edited
22nd Sep 2024
Treasury Laws Amendment (Reserve Bank Reforms) Bill 2023 - Consideration in Detail - Differences of opinion with the Government on questions of policy
Not passed by a large majority
No rebellions 50% attendance
12th Sep 2024, 11:56 AM – Representatives Treasury Laws Amendment (Reserve Bank Reforms) Bill 2023 - Report from Federation Chamber - Agree with the bill's main idea
Summary
EditThe majority voted in favour of a motion "that the bill be read a second time." In other words, they voted to agree with the main idea of the bill. They can now discuss the bill in greater detail.
What does this bill do?
According to the bills digest (which is a document prepared by the parliamentary library):
The Treasury Laws Amendment (Reserve Bank Reforms) Bill 2023 (the Bill) amends the Reserve Bank Act 1959 to improve the governance of the Reserve Bank of Australia (RBA) by establishing a new Governance Board and a new Monetary Policy Board. The amendments are part of the Government’s response to the recommendations of the Review of the Reserve Bank entitled: An RBA fit for the future.
The functions of the Governance Board are, amongst other things:
to oversee, and determine policies for, the management and organisational affairs of the RBA
to determine the policies of the RBA for the performance of the RBA’s functions in relation to delivering banking services to the Commonwealth and the issuing, re-issuing and cancelling Australian notes
to determine the policies of the RBA in relation to any matter not covered by the functions of the Monetary Policy Board or the Payments System Board.
The role of the Monetary Policy Board is to determine the monetary policy of the RBA in a way that, in the Board’s opinion, best contributes to price stability and the maintenance of full employment in Australia.
The functions of the existing Payments System Board are updated so that they are expressed in similar terms to those of the Governance Board and the Monetary Policy Board.
The Bill has been referred to the Senate Economics Legislation Committee for inquiry and report by 21 March 2024.
Votes Passed by a small majority
Nobody rebelled against their party.
| Party | Votes | |
|---|---|---|
| Australian Greens (100% turnout) | 0 Yes – 4 No | |
| Adam Bandt Melbourne | No | |
| Stephen Bates Brisbane | No | |
| Max Chandler-Mather Griffith | No | |
| Elizabeth Watson-Brown Ryan | No | |
| Australian Labor Party (96% turnout) | 74 Yes – 0 No | |
| Anthony Albanese Grayndler | Yes | |
| Anne Aly Cowan | Yes | |
| Michelle Ananda-Rajah Higgins | Yes | |
| Jodie Belyea Dunkley | Yes | |
| Chris Bowen McMahon | Yes | |
| Tony Burke Watson | Yes | |
| Matt Burnell Spence | Yes | |
| Linda Burney Barton | Yes | |
| Josh Burns Macnamara | Yes | |
| Mark Butler Hindmarsh | Yes | |
| Alison Byrnes Cunningham | Yes | |
| Jim Chalmers Rankin | Yes | |
| Andrew Charlton Parramatta | Yes | |
| Lisa Chesters Bendigo | Yes | |
| Jason Clare Blaxland | Yes | |
| Sharon Claydon Newcastle | Yes | |
| Libby Coker Corangamite | Yes | |
| Julie Collins Franklin | Yes | |
| Pat Conroy Shortland | Yes | |
| Mary Doyle Aston | Yes | |
| Mark Dreyfus Isaacs | Yes | |
| Justine Elliot Richmond | Yes | |
| Cassandra Fernando Holt | Yes | |
| Mike Freelander Macarthur | Yes | |
| Carina Garland Chisholm | Yes | |
| Steve Georganas Adelaide | Yes | |
| Andrew Giles Scullin | Yes | |
| Patrick Gorman Perth | Yes | |
| Luke Gosling Solomon | Yes | |
| Julian Hill Bruce | Yes | |
| Ed Husic Chifley | Yes | |
| Stephen Jones Whitlam | Yes | |
| Ged Kearney Cooper | Yes | |
| Matt Keogh Burt | Yes | |
| Peter Khalil Wills | Yes | |
| Madeleine King Brand | Yes | |
| Tania Lawrence Hasluck | Yes | |
| Jerome Laxale Bennelong | Yes | |
| Andrew Leigh Fenner | Yes | |
| Sam Lim Tangney | Yes | |
| Richard Marles Corio | Yes | |
| Zaneta Mascarenhas Swan | Yes | |
| Kristy McBain Eden-Monaro | Yes | |
| Emma McBride Dobell | Yes | |
| Louise Miller-Frost Boothby | Yes | |
| Brian Mitchell Lyons | Yes | |
| Rob Mitchell McEwen | Yes | |
| Daniel Mulino Fraser | Yes | |
| Shayne Neumann Blair | Yes | |
| Clare O'Neil Hotham | Yes | |
| Alicia Payne Canberra | Yes | |
| Graham Perrett Moreton | Yes | |
| Fiona Phillips Gilmore | Yes | |
| Tanya Plibersek Sydney | Yes | |
| Sam Rae Hawke | Yes | |
| Gordon Reid Robertson | Yes | |
| Dan Repacholi Hunter | Yes | |
| Amanda Rishworth Kingston | Yes | |
| Tracey Roberts Pearce | Yes | |
| Michelle Rowland Greenway | Yes | |
| Joanne Ryan Lalor | Yes | |
| Marion Scrymgour Lingiari | Yes | |
| Bill Shorten Maribyrnong | Yes | |
| Sally Sitou Reid | Yes | |
| David Smith Bean | Yes | |
| Anne Stanley Werriwa | Yes | |
| Meryl Swanson Paterson | Yes | |
| Susan Templeman Macquarie | Yes | |
| Matt Thistlethwaite Kingsford Smith | Yes | |
| Maria Vamvakinou Calwell | Yes | |
| Tim Watts Gellibrand | Yes | |
| Anika Wells Lilley | Yes | |
| Josh Wilson Fremantle | Yes | |
| Tony Zappia Makin | Yes | |
| Catherine King Ballarat | Absent | |
| Brendan O'Connor Gorton | Absent | |
| Kate Thwaites Jagajaga | Absent | |
| Rebekha Sharkie Mayo Centre Alliance | No | |
| Mark Coulton Parkes Deputy Speaker | No | |
| Kate Chaney Curtin Independent | Yes | |
| Zoe Daniel Goldstein Independent | Yes | |
| Helen Haines Indi Independent | Yes | |
| Dai Le Fowler Independent | Yes | |
| Monique Ryan Kooyong Independent | Yes | |
| Sophie Scamps Mackellar Independent | Yes | |
| Allegra Spender Wentworth Independent | Yes | |
| Zali Steggall Warringah Independent | Yes | |
| Andrew Wilkie Clark Independent | Yes | |
| Russell Broadbent Monash Independent | No | |
| Andrew Gee Calare Independent | No | |
| Kylea Tink North Sydney Independent | Absent | |
| Bob Katter Kennedy Katter's Australian Party | Absent | |
| Liberal National Party (89% turnout) | 0 Yes – 8 No | |
| Angie Bell Moncrieff | No | |
| Colin Boyce Flynn | No | |
| Cameron Caldwell Fadden | No | |
| Garth Hamilton Groom | No | |
| Henry Pike Bowman | No | |
| Andrew Wallace Fisher | No | |
| Andrew Willcox Dawson | No | |
| Terry Young Longman | No | |
| Phillip Thompson Herbert | Absent | |
| Liberal Party (97% turnout) | 0 Yes – 32 No | |
| Karen Andrews McPherson | No | |
| Bridget Archer Bass | No | |
| Scott Buchholz Wright | No | |
| David Coleman Banks | No | |
| Peter Dutton Dickson | No | |
| Warren Entsch Leichhardt | No | |
| Paul Fletcher Bradfield | No | |
| Ian Goodenough Moore | No | |
| Andrew Hastie Canning | No | |
| Alex Hawke Mitchell | No | |
| Luke Howarth Petrie | No | |
| Simon Kennedy Cook | No | |
| Julian Leeser Berowra | No | |
| Sussan Ley Farrer | No | |
| Nola Marino Forrest | No | |
| Melissa McIntosh Lindsay | No | |
| Ted O'Brien Fairfax | No | |
| Tony Pasin Barker | No | |
| Gavin Pearce Braddon | No | |
| Melissa Price Durack | No | |
| Rowan Ramsey Grey | No | |
| James Stevens Sturt | No | |
| Michael Sukkar Deakin | No | |
| Angus Taylor Hume | No | |
| Dan Tehan Wannon | No | |
| Bert Van Manen Forde | No | |
| Ross Vasta Bonner | No | |
| Aaron Violi Casey | No | |
| Jenny Ware Hughes | No | |
| Rick Wilson O'Connor | No | |
| Keith Wolahan Menzies | No | |
| Jason Wood La Trobe | No | |
| Zoe McKenzie Flinders | Absent | |
| National Party (100% turnout) | 0 Yes – 12 No | |
| Sam Birrell Nicholls | No | |
| Darren Chester Gippsland | No | |
| Pat Conaghan Cowper | No | |
| David Gillespie Lyne | No | |
| Kevin Hogan Page | No | |
| Barnaby Joyce New England | No | |
| Michelle Landry Capricornia | No | |
| David Littleproud Maranoa | No | |
| Michael McCormack Riverina | No | |
| Llew O'Brien Wide Bay | No | |
| Keith Pitt Hinkler | No | |
| Anne Webster Mallee | No | |
| Milton Dick Oxley Speaker | Absent | |
| Totals (95% turnout) | 83 Yes – 60 No |
Turnout is the percentage of members eligible to vote that did vote.