Senate debates

Thursday, 17 July 2014


Asset Recycling Fund Bill 2014, Asset Recycling Fund (Consequential Amendments) Bill 2014; In Committee

1:55 pm

Photo of Mathias CormannMathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

On behalf of the government I indicate to the chamber that we will not be supporting these amendments. These amendments seek to prevent the government from transferring, as Senator Leyonhjelm indicated, $3.5 billion in uncommitted funds from the Education Investment Fund to the Asset Recycling Fund. Without the proposed transfer from the Education Investment Fund, the Asset Recycling Fund will not be viable for the purposes for which it is being established. The proposed transfer, as I have indicated, relates only to uncommitted funds in the Education Investment Fund—that is, amounts for which no projects have been either approved or identified. The government will meet commitments to projects already previously approved for funding from the Education Investment Fund, including those approved by the previous government. These projects will not be affected by the transfer of uncommitted amounts to the Asset Recycling Fund.


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