2019-2021

 

 

 

 

 

THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA

 

 

 

 

 

SENATE

 

 

 

 

 

LIVE PERFORMANCE FEDERAL INSURANCE GUARANTEE FUND BILL 2021

 

 

 

 

 

 

 

EXPLANATORY MEMORANDUM

 

 

 

 

 

 

 

(Circulated by authority of Senator Hanson-Young)

 

LIVE PERFORMANCE FEDERAL INSURANCE GUARANTEE FUND BILL 2021

 

OUTLINE

 

Due to the ongoing impacts of the COVID-19 pandemic including border closures, lockdowns, social distancing requirements and reduced crowd capacities, it is impossible to get insurance for an event that may need to be cancelled due to COVID-19.

 

The arts and entertainment industry is worth $112 billion to the Australian economy and employs hundreds of thousands of workers. This industry has been decimated by the impacts of the pandemic and will be unable to get back on their feet until live events are possible again. An insurance guarantee is an important step in providing the industry with the certainty they need to plan live events.

 

This Bill establishes the Live Performance Federal Insurance Guarantee Fund. The Bill places an obligation on the Treasurer to make a legislative instrument for the establishment, governance and operation of the fund. The purpose of the fund is to  underwrite insurance for the live performance industry to deal with the market failure that exists within the insurance industry.

 

NOTES ON CLAUSES

Part 1—Preliminary

Clause 1: Short Title

1.           Clause 1 is a formal provision specifying the short title of the Bill.

Clause 2: Commencement

2.           This clause provides that the Act will commence on the later of a) the day after it receives the Royal Assent and b) the day on which the Consolidated Revenue Fund is appropriated to fund the Live Performance Federal Insurance Guarantee Fund.

Part 2—Live Performance Federal Insurance Guarantee Fund

Clause 3: Live Performance Federal Insurance Guarantee Fund

3.           Subclauses 3(1) and (2) establishes that there is to be a Live Performance Federal Insurance Guarantee Fund to be created by the Treasurer as a legislative instrument to underwrite an insurance scheme for the live performance sector.

 

4.           Subclause (3) provides that the Treasurer must make the rules in relation to the establishment, governance and operation of the fund within 30 days of the commencement of the Act.

 

 

 

 

Statement of Compatibility with Human Rights

Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011

 

Great Australian Bight Environment Protection Bill 2019

 

This Bill is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011 .

 

Overview of the Bill

Due to the ongoing impacts of the COVID-19 pandemic including border closures, lockdowns, social distancing requirements and reduced crowd capacities, it is impossible to get insurance for an event that may need to be cancelled due to COVID-19.

 

The arts and entertainment industry is worth $112 billion to the Australian economy and employs hundreds of thousands of workers. This industry has been decimated by the impacts of the pandemic and will be unable to get back on their feet until live events are possible again. An insurance guarantee is an important step in providing the industry with the certainty they need to plan live events.

 

This Bill establishes the Live Performance Federal Insurance Guarantee Fund. The Bill places an obligation on the Treasurer to make a legislative instrument for the establishment, governance and operation of the fund. The purpose of the fund is to  underwrite insurance for the live performance industry to deal with the market failure that exists within the insurance industry.

 

Human rights implications

By protecting the arts and entertainment industry, this Bill engages and promotes the right to work which is enshrined in the Universal Declaration of Human Rights and in articles 6(1), 7 and 8 of the International Covenant on Economic, Social and Cultural Rights .

 

Conclusion

This Bill is compatible with human rights as it promotes the protection of human rights.

 

Senator Sarah Hanson-Young