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

I move government amendment (1) on sheet HU185:

(1) Page 3 (after line 5), after clause 3, insert:

4 Review of operation of amendments

  (1) The Minister must cause an independent review of the operation of the amendments made by this Act to be undertaken as soon as practicable after 18 months after the day on and after which, under item 58 of Schedule 1 to this Act, the amendments made by Part 4 of Schedule 1 to this Act apply.

  (2) The review must take into account feedback, provided by complainants under the AFCA scheme (within the meaning of Chapter 7 of the Corporations Act 2001 as amended by this Act), relating to whether their complaints were resolved in a way that was fair, efficient, timely and independent.

Note: Paragraph 1051(4) (b) of the Corporations Act 2001 as amended by this Act provides that one of the operational requirements for the AFCA scheme is that complaints against members of the scheme are resolved in a way that is fair, efficient, timely and independent.

  (3) The review must also specifically examine the appropriateness of limits on:

(a) the value of claims that may be made under the AFCA scheme (within the meaning of Chapter 7 of the Corporations Act 2001 as amended by this Act); and

(b) the value of remedies that may be determined under that scheme;

in relation to disputes about credit facilities provided to primary production businesses, including agriculture, fisheries and forestry businesses.

  (4) The Minister must cause a written report about the review to be prepared.

  (5) The Minister must cause a copy of the report to be tabled in each House of the Parliament within 15 sitting days of that House after the day on which the report is given to the Minister.

  (6) The report is not a legislative instrument.

This amendment will require the government to commission an independent review of the new external dispute resolution framework as soon as practicable 18 months after AFCA commences operations. The review will take into account feedback provided by complainants to AFCA in relation to whether their complaint was resolved in way that was fair, efficient, timely and independent. In particular, it will examine the appropriateness of the monetary limits applying to complaints relating to credit facilities provided to primary production businesses, including agriculture, fisheries and forestry businesses. A report will be provided to the responsible minister and, within 15 days, will be tabled in parliament.