I move:

That this bill be now read a second time.

This bill is a companion bill to the Housing Loans Insurance Corporation (Transfer of Pre-transfer Contracts) Bill 2006.

On the transfer of the pre-transfer contracts, this bill repeals the existing redundant legislation which has achieved its purpose; that is, to restructure the Housing Loans Insurance Corporation and facilitate the sale of the Commonwealth’s interests in the company’s renewal business. These events occurred in 1997. I commend the bill to the House.

Debate (on motion by Mr Crean) adjourned.