liabilities of the ADI for the quarter, as reported under an applicable reporting standard; and

Clause 6 , page 4 (line 18) , omit “ paragraph 5(2)(b) ”, substitute “ (5)(2) ”.

Clause 7 , page 5 (lines 19 and 20) , omit “subsection 4(2), paragraph 5(2)(b) or subsection 6(2)”, substitute “subsection 4(2), 5(2) or 6(2)”.

Clause 8 , page 5 (line 28) , omit “subsection 4(2), paragraph 5(2)(b), or subsection 6(2)”, substitute “subsection 4(2), 5(2) or 6(2)”.

Debate ensued.

Question—That the requests be agreed to—put.

The committee divided—

AYES, 8

Senators—

Burston

Griff

Kakoschke-Moore*

Roberts

Georgiou

Hanson

Lambie

Xenophon

 

 

NOES, 44

Senators—

Back

Fifield

McKenzie

Seselja

Brown

Gallacher

McKim

Siewert

Bushby

Gallagher

Moore

Singh

Cameron

Hinch

O’Sullivan

Smith

Cash

Hume

Payne

Sterle

Cormann

Ketter

Polley

Urquhart

Dastyari*

Ludlam

Pratt

Waters

Di Natale

Macdonald

Reynolds

Watt

Duniam

Marshall

Rhiannon

Whish-Wilson

Fawcett

McCarthy

Rice

Williams

Fierravanti-Wells

McGrath

Ruston

Wong

* Tellers

Question negatived.

Bills agreed to and reported without amendments or requests for amendments.

 

 

 

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

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