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Wednesday, 14 May 1980
Page: 2235


Senator CARRICK (New South WalesMinister for National Development and Energy) - I indicated at the time when consideration of this matter was postponed that the Government was proposing to move the amendments as circulated. I seek leave to move the amendments together.

Leave granted.


Senator CARRICK -I move:

(   1 ) Page 2, clause 3, lines I 3 to 15, omit paragraphs ( f) and (g), substitute the following paragraphs: "(f) omitting from sub-section (1) the definition of 'Secretary' and substituting the following definition: "securities" includes stocks, debentures, debenture stocks, notes, bonds, promissory notes, bills of exchange and similar instruments or documents; '; and

(g)   by omitting sub-section (2 ) and substituting the following sub-section: "(2) In this Act, a reference to dealing with securities shall be read as including a reference to-

(a)   creating, executing, entering into, drawing, making, accepting, indorsing, issuing, discounting, selling, purchasing or reselling securities;

(b)   creating, selling, purchasing or reselling rights or options in respect of securities; and

(c)   entering into agreements or other arrangements relating to securities. ".

(2) Page 7, clause 18, lines 10 to 28, leave out the clause, substitute the following clause: "18. Section 25 of the Principal Act is repealed and the following sections are substituted:

25.   The Minister for Finance may, on behalf of the Commonwealth, out of moneys appropriated by the Parliament for the purpose, lend moneys to the Authority on such terms and conditions as the Minister for Finance determines.

Borrowing otherwise than from Commonwealth 25a. (1) The Authority may, with the approval of the Treasurer but not otherwise, from time to time, borrow moneys (otherwise than from the Commonwealth) on such terms and conditions as the Treasurer approves.

(2)   Approvals for the purposes of sub-section ( I ) may be in respect of particular borrowings or in respect of borrowings included within specified classes of borrowings.

(3)   The Treasurer may, on behalf of the Commonwealth, guarantee the repayment by the Authority of amounts borrowed under this section and the payment of interest on amounts so borrowed.

Dealings with securities 25b. (1) The Authority may, with the approval of the Treasurer but not otherwise, deal with securities.

(2)   Where the Authority borrows or otherwise raises moneys by dealing with securities, the Treasurer may determine that the repayment by the Authority of the amount borrowed or raised, and the payment by the Authority of interest (if any) on those amounts, are, by force of this subsection, guaranteed by the Commonwealth.

(3)   The power of the Treasurer to make a determination for the purposes of sub-section (2) extends to the making of a determination in respect of-

(a)   securities included in a specified class, or specified classes, of securities; and

(b)   transactions included in a specified class, or specified classes, of transactions.

Authority may give security 25c. The Authority may give security over the whole or any part of its assets-

(a)   for the repayment of moneys borrowed under section 25a and the payment of any moneys that the Authority is otherwise liable to pay in respect of those borrowings; and

(b)   for the payment of any moneys that the Authority is liable to pay in respect of dealings with securities in accordance with section 25b, including, but without limiting the generality of the foregoing, the payment of interest (if any) on moneys borrowed or otherwise raised by the Authority.

Borrowings not otherwise permitted 25d. The Authority shall not borrow, or otherwise raise, moneys except in accordance with sections 25, 25a and 25b.'.".

(3) Page 8, after clause 20, insert the following new clause:

Liability to taxation "20a. Section 33 of the Principal Act is amended-

(a) by omitting from sub-section ( I ) 'The Authority' and substituting 'Subject to sub-section (2a), the Authority';

(b) by inserting after sub-section (2) the following sub-section: (2a) Where the Treasurer so determines by notice published in the Gazelle, stamp duty, or any similar tax, is not payable by the Authority or any other person under a law of the Commonwealth or of a State or Territory in respect of-

(a) a security dealt with by the Authority;

(b) the issue, redemption, transfer, sale, purchase, re-sale, acquisition or discounting of such a security by the Authority or any other person, not including a transaction done without consideration or for an inadequate consideration;

(c) any other transaction done for the purposes of a borrowing or other raising of moneys by the Authority; or

(d ) any other document executed by or on behalf of the Authority for the purposes of a borrowing or other raising of moneys by the Authority. (2b) The power conferred on the Treasurer by sub-section (2a) to make a determination extends to the making of a determination in respect of securities included in a specified class or specified classes of securities and in respect of documents or transactions included in a specified class or specified classes of documents or transactions. '; and

(c) by omitting from sub-section (3) 'The regulations' and substituting 'Subject to sub-section (2a), the regulations'.".

Basically they are amendments which widen the borrowing powers of the Pipeline Authority. I commend them to the Committee.


Senator CARRICK (New South WalesMinister for National Development and Energy) - I am forced to correct completely the statement made by Senator Walsh. Yesterday I made it clear that through no fault of the Government at all the amendments were not in the hands of honourable senators. As soon as I knew that, I moved to postpone consideration so that honourable senators could have the benefit of considering them. To use such extravaganzas that 'even Senator Carrick is shamed into it' is typical of the inaccuracy and the nonsense of the melodrama of Senator Walsh. The truth of the matter is this: These amendments were not in the hands of honourable senators through no fault of the Government at all. Indeed, that ought to be acknowledged, instead of the total inaccuracies and the total misrepresentations that flow from Senator Walsh 's mouth all the time. In fact it was by the voluntary courtesy of myself that there was a postponement of consideration of this matter and that is why the amendments are before us tonight. I simply put the record straight and commend the amendments.







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