Senate debates

Wednesday, 13 September 2006

Financial Transaction Reports Amendment Bill 2006

In Committee

12:42 pm

Photo of Joe LudwigJoe Ludwig (Queensland, Australian Labor Party, Manager of Opposition Business in the Senate) Share this | Hansard source

I do not think we are going to be able to complete our consideration of this in the time available, but we should be able to come back to it today. There is not much left to consider. As I understand it, it will take only 10 or 15 minutes. There is one last issue which the minister can take before we report progress, which goes to amendments (3) and (4). Presumably ‘place’ was too broad. I would like an explanation as to why the amendment refers to the country and the town, city or locality. I think it goes partly to a matter raised by Senator Murray. According to the EM, it brings us in line with section 17FA(3)(b)(ii). Would the minister look at whether section 17FA(3) is the definitions section and whether subsection (b)(ii) exists? It only goes as high as (b), which provides that a unique reference number may include digits. I may have missed that, but there may be another—and I hate to mention it—drafting issue. I suspect that can be corrected on the run, if I am right. If I am wrong about that maybe I am being pointed to the wrong place by the legislation. Perhaps the minister can take that on notice.

Amendment (5) relates to section 17FB and provides for a unique reference number. It appears straightforward and consequential. Amendment (6) also involves the issue of hub and spoke, as I understand it. I would like an explanation as to whether that is the case. The system identified by the ABA basically says that if the FTA is transmitted by an ADI—

Progress reported.

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