Wednesday, 24 July 2019
Future Drought Fund Bill 2019, Future Drought Fund (Consequential Amendments) Bill 2019; In Committee
I advise the Senate that the amendments on sheet 8707 were consequential to those on sheet 8702, and I withdraw them. I seek leave to move on Greens amendments (1) to (5) on sheet 8704 together.
I move amendments (1) to (5) on sheet 8704 together:
(1) Clause 5, page 8 (after line 25), after the definition of person, insert:
prohibited financial asset: a financial asset is a prohibited financial asset if the financial asset includes an interest in a body corporate that produces fossil fuels.
(2) Clause 39, page 41 (line 23), at the end of subclause (1), add "that are not prohibited financial assets".
(3) Clause 41, page 43 (line 30) to page 44 (line 6), omit subclause (7), substitute:
(7) A direction under subsection (1) is a legislative instrument.
(8) Despite regulations made for the purposes of paragraphs 44(2) (b) and 54(2) (b) of the Legislation Act 2003, section 42 (disallowance) and Part 4 of Chapter 3 (sunsetting) of that Act apply to a direction under subsection (1).
(4) Heading to clause 54, page 50 (line 25), at the end of the heading, add "etc.".
(5) Clause 54, page 50 (line 31), at the end of subclause (1), add:
; or (c) an asset held by the Board as an investment of the Future Drought Fund is, or has become, a prohibited financial asset.
This is another opportunity for the Senate to support some very sensible amendments that draw the link and make the connection between the climate crisis that we are now in and tackling drought. They connect tackling drought with tackling the climate crisis. Not tackling the climate crisis is just like putting a bandaid on a bullet wound. We've got to do both at once. Perhaps the Labor Party, who profess that they want to do something about climate change, might like to vote with us on this one?