House debates

Tuesday, 23 June 2015

Bills

Fuel Indexation (Road Funding) Special Account Bill 2015; Second Reading

4:42 pm

Photo of Joe HockeyJoe Hockey (North Sydney, Liberal Party, Treasurer) Share this | | Hansard source

I move:

That this bill be now read a second time.

This bill is part of a package of bills that will give effect to the government's commitment to reintroduce biannual indexation of fuel excise and excise-equivalent customs duties.

Specifically, this bill establishes the Fuel Indexation (Road Funding) Special Account for the purposes of the Public Governance, Performance and Accountability Act 2013.

I will be responsible for making a determination to allocate funds to the special account. The Deputy Prime Minister and the Minister for Infrastructure and Regional Development will then be able to direct that amounts be transferred from the special account in order to provide funding to the states and territories for road infrastructure investment.

This account will ensure that the net revenue raised through the reintroduction of fuel duty indexation is used to assist the government to continue to deliver the vital road infrastructure that Australia needs and will be reported in Budget Paper No. 4 with each budget.

Full details of this bill are contained in the explanatory memorandum. I commend the bill to the House.

Debate adjourned.

Leave granted for second reading debate to resume at a later hour this day.