Bill
Regional Investment Corporation Bill 2017
passed, as at 2018-02-20. Agriculture and Water Resources portfolio.
- Sponsor
- Not recorded
- Portfolio
- Agriculture and Water Resources
Recorded stages
- second reading — 2017-06-14
- second reading — 2017-08-15
- second reading — 2017-08-16
- second reading — 2017-08-17
- second reading — 2017-08-17
- committee — 2017-08-17
- third reading — 2017-08-17
- introduced — 2017-09-04
- second reading — 2017-09-04
- second reading — 2017-10-16
- second reading — 2017-10-17
- second reading — 2017-10-17
- committee — 2017-10-17
- committee — 2017-10-18
- committee — 2017-12-06
- committee — 2018-02-06
- third reading — 2018-02-06
- other — 2018-02-06
- passed — 2018-02-06
- royal assent — 2018-02-20
Divisions
- The majority voted against a motion that opposes the [bill](http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legislation/billhome/r5906) because, according to the motion, *"it places the Government's political interests ahead of the interests of Australia’s farmers"*. The motion was introduced by Labor MP [Joel Fitzgibbon](https://theyvoteforyou.org.au/people/representatives/hunter/joel_fitzgibbon). ### Motion text > *That all words after 'That' be omitted with a view to substituting the following words:* > *'the House declines to give this bill a second reading as it places the Government's political interests ahead of the interests of Australia’s farmers'* — 2017-08-17, House of Representatives: negative, ayes 66, noes 77
- The majority voted in favour of the [bill's](http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legislation/billhome/r5906) main idea. In parliamentary jargon, they voted to read the bill [for a second time](http://www.peo.gov.au/learning/fact-sheets/making-a-law.html). ### What was the bill's main idea? The bill will deliver on a [2016 election commitment](http://www.abc.net.au/news/rural/2016-06-23/barnaby-joyce-agriculture-election/7535450) by creating the Regional Investment Corporation. The Corporation will, among other things, *"administer farm business loans and financial assistance granted to states and territories in relation to water infrastructure projects"*. Read more in the [bills digest](http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd1718a/18bd013). — 2017-08-17, House of Representatives: affirmative, ayes 77, noes 65
- The majority voted in favour of the [bill's](http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legislation/billhome/r5906) main idea. In parliamentary jargon, they voted to read the bill [for a second time](http://www.peo.gov.au/learning/fact-sheets/making-a-law.html). ### What was the bill's main idea? The bill will deliver on a [2016 election commitment](http://www.abc.net.au/news/rural/2016-06-23/barnaby-joyce-agriculture-election/7535450) by creating the Regional Investment Corporation. The Corporation will, among other things, *"administer farm business loans and financial assistance granted to states and territories in relation to water infrastructure projects"*. Read more in the [bills digest](http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd1718a/18bd013). — 2017-10-17, Senate: affirmative, ayes 32, noes 26
- The same number of senators voted for and against the [amendments](http://www.openaustralia.org.au/senate/?gid=2017-10-18.117.1) moved by Senator [Carol Brown](https://theyvoteforyou.org.au/people/senate/tasmania/carol_brown), which means the amendments failed. Read more about the amendments in [Senator Brown's explanation](http://www.openaustralia.org.au/senate/?gid=2017-10-18.117.1). ### What does this bill do? The [bill](https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r5906) was introduced to create a Regional Investment Corporation to administer farm business loans and financial assistance granted to states and territories. Read more about it in the [bills digest](https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd1718a/18bd013). — 2017-10-18, Senate: negative, ayes 30, noes 30
- The majority voted in favour of keeping [paragraph 11(2)(c)](http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;db=LEGISLATION;id=legislation%2Fbills%2Fr5906_first-reps%2F0002;query=Id%3A%22legislation%2Fbills%2Fr5906_first-reps%2F0000%22;rec=0) unchanged. In parliamentary jargon, they voted for that paragraph to *stand as printed*. This question was put to the Senate because Senator [Carol Brown](https://theyvoteforyou.org.au/people/senate/tasmania/carol_brown) had proposed for that paragraph to be opposed. Senator Brown [explained that](http://www.openaustralia.org.au/senate/?gid=2017-10-18.122.1), opposing this paragraph: > *will remove the ministers' influence on directing the corporation about the eligibility criteria for loans and financial assistance. The independence of the corporation is critical when establishing the eligibility criteria for loans or financial assistance. The lack of detail about what loans and financial assistance will be provided by the corporation is concerning when we know that the current concessional loans take into consideration the viability of the farm enterprise. To ensure that the corporation is able to manage its lending criteria, the responsible ministers should not be able to give directions about eligibility criteria for loans or financial assistance.* ### What does this bill do? The [bill](https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r5906) was introduced to create a Regional Investment Corporation to administer farm business loans and financial assistance granted to states and territories. Read more about it in the [bills digest](https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd1718a/18bd013). — 2017-10-18, Senate: affirmative, ayes 31, noes 29
- The majority voted against the following [motion](http://www.openaustralia.org.au/senate/?gid=2017-10-18.126.1): > *(5) Clause 12, page 11 (lines 20 and 21), omit “responsible Ministers may give a written direction to the Corporation about”, substitute “rules must provide for”.* Labor Senator [Carol Brown](https://theyvoteforyou.org.au/people/senate/tasmania/carol_brown) explained that: > *This amendment removes the minister's being able to direct where the corporation must be located. Instead, the rules must provide for where the corporation is to be located.* ### What does this bill do? The [bill](https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r5906) was introduced to create a Regional Investment Corporation to administer farm business loans and financial assistance granted to states and territories. Read more about it in the [bills digest](https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd1718a/18bd013). — 2017-10-18, Senate: negative, ayes 28, noes 29
- The majority voted against an [amendment](http://www.openaustralia.org.au/senate/?id=2017-10-18.4.2) introduced by Labor Senator [Carol Brown](https://theyvoteforyou.org.au/people/senate/tasmania/carol_brown) that dealt with disclosure of interests. Senator Brown explained that: > *Disclosing any conflicts of interest by the CEO is about transparency to ensure that decisions made by the CEO are made without personal influence or indeed external influence. Ensuring that the CEO discloses any conflicts of interest will reduce the risk of any potential for corruption and/or misconduct. For the minister's information, that is a part of the Clean Energy Finance Corporation.* However, Liberal Senator [Anne Ruston](https://theyvoteforyou.org.au/people/senate/sa/anne_ruston) said that the Government would not support the amendment, explaining that: > *As you would be aware, the [PGPA Act](https://www.finance.gov.au/resource-management/pgpa-act/) [Public Governance, Performance and Accountability Act 2013] requires officials of Commonwealth entities to disclose any material personal interests that relate to the affairs of the entity, and it also requires and provides for rules to prescribe how and when those interests are to be disclosed. The [PGPA Rule](https://www.finance.gov.au/resource-management/pgpa-rule/) provides for the board, as the accountable authority of the entity, to instruct how officials of the corporation, including the CEO, are to disclose the interests.* ### Amendment text > *(7) Page 23 (after line 10), after clause 41, insert:* > *41A Disclosure of interests* > *(1) The CEO must give written notice to the Board of any disclosure made by the CEO under section 29 of the Public Governance, Performance and Accountability Act 2013 (which deals with the duty to disclose interests).* > *(2) Subsection (1) applies in addition to any rules made for the purposes of section 29 of the Public Governance, Performance and Accountability Act 2013.* > *(3) For the purpo — 2017-10-18, Senate: negative, ayes 28, noes 30
- The majority voted in favour of [amendments](https://www.openaustralia.org.au/senate/?gid=2017-12-06.268.1) introduced by Tasmanian Senator [Carol Brown](https://theyvoteforyou.org.au/people/senate/tasmania/carol_brown) (Labor), which means it will now be included in the bill. ### What do the amendments do? Senator Brown [explained that](https://www.openaustralia.org.au/senate/?gid=2017-12-06.268.1): > *Labor's amendments are seeking to strengthen the review of the corporation. The current bill provides no detail about the scope of the review. It is important that the review reflects the objectives currently put forward by the minister as to why this corporation is necessary. It is also important to include detail about who can undertake the review. Again, this requirement is similar to what is detailed in the Clean Energy Finance Corporation Act. To ensure that the corporation's review is independent of political interference, Labor believes that the requirements of the review should be proscribed in the current legislation. Labor further believes that the review date needs to be brought forward so that the work of the corporation can be assessed earlier as to whether it indeed is achieving the objectives stated by the government. Further, the review should be brought forward so that any recommendation of the review can be implemented in a timely manner.* ### Amendment text > *(8) Clause 53, page 28 (after line 5), after subclause (1), insert:* > >> *(1A) The persons who undertake the review must undertake any consultation that is:* >> >>> *(a) considered by the persons to be appropriate; and* >>> >>> *(b) reasonably practicable to undertake.* >> >> *(1B) In determining whether any consultation that was undertaken is appropriate, the persons undertaking the review may have regard to any relevant matter, including the extent to which the consultation:* >> >>> *(a) drew on the knowledge of persons having expertise in fields relevant to the matters relevant to the rev — 2017-12-06, Senate: negative, ayes 29, noes 30
- The majority voted in favour of an [amendment](https://www.openaustralia.org.au/senate/?gid=2017-12-06.272.1) introduced by Tasmanian Senator [Carol Brown](https://theyvoteforyou.org.au/people/senate/tasmania/carol_brown) (Labor), which means it will now be included in the bill. ### What does the amendment do? Senator Brown [explained that](https://www.openaustralia.org.au/senate/?gid=2017-12-06.272.1): > *The amendment prescribes that the review report should be tabled in the parliament and made public. It says that the minister must cause a copy of the report be tabled in each house of parliament within 15 sitting days of that house after its receipt by the minister and that the minister must cause a copy of the report to be published on the internet within 30 days after its receipt by the minister.* ### Amendment text > *(12) Clause 53, page 28 (after line 13), at the end of the clause, add:* > >> *(4) The Minister must cause a copy of the report to be tabled in each House of Parliament within 15 sitting days of that House after its receipt by the Minister.* >> >> *(5) The Minister must cause a copy of the report to be published on the internet within 30 days after its receipt by the Minister.* — 2017-12-06, Senate: affirmative, ayes 33, noes 26
- The majority voted in favour of a [motion](https://www.openaustralia.org.au/senate/?gid=2018-02-06.12.3) that the bill as amended by agreed to. This vote ends the in Committee stage of considering the bill, which is the stage when senators propose and vote on possible amendments. Now the senators will decide whether to read the bill for a third time, which is parliamentary jargon for agreeing to pass the bill. ### What does this bill do? The bill will deliver on a [2016 election commitment](http://www.abc.net.au/news/rural/2016-06-23/barnaby-joyce-agriculture-election/7535450) by creating the Regional Investment Corporation. The Corporation will, among other things, *"administer farm business loans and financial assistance granted to states and territories in relation to water infrastructure projects"*. Read more in the [bills digest](http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd1718a/18bd013). — 2018-02-06, Senate: affirmative, ayes 34, noes 29
- The majority voted in favour of passing [the bill](http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legislation/billhome/r5906), with amendments. In parliamentary jargon, they voted to read the bill [for a third time](https://www.peo.gov.au/learning/fact-sheets/making-a-law.html). The bill will now be sent back to the House of Representatives where our Members of Parliament (MPs) will decide whether they agree with the Senate's amendments. ### What does this bill do? This bill delivers on a 2016 election commitment and creates the Regional Investment Corporation *"to administer farm business loans and financial assistance granted to states and territories in relation to water infrastructure projects"*. More information about the bill is available in its [bills digest](https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd1718a/18bd013). — 2018-02-06, Senate: affirmative, ayes 33, noes 31
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2017-06-14.
The bill would create a new government body to run concessional loan schemes for farmers and water infrastructure projects.
The new entity would be a corporate Commonwealth agency governed by a skills-based board, with two ministers setting its operating rules and strategic direction.
A review of the law's effects must be completed before 1 July 2024.
- Establishes the Regional Investment Corporation as a corporate Commonwealth entity.
- Gives the Corporation authority to deliver up to $4 billion in concessional loans under farm business and water infrastructure programs.
- Allows two responsible ministers to issue an Operating Mandate and direct the Corporation on strategy, eligibility and funding.
- Prevents ministers from directing the Corporation on individual farm business loans.
- Requires the Board to appoint a Chief Executive Officer for day-to-day operations.
- Requires a statutory review of the Act before 1 July 2024.
Farmers, rural and regional communities, states and territories seeking water infrastructure loans.
Sources
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em supp
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billhome
frl act