Tuesday, 8 September 2009
Economics References Committee; Reference
I seek leave to amend business of the Senate notice of motion No. 3 proposing a reference to the Economics References Committee on the economic stimulus initiatives.
I amend the motion in the terms circulated in the chamber and also by adding the words ‘or after’ after the word ‘on’ in section 2(a) so that that will read ‘on or after the morning of Monday, 14 September 2009’. I move the motion as amended:
- That the following matter be referred to the Economics References Committee for inquiry and report by 2 October 2009:
- The economic stimulus initiatives announced by the Government since October 2008.
- That the Senate requests the committee:
- to invite the Secretary of the Treasury, accompanied by any other officials he considers appropriate, to appear before the committee, on or after the morning of Monday, 14 September 2009, for the purpose of giving evidence on the matter;
- to invite the Reserve Bank Governor, Mr Glenn Stevens, and other independent pre-eminent economists to appear before the committee, on a date to be determined by the committee, for the purpose of giving evidence on the matter; and
- to hold public meetings to take evidence from those witnesses, in the form of a full update on the economic stimulus initiatives, which addresses:
- the efficacy of the spending measures to date,
- the anticipated costs and benefits of continuing the spending measures,
- consequent change in the stimulus ‘roll out’ that ought to be entertained given the changed economic circumstances,
- anticipated impact of the stimulus spending on future interest rate movements and taxpayer liabilities,
- an evaluation of the environmental impacts of the spending to date, and
- other related matters.
Question agreed to.