Martin Ferguson (Batman, Australian Labor Party, Minister for Resources and Energy) Share this | Link to this | Hansard source

This bill excludes application of the Personal Property Securities Act 2009 to the Offshore Petroleum and Greenhouse Gas Storage Act 2006 and the Offshore Minerals Act 1994. Under registration requirements in the Offshore Petroleum and Greenhouse Gas Storage Act 2006, the regulator has the ability to refuse to approve a dealing in relation to a petroleum title, and the responsible Commonwealth minister has the ability to refuse to approve a dealing in relation to a greenhouse gas title. This ability to refuse approval and registration of an interest underpins the purpose of the regist­ration requirement, to enable the Australian government to ensure the suitability of the entities that potentially are able to exercise control over the exploitation of Australia’s offshore petroleum resources. Further to this, state and Northern Territory governments have advised the Commonwealth that they are electing to opt out of or exclude the operation of the Personal Property Securities Act 2009 for their onshore mining schemes. Therefore, excluding application of the Personal Property Securities Act 2009 to the Offshore Petroleum and Greenhouse Gas Storage Act 2006 and the Offshore Minerals Act 1994 is important to ensure national consistency for the mining industry by minimising the regulatory burden and costs to the industry and its investors in complying with different registration requirements, to prevent skewing investment. I commend the bill to the House.

Question agreed to.

Bill read a second time.