Senate debates

Tuesday, 28 March 2023

Bills

National Reconstruction Fund Corporation Bill 2023; In Committee

5:48 pm

Photo of Penny Allman-PaynePenny Allman-Payne (Queensland, Australian Greens) Share this | Hansard source

I note the earlier substantial number of questions around the board and the appointment of the board. In that vein, I would like to foreshadow that the Greens will be supporting the Jacqui Lambie Network amendment on sheet 1886, which expands the board membership from six to eight members. Given the range of fields set out in clause 19, we feel that the board will require an expansion in the number of people on the board. This will make it far more likely that the board will be comprised of members who have a greater depth of expertise, credibility and standing in their respective fields.

In that vein also, we will be supporting Senator Pocock's amendment on sheet 1909, which reduces the term of the board appointments from five to four years and brings forward the independent review from five to three years. We think that reducing the term of board appointments from five to four years does create the right balance between consistency and flexibility. We also think that bringing forward the independent review from five years to 2026 provides the opportunity to ensure that the fund is operating, as intended, reasonably soon after it becomes fully operational.

Also, in relation to the board, the Greens will be opposing the Jacqui Lambie Network amendment on sheet 1885. This is the amendment that requires the board to submit a strategic direction overview to the minister every five years and gives the minister the capacity to reject or not approve the strategic direction of the NRF. The Greens think that in making it a requirement that the minister approve the strategic plan given to them by the board actually gives undue influence to the government of the day over the NRF and we think that it's important that the board can maintain a level of independence from the government. Hence, we won't be supporting that amendment.

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