Commonwealth of Australia Explanatory Memoranda

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COAG REFORM FUND BILL 2008

2008




               THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA











                          HOUSE OF REPRESENTATIVES











                         COAG REFORM FUND BILL 2008














                    SUPPLEMENTARY EXPLANATORY MEMORANDUM


              Amendment to be moved on behalf of the Government














                     (Circulated by the authority of the
                      Treasurer, the Hon Wayne Swan MP)



Table of contents


General outline and financial impact    5


Chapter 1    Explanation of the amendment    7






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Outline of Amendment


         This government amendment to the COAG Reform Fund Bill 2008 (which
         was introduced in the House of Representatives on 23 October 2008)
         is to capture the full scope of the purposes of the Nation-building
         Funds Bill 2008 (introduced in the House of Representatives on 13
         November 2008).


         Date of effect:  The COAG Reform Fund will take effect 1 January
         2009.


         Proposal announced:  The COAG Reform Fund was announced in the
         Commonwealth 2008-09 Budget.


         Financial impact:  This amendment has no financial impact.


         Compliance cost impact:  Nil.


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Outline of amendment


      1. This government amendment to the COAG Reform Fund Bill 2008 (the
         Bill) (which was introduced in the House of Representatives on 23
         October 2008) is to capture the full scope of the purposes of the
         Nation-building Funds Bill 2008 (introduced in the House of
         Representatives on 13 November 2008).


Context of amendment


      2. The Nation-building Fund Bill establishes several special account
         portfolios and provides that funds from those accounts may be
         disbursed through the COAG Reform Fund.


      3. Amendment to the Bill is required to ensure that references to
         sections of the Nation-building Fund Bill are accurate and capture
         all special account portfolios established under the Nation-
         building Fund Bill.


Detailed explanation of amendment


      4. The amendment states:

         Clause 7, page 4 (lines 12 to 15), omit subparagraphs (1)(b)(i) to
         (iv), substitute:
            (i)   subsection 92(2);
            (ii)  subsection 97(2);
            (iii) subsection 102(2);
            (iv)  subsection 107(2);
            (v)   subsection 197(2);
            (vi)  subsection 265(2).

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