I move:

That the amendments be considered immediately.

The question is that the amendments be considered immediately.

I understand that it is the wish of the House to consider the amendments together.

Senate's amendments

(1) Clause 2, page 3 (table item 15, column 1), omit "Parts 2 to 4", substitute "Parts 2 to 5".

(2) Schedule 4, page 52 (after line 7), at the end of the Schedule, add:

Part 5 — Aligning timing of CSLR levy determinations

Corporations Act 2001

10 At the end of section 1069H

Add:

Disallowance

(7) The Legislation Act 2003 applies to a determination under subsection (2) of this section as if references in sections 42 and 47 of that Act to 15 sitting days were instead references to 5 sitting days.

When determination takes effect

(8) If neither House of Parliament passes a resolution disallowing the determination or a provision of the determination, the determination takes effect:

(a) on the day immediately after the last day upon which such a resolution could have been passed; or

(b) if a later day is specified in the determination—on that later day.

(9) If either House of Parliament passes a resolution disallowing a provision of the determination, the remaining provisions of the determination take effect:

(a) on the day immediately after the last day upon which a resolution disallowing the determination or a provision of the determination could have been passed; or

(b) if a later day is specified in the determination—on that later day.

(10) If either House of Parliament passes a resolution disallowing the determination, the determination does not take effect.

Sunset provision

(11) Subsection (7) ceases to have effect at the end of 6 months after its commencement.

11 Application provision

The amendment of section 1069H of the Corporations Act 2001 made by this Part applies in relation to a determination made under that section on or after the commencement of this item.

I move:

That the amendments be agreed to.

Australians who turn to the Compensation Scheme of Last Resort have often already experienced significant financial loss and have in many cases been waiting for a considerable period to receive compensation. These amendments will ensure eligible consumers receive compensation as quickly as possible. This is a targeted and practical reform that will simply shorten the disallowance period from 15 days to five sitting days, aligning the CSLR with arrangements that already apply to ASIC industry funding levies. Importantly, these amendments do not remove parliamentary scrutiny. The government will also continue to undertake a transparent process in determining the special levy. For affected consumers, bringing compensation forward by a number of months can make a real difference. I commend the amendments and the bill to the House.

The question is that the amendments be agreed to.