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senate vote 2014-07-17#13

Edited by system

on 2014-10-07 16:22:20

Title

Description

  • The majority voted against an amendment "''that [http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;db=LEGISLATION;id=legislation%2Fbills%2Fr5255_first-reps%2F0002;query=Id%3A%22legislation%2Fbills%2Fr5255_first-reps%2F0001%22;rec=0#55ff3017c0ca4cdc94bb1be3fdef0536 subclause 13(2)] and [http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;db=LEGISLATION;id=legislation%2Fbills%2Fr5255_first-reps%2F0003;query=Id%3A%22legislation%2Fbills%2Fr5255_first-reps%2F0001%22;rec=0#226af90b17bc4090be40f9a7b181f776 subclauses 34(4) to (6)] stand as printed''", which means that the majority disagreed with these subclauses and did not want them to remain as they were. This motion was put following an [http://www.openaustralia.org/senate/?gid=2014-07-17.76.1 amendment] put forward by Labor Senator [http://publicwhip-rails.openaustraliafoundation.org.au/mp.php?mpn=Kim_Carr&mpc=Senate&house=senate Kim Carr] to oppose those subclauses.
  • Senator Carr explained that the purpose of the amendments is to "save the [https://www.education.gov.au/education-investment-fund Education Investment Fund]" ('EIF'),(Read Senator Carr's full explanation of the amendment and the related debate [http://www.openaustralia.org/senate/?id=2014-07-17.70.1 here], after 1.35 pm. ) which the bill in its current form will abolish after its funds are redirected to the newly created Asset Recycling Fund. The EIF was established by the [http://www.finance.gov.au/investment-funds/nation-building-funds/act/ Nation-building Funds Act 2008] to replace the Higher Education Endowment Fund (HEEF). It provides funding to projects that "create or develop significant infrastructure in higher education, research and vocational education and training institutions".(Read more about the EIF [https://www.education.gov.au/education-investment-fund here]. )
  • ''Background to the bills''
  • The [http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id%3A%22legislation%2Fbillhome%2Fr5255%22 Asset Recycling Fund Bill 2014] and the related [http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id%3A%22legislation%2Fbillhome%2Fr5256%22 Asset Recycling Fund (Consequential Amendments) Bill 2014] were introduced to create the Asset Recycling Fund ('ARF').
  • The ARF is the fund from which grants to states and territories will be sourced under the Asset Recycling Initiative ('ARI'), which was developed to assist states to privatise assets and to speed up the construction of transport infrastructure in capital cities.(Read the Deputy Prime Minister [http://publicwhip-rails.openaustraliafoundation.org.au/mp.php?mpn=Warren_Truss&mpc=Wide%20Bay&house=representatives Warren Truss]'s comments on the initiative on ABC's PM program [http://www.abc.net.au/pm/content/2014/s4000807.htm here]. ) Under the ARI, states and territories will be encouraged to sell assets, including transport infrastructure, and use the proceeds to fund new public infrastructure. By way of encouragement, the Commonwealth will provide a financial contribution of 15 per cent of the asset value of the sale that is used to fund the new infrastructure.(See the [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd1314a/14bd090 bills digest] for more information. )
  • The [http://en.wikipedia.org/wiki/COAG Council of Australian Governments] voted in favour of the ARI on 2 May 2014.(Read more about COAG's decision to agree with the ARI on ABC News [http://www.abc.net.au/news/2014-05-02/coag-agrees-to-hockeys-asset-sale-plans/5424964 here].)
  • The majority voted against an amendment "_that [subclause 13(2)](http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;db=LEGISLATION;id=legislation%2Fbills%2Fr5255_first-reps%2F0002;query=Id%3A%22legislation%2Fbills%2Fr5255_first-reps%2F0001%22;rec=0#55ff3017c0ca4cdc94bb1be3fdef0536) and [subclauses 34(4) to (6)](http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;db=LEGISLATION;id=legislation%2Fbills%2Fr5255_first-reps%2F0003;query=Id%3A%22legislation%2Fbills%2Fr5255_first-reps%2F0001%22;rec=0#226af90b17bc4090be40f9a7b181f776) stand as printed_", which means that the majority disagreed with these subclauses and did not want them to remain as they were. This motion was put following an [amendment](http://www.openaustralia.org/senate/?gid=2014-07-17.76.1) put forward by Labor Senator [Kim Carr](http://publicwhip-rails.openaustraliafoundation.org.au/mp.php?mpn=Kim_Carr&mpc=Senate&house=senate) to oppose those subclauses.
  • Senator Carr explained that the purpose of the amendments is to "save the [Education Investment Fund](https://www.education.gov.au/education-investment-fund)" ('EIF'),(Read Senator Carr's full explanation of the amendment and the related debate [here](http://www.openaustralia.org/senate/?id=2014-07-17.70.1), after 1.35 pm. ) which the bill in its current form will abolish after its funds are redirected to the newly created Asset Recycling Fund. The EIF was established by the [Nation-building Funds Act 2008](http://www.finance.gov.au/investment-funds/nation-building-funds/act/) to replace the Higher Education Endowment Fund (HEEF). It provides funding to projects that "create or develop significant infrastructure in higher education, research and vocational education and training institutions".(Read more about the EIF [here](https://www.education.gov.au/education-investment-fund). )
  • _Background to the bills_
  • The [Asset Recycling Fund Bill 2014](http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id%3A%22legislation%2Fbillhome%2Fr5255%22) and the related [Asset Recycling Fund (Consequential Amendments) Bill 2014](http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id%3A%22legislation%2Fbillhome%2Fr5256%22) were introduced to create the Asset Recycling Fund ('ARF').
  • The ARF is the fund from which grants to states and territories will be sourced under the Asset Recycling Initiative ('ARI'), which was developed to assist states to privatise assets and to speed up the construction of transport infrastructure in capital cities.(Read the Deputy Prime Minister [Warren Truss](http://publicwhip-rails.openaustraliafoundation.org.au/mp.php?mpn=Warren_Truss&mpc=Wide%20Bay&house=representatives)'s comments on the initiative on ABC's PM program [here](http://www.abc.net.au/pm/content/2014/s4000807.htm). ) Under the ARI, states and territories will be encouraged to sell assets, including transport infrastructure, and use the proceeds to fund new public infrastructure. By way of encouragement, the Commonwealth will provide a financial contribution of 15 per cent of the asset value of the sale that is used to fund the new infrastructure.(See the [bills digest](http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd1314a/14bd090) for more information. )
  • The [Council of Australian Governments](http://en.wikipedia.org/wiki/COAG) voted in favour of the ARI on 2 May 2014.(Read more about COAG's decision to agree with the ARI on ABC News [here](http://www.abc.net.au/news/2014-05-02/coag-agrees-to-hockeys-asset-sale-plans/5424964).)
senate vote 2014-07-17#13

Edited by system

on 2014-10-07 16:17:01

Title

Description

  • The majority voted against an amendment "''that [http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;db=LEGISLATION;id=legislation%2Fbills%2Fr5255_first-reps%2F0002;query=Id%3A%22legislation%2Fbills%2Fr5255_first-reps%2F0001%22;rec=0#55ff3017c0ca4cdc94bb1be3fdef0536 subclause 13(2)] and [http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;db=LEGISLATION;id=legislation%2Fbills%2Fr5255_first-reps%2F0003;query=Id%3A%22legislation%2Fbills%2Fr5255_first-reps%2F0001%22;rec=0#226af90b17bc4090be40f9a7b181f776 subclauses 34(4) to (6)] stand as printed''", which means that the majority disagreed with these subclauses and did not want them to remain as they were. This motion was put following an [http://www.openaustralia.org/senate/?gid=2014-07-17.76.1 amendment] put forward by Labor Senator [http://publicwhip-rails.openaustraliafoundation.org.au/mp.php?mpn=Kim_Carr&mpc=Senate&house=senate Kim Carr] to oppose those subclauses.
  • Senator Carr explained that the purpose of the amendments is to "save the [https://www.education.gov.au/education-investment-fund Education Investment Fund]" ('EIF'),[1] which the bill in its current form will abolish after its funds are redirected to the newly created Asset Recycling Fund. The EIF was established by the [http://www.finance.gov.au/investment-funds/nation-building-funds/act/ Nation-building Funds Act 2008] to replace the Higher Education Endowment Fund (HEEF). It provides funding to projects that "create or develop significant infrastructure in higher education, research and vocational education and training institutions".[2]
  • Senator Carr explained that the purpose of the amendments is to "save the [https://www.education.gov.au/education-investment-fund Education Investment Fund]" ('EIF'),(Read Senator Carr's full explanation of the amendment and the related debate [http://www.openaustralia.org/senate/?id=2014-07-17.70.1 here], after 1.35 pm. ) which the bill in its current form will abolish after its funds are redirected to the newly created Asset Recycling Fund. The EIF was established by the [http://www.finance.gov.au/investment-funds/nation-building-funds/act/ Nation-building Funds Act 2008] to replace the Higher Education Endowment Fund (HEEF). It provides funding to projects that "create or develop significant infrastructure in higher education, research and vocational education and training institutions".(Read more about the EIF [https://www.education.gov.au/education-investment-fund here]. )
  • ''Background to the bills''
  • The [http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id%3A%22legislation%2Fbillhome%2Fr5255%22 Asset Recycling Fund Bill 2014] and the related [http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id%3A%22legislation%2Fbillhome%2Fr5256%22 Asset Recycling Fund (Consequential Amendments) Bill 2014] were introduced to create the Asset Recycling Fund ('ARF').
  • The ARF is the fund from which grants to states and territories will be sourced under the Asset Recycling Initiative ('ARI'), which was developed to assist states to privatise assets and to speed up the construction of transport infrastructure in capital cities.[3] Under the ARI, states and territories will be encouraged to sell assets, including transport infrastructure, and use the proceeds to fund new public infrastructure. By way of encouragement, the Commonwealth will provide a financial contribution of 15 per cent of the asset value of the sale that is used to fund the new infrastructure.[4]
  • The ARF is the fund from which grants to states and territories will be sourced under the Asset Recycling Initiative ('ARI'), which was developed to assist states to privatise assets and to speed up the construction of transport infrastructure in capital cities.(Read the Deputy Prime Minister [http://publicwhip-rails.openaustraliafoundation.org.au/mp.php?mpn=Warren_Truss&mpc=Wide%20Bay&house=representatives Warren Truss]'s comments on the initiative on ABC's PM program [http://www.abc.net.au/pm/content/2014/s4000807.htm here]. ) Under the ARI, states and territories will be encouraged to sell assets, including transport infrastructure, and use the proceeds to fund new public infrastructure. By way of encouragement, the Commonwealth will provide a financial contribution of 15 per cent of the asset value of the sale that is used to fund the new infrastructure.(See the [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd1314a/14bd090 bills digest] for more information. )
  • The [http://en.wikipedia.org/wiki/COAG Council of Australian Governments] voted in favour of the ARI on 2 May 2014.[5]
  • The [http://en.wikipedia.org/wiki/COAG Council of Australian Governments] voted in favour of the ARI on 2 May 2014.(Read more about COAG's decision to agree with the ARI on ABC News [http://www.abc.net.au/news/2014-05-02/coag-agrees-to-hockeys-asset-sale-plans/5424964 here].)
  • ''References''
  • * [1] Read Senator Carr's full explanation of the amendment and the related debate [http://www.openaustralia.org/senate/?id=2014-07-17.70.1 here], after 1.35 pm.
  • * [2] Read more about the EIF [https://www.education.gov.au/education-investment-fund here].
  • * [3] Read the Deputy Prime Minister [http://publicwhip-rails.openaustraliafoundation.org.au/mp.php?mpn=Warren_Truss&mpc=Wide%20Bay&house=representatives Warren Truss]'s comments on the initiative on ABC's PM program [http://www.abc.net.au/pm/content/2014/s4000807.htm here].
  • * [4] See the [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd1314a/14bd090 bills digest] for more information.
  • * [5] Read more about COAG's decision to agree with the ARI on ABC News [http://www.abc.net.au/news/2014-05-02/coag-agrees-to-hockeys-asset-sale-plans/5424964 here].
senate vote 2014-07-17#13

Edited by mackay

on 2014-08-28 16:04:45

Title

Description

  • The majority voted against an amendment "''that [http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;db=LEGISLATION;id=legislation%2Fbills%2Fr5255_first-reps%2F0002;query=Id%3A%22legislation%2Fbills%2Fr5255_first-reps%2F0001%22;rec=0#55ff3017c0ca4cdc94bb1be3fdef0536 subclause 13(2)] and [http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;db=LEGISLATION;id=legislation%2Fbills%2Fr5255_first-reps%2F0003;query=Id%3A%22legislation%2Fbills%2Fr5255_first-reps%2F0001%22;rec=0#226af90b17bc4090be40f9a7b181f776 subclauses 34(4) to (6)] stand as printed''", which means that the majority disagreed with these amendments and did not want them to remain as they were. This motion was put following an [http://www.openaustralia.org/senate/?gid=2014-07-17.76.1 amendment] put forward by Labor Senator [http://publicwhip-rails.openaustraliafoundation.org.au/mp.php?mpn=Kim_Carr&mpc=Senate&house=senate Kim Carr] to oppose those subclauses.
  • The majority voted against an amendment "''that [http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;db=LEGISLATION;id=legislation%2Fbills%2Fr5255_first-reps%2F0002;query=Id%3A%22legislation%2Fbills%2Fr5255_first-reps%2F0001%22;rec=0#55ff3017c0ca4cdc94bb1be3fdef0536 subclause 13(2)] and [http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;db=LEGISLATION;id=legislation%2Fbills%2Fr5255_first-reps%2F0003;query=Id%3A%22legislation%2Fbills%2Fr5255_first-reps%2F0001%22;rec=0#226af90b17bc4090be40f9a7b181f776 subclauses 34(4) to (6)] stand as printed''", which means that the majority disagreed with these subclauses and did not want them to remain as they were. This motion was put following an [http://www.openaustralia.org/senate/?gid=2014-07-17.76.1 amendment] put forward by Labor Senator [http://publicwhip-rails.openaustraliafoundation.org.au/mp.php?mpn=Kim_Carr&mpc=Senate&house=senate Kim Carr] to oppose those subclauses.
  • Senator Carr explained that the purpose of the amendments is to "save the [https://www.education.gov.au/education-investment-fund Education Investment Fund]" ('EIF'),[1] which the bill in its current form will abolish after its funds are redirected to the newly created Asset Recycling Fund. The EIF was established by the [http://www.finance.gov.au/investment-funds/nation-building-funds/act/ Nation-building Funds Act 2008] to replace the Higher Education Endowment Fund (HEEF). It provides funding to projects that "create or develop significant infrastructure in higher education, research and vocational education and training institutions".[2]
  • ''Background to the bills''
  • The [http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id%3A%22legislation%2Fbillhome%2Fr5255%22 Asset Recycling Fund Bill 2014] and the related [http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id%3A%22legislation%2Fbillhome%2Fr5256%22 Asset Recycling Fund (Consequential Amendments) Bill 2014] were introduced to create the Asset Recycling Fund ('ARF').
  • The ARF is the fund from which grants to states and territories will be sourced under the Asset Recycling Initiative ('ARI'), which was developed to assist states to privatise assets and to speed up the construction of transport infrastructure in capital cities.[3] Under the ARI, states and territories will be encouraged to sell assets, including transport infrastructure, and use the proceeds to fund new public infrastructure. By way of encouragement, the Commonwealth will provide a financial contribution of 15 per cent of the asset value of the sale that is used to fund the new infrastructure.[4]
  • The [http://en.wikipedia.org/wiki/COAG Council of Australian Governments] voted in favour of the ARI on 2 May 2014.[5]
  • ''References''
  • * [1] Read Senator Carr's full explanation of the amendment and the related debate [http://www.openaustralia.org/senate/?id=2014-07-17.70.1 here], after 1.35 pm.
  • * [2] Read more about the EIF [https://www.education.gov.au/education-investment-fund here].
  • * [3] Read the Deputy Prime Minister [http://publicwhip-rails.openaustraliafoundation.org.au/mp.php?mpn=Warren_Truss&mpc=Wide%20Bay&house=representatives Warren Truss]'s comments on the initiative on ABC's PM program [http://www.abc.net.au/pm/content/2014/s4000807.htm here].
  • * [4] See the [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd1314a/14bd090 bills digest] for more information.
  • * [5] Read more about COAG's decision to agree with the ARI on ABC News [http://www.abc.net.au/news/2014-05-02/coag-agrees-to-hockeys-asset-sale-plans/5424964 here].
senate vote 2014-07-17#13

Edited by mackay

on 2014-07-24 12:19:43

Title

  • Asset Recycling Fund Bill 2014 and Asset Recycling Fund (Consequential Amendments) Bill 2014 - In Committee - Oppose subclauses related to shutting down the Education Investment Fund
  • Asset Recycling Fund Bill 2014 and Asset Recycling Fund (Consequential Amendments) Bill 2014 In Committee Oppose subclauses related to shutting down the Education Investment Fund

Description

  • The majority voted against an amendment "''that [http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;db=LEGISLATION;id=legislation%2Fbills%2Fr5255_first-reps%2F0002;query=Id%3A%22legislation%2Fbills%2Fr5255_first-reps%2F0001%22;rec=0#55ff3017c0ca4cdc94bb1be3fdef0536 subclause 13(2)] and [http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;db=LEGISLATION;id=legislation%2Fbills%2Fr5255_first-reps%2F0003;query=Id%3A%22legislation%2Fbills%2Fr5255_first-reps%2F0001%22;rec=0#226af90b17bc4090be40f9a7b181f776 subclauses 34(4) to (6)] stand as printed''", which means that the majority disagreed with these amendments and did not want them to remain as they were. This motion was put following an [http://www.openaustralia.org/senate/?gid=2014-07-17.76.1 amendment] put forward by Labor Senator [http://publicwhip-rails.openaustraliafoundation.org.au/mp.php?mpn=Kim_Carr&mpc=Senate&house=senate Kim Carr] to oppose those subclauses.
  • Senator Carr explained that the purpose of the amendments is to "save the [https://www.education.gov.au/education-investment-fund Education Investment Fund]" ('EIF'),[1] which the bill in its current form will abolish after its funds are redirected to the newly created Asset Recycling Fund. The EIF was established by the [http://www.finance.gov.au/investment-funds/nation-building-funds/act/ Nation-building Funds Act 2008] to replace the Higher Education Endowment Fund (HEEF). It provides funding to projects that "create or develop significant infrastructure in higher education, research and vocational education and training institutions".[2]
  • ''Background to the bill''
  • ''Background to the bills''
  • The Asset Recycling Fund ('ARF') is the fund from which grants to states and territories will be sourced under the Asset Recycling Initiative ('ARI'), which was developed to assist states to privatise assets and to speed up the construction of transport infrastructure in capital cities.[3] Under the ARI, states and territories will be encouraged to sell assets, including transport infrastructure, and use the proceeds to fund new public infrastructure. By way of encouragement, the Commonwealth will provide a financial contribution of 15 per cent of the asset value of the sale that is used to fund the new infrastructure.[4]
  • The [http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id%3A%22legislation%2Fbillhome%2Fr5255%22 Asset Recycling Fund Bill 2014] and the related [http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id%3A%22legislation%2Fbillhome%2Fr5256%22 Asset Recycling Fund (Consequential Amendments) Bill 2014] were introduced to create the Asset Recycling Fund ('ARF').
  • The ARF is the fund from which grants to states and territories will be sourced under the Asset Recycling Initiative ('ARI'), which was developed to assist states to privatise assets and to speed up the construction of transport infrastructure in capital cities.[3] Under the ARI, states and territories will be encouraged to sell assets, including transport infrastructure, and use the proceeds to fund new public infrastructure. By way of encouragement, the Commonwealth will provide a financial contribution of 15 per cent of the asset value of the sale that is used to fund the new infrastructure.[4]
  • The [http://en.wikipedia.org/wiki/COAG Council of Australian Governments] voted in favour of the ARI on 2 May 2014.[5]
  • ''References''
  • * [1] Read Senator Carr's full explanation of the amendment and the related debate [http://www.openaustralia.org/senate/?id=2014-07-17.70.1 here], after 1.35 pm.
  • * [2] Read more about the EIF [https://www.education.gov.au/education-investment-fund here].
  • * [3] Read the Deputy Prime Minister [http://publicwhip-rails.openaustraliafoundation.org.au/mp.php?mpn=Warren_Truss&mpc=Wide%20Bay&house=representatives Warren Truss]'s comments on the initiative on ABC's PM program [http://www.abc.net.au/pm/content/2014/s4000807.htm here].
  • * [4] See the [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd1314a/14bd090 bills digest] for more information.
  • * [5] Read more about COAG's decision to agree with the ARI on ABC News [http://www.abc.net.au/news/2014-05-02/coag-agrees-to-hockeys-asset-sale-plans/5424964 here].
senate vote 2014-07-17#13

Edited by mackay

on 2014-07-24 12:00:49

Title

  • Bills — Asset Recycling Fund Bill 2014, Asset Recycling Fund (Consequential Amendments) Bill 2014; in Committee
  • Asset Recycling Fund Bill 2014 and Asset Recycling Fund (Consequential Amendments) Bill 2014 - In Committee - Oppose subclauses related to shutting down the Education Investment Fund

Description

  • <p class="speaker">Gavin Marshall</p>
  • <p>The committee is considering the Asset Recycling Fund Bill 2014 and a related bill as amended. The question now is that subclause 13(2) and subclauses 34(4) to (6) of the Asset Recycling Fund Bill 2014 stand as printed.</p>
  • <p></p>
  • The majority voted against an amendment "''that [http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;db=LEGISLATION;id=legislation%2Fbills%2Fr5255_first-reps%2F0002;query=Id%3A%22legislation%2Fbills%2Fr5255_first-reps%2F0001%22;rec=0#55ff3017c0ca4cdc94bb1be3fdef0536 subclause 13(2)] and [http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;db=LEGISLATION;id=legislation%2Fbills%2Fr5255_first-reps%2F0003;query=Id%3A%22legislation%2Fbills%2Fr5255_first-reps%2F0001%22;rec=0#226af90b17bc4090be40f9a7b181f776 subclauses 34(4) to (6)] stand as printed''", which means that the majority disagreed with these amendments and did not want them to remain as they were. This motion was put following an [http://www.openaustralia.org/senate/?gid=2014-07-17.76.1 amendment] put forward by Labor Senator [http://publicwhip-rails.openaustraliafoundation.org.au/mp.php?mpn=Kim_Carr&mpc=Senate&house=senate Kim Carr] to oppose those subclauses.
  • Senator Carr explained that the purpose of the amendments is to "save the [https://www.education.gov.au/education-investment-fund Education Investment Fund]" ('EIF'),[1] which the bill in its current form will abolish after its funds are redirected to the newly created Asset Recycling Fund. The EIF was established by the [http://www.finance.gov.au/investment-funds/nation-building-funds/act/ Nation-building Funds Act 2008] to replace the Higher Education Endowment Fund (HEEF). It provides funding to projects that "create or develop significant infrastructure in higher education, research and vocational education and training institutions".[2]
  • ''Background to the bill''
  • The Asset Recycling Fund ('ARF') is the fund from which grants to states and territories will be sourced under the Asset Recycling Initiative ('ARI'), which was developed to assist states to privatise assets and to speed up the construction of transport infrastructure in capital cities.[3] Under the ARI, states and territories will be encouraged to sell assets, including transport infrastructure, and use the proceeds to fund new public infrastructure. By way of encouragement, the Commonwealth will provide a financial contribution of 15 per cent of the asset value of the sale that is used to fund the new infrastructure.[4]
  • The [http://en.wikipedia.org/wiki/COAG Council of Australian Governments] voted in favour of the ARI on 2 May 2014.[5]
  • ''References''
  • * [1] Read Senator Carr's full explanation of the amendment and the related debate [http://www.openaustralia.org/senate/?id=2014-07-17.70.1 here], after 1.35 pm.
  • * [2] Read more about the EIF [https://www.education.gov.au/education-investment-fund here].
  • * [3] Read the Deputy Prime Minister [http://publicwhip-rails.openaustraliafoundation.org.au/mp.php?mpn=Warren_Truss&mpc=Wide%20Bay&house=representatives Warren Truss]'s comments on the initiative on ABC's PM program [http://www.abc.net.au/pm/content/2014/s4000807.htm here].
  • * [4] See the [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd1314a/14bd090 bills digest] for more information.
  • * [5] Read more about COAG's decision to agree with the ARI on ABC News [http://www.abc.net.au/news/2014-05-02/coag-agrees-to-hockeys-asset-sale-plans/5424964 here].
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