Brian Burston (NSW, United Australia Party) Share this | Hansard source

I rise to speak on the Parliamentary Joint Committee on the Australia Fund Bill 2018.

There are things in this life that transcend partisan politics. Even though the matters we debate in this chamber are often of great importance to the lives of Australians, it is rarely the case that what we debate is life or death to most people in an immediate sense. This bill is in the rare category of being of immediate concern to all Australians no matter what their politics.

We all watched with great distress as the reports of drought-affected farmers filtered into our electorate inboxes and onto our televisions. The sight of dying cattle and desperate owners and staff touched all of us deeply. We have also seen fire and flood on a regular basis and endured the consequences of global financial crises.

These hardships, though tough, often bring out the best in Australians. Within moments of hearing that our compatriots are in need, the spirit of mateship kicks in, leading to private donations, fundraising events and no shortage of offers to help. Australians are generous people, it is heartwarming to see, and long may the spirit of philanthropy reign in this land.

But these hardships ought not be left solely to ad hoc support. Nor should they remain in the political sphere of a sitting government to decide if, how and when such support should be offered to an industry or a community.

The Parliamentary Joint Committee on the Australia Fund Bill 2018 calls for the creation of a cross-party joint committee to assist in the support and reconstruction of Australian rural and manufacturing industries in times of crisis. The Australia Fund would have the ability to provide emergency and ongoing drought, flood and bushfire relief. It could loan money to businesses, act as a guarantor for loans, capitalise or waive interest, purchase existing bank loans and assume control of relevant property of the business for a specified time. In this way, the fund would be designed to enable businesses to continue operations to earn revenue, employ workers and pay taxes, rather than being prematurely wound up. This would support communities affected by natural disasters for the long term.

In order that the committee may deal with what is needed in Australian communities, it is intended that the committee would undertake hearings in all capital cities and major rural centres and specifically examine the impact on rural Australia of ongoing drought and global market price fluctuations for primary industry produce.

The committee's terms of reference would also include reviewing existing bankruptcy and insolvency laws, with the aim of introducing legislation designed to assist companies to trade through difficult times, rather than be closed down. The existing taxation laws relating to bankruptcy would also be reviewed. The possible introduction of the equivalent to the United States chapter 11 provisions would also be investigated.

The committee is designed to be as representative as possible, so, as well as having two government and two opposition members from both houses, it would also have two minor party or Independent members from both houses. At the completion of its inquiry the committee would table before parliament a detailed report of its findings and recommendations.

I have said before in this chamber that Australia is truly a blessed country. Not only are our natural resources bountiful and our land fruitful, but our people are generous and kind. In supporting this bill, senators will be able to give relief to those who suffer as a result of events beyond their control above the party political landscape, and direct it to those that all Australians see the need to support for the good of all. I commend the bill to the Senate.