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senate vote 2021-05-13#27
Edited by
mackay staff
on
2022-01-28 15:18:59
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Title
Northern Australia Infrastructure Facility Amendment (Extension and Other Measures) Bill 2021 - Second Reading - Indian ocean territories & portfolio benchmark return- Northern Australia Infrastructure Facility Amendment (Extension and Other Measures) Bill 2021 - in Committee - Indian ocean territories & portfolio benchmark return
Description
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- The majority voted against [amendments](https://www.openaustralia.org.au/senate/?gid=2021-05-13.112.1) introduced by the Australian Labor Party, which means they failed. The amendments related to the [Indian ocean territories](https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legislation/billhome/display.w3p;query=Id%3A%22legislation%2Famend%2Fr6670_amend_9cf33b8d-acaa-466e-8f6f-c12f2c764840%22;rec=0) and a [portfolio benchmark return](https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legislation/billhome/display.w3p;query=Id%3A%22legislation%2Famend%2Fr6670_amend_74c4b06b-9780-4ecd-b844-2ed2deb74f48%22;rec=0).
- ### What does the bill do?
- According to the [bills digest](https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd2021a/21bd062), the bill was introduced in order to:
- > * *extend the period when the Northern Australia Infrastructure Facility (the Facility) can issue financial assistance*
- > * *expand who the Facility can give assistance to, and how it provides this assistance*
- > * *add the Finance Minister as a responsible minister for the Facility and*
- > * *change some governance arrangements in relation to the Facility.*
- Currently, the [purpose of the Facility](https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd2021a/21bd062#_Toc71535773) is:
> *...to provide financial assistance to the states and territories for the construction of economic infrastructure in Northern Australia. It does this through providing concessional loans and guarantees.*- > *...to provide financial assistance to the states and territories for the construction of economic infrastructure in Northern Australia. It does this through providing concessional loans and guarantees.*
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senate vote 2021-05-13#27
Edited by
mackay staff
on
2022-01-21 13:05:47
|
Title
Bills — Northern Australia Infrastructure Facility Amendment (Extension and Other Measures) Bill 2021; Second Reading- Northern Australia Infrastructure Facility Amendment (Extension and Other Measures) Bill 2021 - Second Reading - Indian ocean territories & portfolio benchmark return
Description
<p class="speaker">Scott Ryan</p><p>The question is that the amendments on sheets 1248 and 1273 be agreed to.</p>-
- The majority voted against [amendments](https://www.openaustralia.org.au/senate/?gid=2021-05-13.112.1) introduced by the Australian Labor Party, which means they failed. The amendments related to the [Indian ocean territories](https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legislation/billhome/display.w3p;query=Id%3A%22legislation%2Famend%2Fr6670_amend_9cf33b8d-acaa-466e-8f6f-c12f2c764840%22;rec=0) and a [portfolio benchmark return](https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legislation/billhome/display.w3p;query=Id%3A%22legislation%2Famend%2Fr6670_amend_74c4b06b-9780-4ecd-b844-2ed2deb74f48%22;rec=0).
- ### What does the bill do?
- According to the [bills digest](https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd2021a/21bd062), the bill was introduced in order to:
- > * *extend the period when the Northern Australia Infrastructure Facility (the Facility) can issue financial assistance*
- > * *expand who the Facility can give assistance to, and how it provides this assistance*
- > * *add the Finance Minister as a responsible minister for the Facility and*
- > * *change some governance arrangements in relation to the Facility.*
- Currently, the [purpose of the Facility](https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd2021a/21bd062#_Toc71535773) is:
- > *...to provide financial assistance to the states and territories for the construction of economic infrastructure in Northern Australia. It does this through providing concessional loans and guarantees.*
<p class="italic"><i>Opposition's circulated amendments—</i></p><p class="italic">SHEET 1248</p><p class="italic">(1) Schedule 1, page 4 (after line 15), after item 5, insert:</p><p class="italic">5A Section 5 (after paragraph (d) of the definition of <i>Northern Australia</i> )</p><p class="italic">Insert:</p><p class="italic">(da) the Territory of Christmas Island;</p><p class="italic">(db) the Territory of Cocos (Keeling) Islands;</p><p class="italic">(2) Schedule 1, page 4 (after line 19), after item 6, insert:</p><p class="italic">6A Section 5 (paragraph (f) of the definition of <i>Northern Australia</i>)</p><p class="italic">Omit "paragraphs (a) to (d)", substitute "paragraphs (a) to (db)".</p><p class="italic">_____</p><p class="italic">SHEET 1273</p><p class="italic">(1) Schedule 1, page 8 (before line 15), before item 22, insert:</p><p class="italic">21B After section 10</p><p class="italic">Insert:</p><p class="italic">10A Matters covered by Investment Mandate—portfolio benchmark return</p><p class="italic">(1) Without limiting section 10, the Investment Mandate must include directions that require the Facility to apply a portfolio benchmark return in relation to decisions to provide financial assistance.</p><p class="italic">(2) The portfolio benchmark return must only be applied to for-profit projects.</p><p class="italic">(3) The portfolio benchmark return must be applied together with any directions included in the Investment Mandate relating to risk.</p><p class="italic">(4) The portfolio benchmark return must:</p><p class="italic">(a) include a target rate of return that is an average return over the medium to long term, of at least the sum of the five-year Australian Government bond rate and 3% per annum; and</p><p class="italic">(b) be calculated before operating expenses; and</p><p class="italic">(c) be calculated with reference to the performance of for-profit projects individually and in aggregate.</p> -
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