Senate debates

Thursday, 27 November 2008

Notices

Presentation

Senator Cormann to move on the next day of sitting:

That the Senate—
(a)
notes that:
(i)
on 15 November 2008, state and territory Labor Treasurers held a pre-Council of Australian Governments (COAG) strategy meeting in preparation of the COAG meeting on 29 November 2008,
(ii)
the Western Australian Treasurer (Mr Buswell) was explicitly told not to attend that meeting by the Treasurer for Victoria (Mr Lenders),
(iii)
the Leader of the Government in the Senate (Senator Evans) has sought to justify the exclusion of the Western Australian Treasurer from the pre-COAG strategy meeting held by all Labor state and territory Treasurers,
(iv)
when asked whether the Government had received any representations or had any discussions on issues relating to the upcoming COAG meeting as a result of that pre-COAG strategy meeting, the Leader of the Government in the Senate responded that ‘certainly there would have been preparations done’,
(v)
the exclusion of the Western Australian Treasurer from COAG preparations and the attitude of the Leader of the Government in the Senate in relation to that are not in the spirit of ‘cooperative federalism’ promoted by the Government before the 2007 federal election, and
(vi)
even the Western Australian Labor Shadow Treasurer (Mr Wyatt) was ‘surprised and disappointed’ that his Labor colleagues from the other states had excluded Western Australia; and
(b)
calls on the Prime Minister (Mr Rudd) to reprimand state and territory Labor Governments and the Leader of the Government in the Senate, or at least remind them, in the spirit of cooperative federalism, of the need to work cooperatively, including with the State of Western Australia.

Senator Ludwig to move on the next day of sitting:

That—
(1)
On Monday, 1 December 2008:
(a)
the hours of meeting shall be 12.30 pm to 6.30 pm and 7.30 pm to 11.40 pm;
(b)
the routine of business from 7.30 pm shall be government business only; and
(c)
the question for the adjournment of the Senate shall be proposed at 11 pm.
(2)
On Tuesday, 2 December 2008:
(a)
the hours of meeting shall be 12.30 pm to 6.30 pm and 7.30 pm to 11.40 pm;
(b)
the routine of business from 7.30 pm shall be government business only; and
(c)
the question for the adjournment of the Senate shall be proposed at 11 pm.
(3)
On Wednesday, 3 December 2008, the routine of business from 5.30 pm to not later than 7.20 pm shall be valedictory statements relating to Senator Ellison.
(4)
On Thursday, 4 December 2008:
(a)
the hours of meeting shall be 9.30 am to 6.30 pm and 7.30 pm to adjournment;
(b)
consideration of general business and consideration of committee reports, government responses and Auditor-General’s reports under standing order 62(1) and (2) shall not be proceeded with;
(c)
the routine of business from 12.45 pm till not later than 2 pm, and from not later than 3.45 pm shall be government business only;
(d)
divisions may take place after 4.30 pm; and
(e)
if the Senate is sitting at 11 pm, the sitting of the Senate shall be suspended till 9 am on Friday, 5 December 2008.
(5)
In making valedictory statements in accordance with paragraph (3) above, a senator shall not speak for more than 20 minutes.

Senator Siewert to move on the next day of sitting:

That the Senate—
(a)
notes that:
(i)
Monday, 1 December 2008 marks the 20th anniversary of World AIDS Day,
(ii)
World AIDS Day was instituted by the World Health Organization to raise public awareness about AIDS and to promote support and understanding for people living with HIV/AIDS,
(iii)
globally, there are an estimated 33.2 million people living with HIV,
(iv)
in Australia, between 1981 and 2007, there were 27 331 diagnoses of HIV infection, 10 230 diagnoses of AIDS and 6 767 deaths from AIDS,
(v)
in 2007, 1 051 people in Australia were diagnosed with HIV,
(vi)
currently, approximately 16 692 people in Australia are living with HIV, and
(vii)
from 2003 to 2007 the overall rate of new HIV diagnoses in Australia has increased from 4 to 4.4 per 100 000; and
(b)
calls on the Government to review current levels of Commonwealth funding towards research, education and prevention programs in order to reverse the current upward trend in the rate of HIV infections.

Senator Bob Brown to move on 2 December 2008:

That the Senate—
(a)
notes local government and community opposition to a road, proposed by Forestry Tasmania, through a section of the Tarkine forest; and
(b)
calls on the Government to ensure no federal funding is used, directly or indirectly, for this road unless or until local government concerns are addressed.

Senator Bob Brown to move on the next day of sitting:

That the Senate—
(a)
notes that the Foreign Press Association has grave concerns about the actions of the Israeli Government that have made access to the Gaza Strip inaccessible to foreign media; and
(b)
calls on the Australian Government to make representations to the Israeli Government to allow proper access for the media into Gaza.

9:34 am

Photo of Joe LudwigJoe Ludwig (Queensland, Australian Labor Party, Manager of Government Business in the Senate) Share this | | Hansard source

I give notice that, on the next day of sitting, I shall move:

That the provisions of paragraphs (5) to (8) of standing order 111 not apply to the Corporations Amendment (Short Selling) Bill 2008 and the Tax Laws Amendment (Luxury Car Tax—Minor Amendments) Bill 2008, allowing them to be considered during this period of sittings.

I also table statements of reasons justifying the need for these bills to be considered during these sittings and seek leave to have the statements incorporated in Hansard.

Leave granted.

The statements read as follows—

Corporations Amendment (Short Selling) Bill 2008

Purpose of the bill

The bill ensures that covered short sales (those short sales which are supported by securities lending agreements) are disclosed and to enhance the powers of the Australian Securities and Investments Commission (ASIC) to deal with short selling regulation and disclosure arrangements.

Reasons for Urgency

To ensure the reporting of covered short sales and enhance ASIC’s powers in relation to short selling, as soon as possible. The under reporting of covered short selling has caused significant concern and uncertainty in the marketplace and may have provided opportunities for market misconduct. Continued uncertainty would be detrimental to confidence in the market and could cause harm to investors. These problems have been amplified by the current volatility being experienced in global financial markets. This resulted in ASIC taking temporary action to limit short selling in Australia. These circumstances have increased the urgency to establish an effective legislative regime for the disclosure of covered short sales and to enhance ASIC’s powers in this area as a means of restoring transparency and market confidence.

The Prime Minister, in his speech to the Confederation of British Industry, noted the recent volatility in stock markets has been exacerbated by the lack of transparency surrounding the increasingly prevalent practice of short selling, and that it is in the interests of all investors to have greater transparency around these issues.

The potential benefits of transparency include disclosure providing a signal to the market that securities may be overvalued, noting that not all short sales are information trades and this information needs to be regarded in that context. Other possible benefits include that there is some awareness that those sales need to be reversed at some future time. Also greater transparency may tend to deter attempts at market abuse. This transparency, and the greater confidence it will engender, is particularly important in the context of the current market volatility.

(Circulated by authority of the Treasurer)

Tax Laws Amendment (Luxury Car Tax—Minor Amendments) Bill 2008

Purpose of the bill

This bill will make minor and technical amendments to the tax law relating to the luxury car tax relating to the operation of the refund provisions and contracts entered into before 13 May 2008.

Reasons for Urgency

The measures in this bill are intended to ensure that the refund and pre-13 May 2008 provisions put in place by the Tax Laws Amendment (Luxury Car Tax) Act 2008 operate as intended. It is important that the measures be passed as soon as practicable to ensure that vehicle retailers, finance companies and consumers are certain as to their eligibility for refunds and the rate of luxury car tax that applies. A delayed introduction may impact vehicle purchasing decisions and create further uncertainty for these groups.

In the main, the measures start on 1 July 2008 which is the date that the provisions being amended commenced.

(Circulated by authority of the Treasurer)