edited
3rd Nov 2022
Emergency Response Fund Amendment (Disaster Ready Fund) Bill 2022 - Report from Federation Chamber - Concerns about policy
Passed by a small majority
No rebellions 95% attendance
22nd Nov 2022, 9:18 PM – Senate Emergency Response Fund Amendment (Disaster Ready Fund) Bill 2022 - in Committee - No investment in fossil fuels
Summary
EditThe majority voted against amendments introduced by South Australian Senator Barbara Pocock (Greens), which means they failed.
What did these amendments do?
During her second reading speech, Senator Pocock explained that the amendments were introduced:
... to increase the spending cap from $200 million to $300 million a year and to require the Future Fund in its management of the Disaster Ready Fund to ensure that the fund is not invested in fossil fuels. It's a rich irony which cannot be lost on so many Australians that the Disaster Ready Fund is invested in the very same coal, gas and oil companies whose activities are causing the climate emergencies that the fund has been set up to mitigate.
Amendment text
(1) Schedule 1, page 7 (after line 28), after item 26, insert:
26A Section 4
Insert:
fossil fuel financial asset means a financial asset that relates directly to:
(a) infrastructure that is intended to be used wholly or predominantly for extracting, processing (including refining), transporting or exporting coal, gas or oil; or
(b) a person that operates such infrastructure; or
(c) a related body corporate (within the meaning of the Corporations Act 2001) of a body corporate that operates such infrastructure.
(2) Schedule 1, item 105, page 20 (line 21), omit paragraph 34(1)(c), substitute:
(c) $300 million; or
(3) Schedule 1, page 23 (after line 4), after item 112, insert:
112A After section 36
Insert:
36A Prohibition on investing in fossil fuel financial assets
(1) The Future Fund Board must ensure that no investments of the Disaster Ready Fund are fossil fuel financial assets.
(2) Subsection (1) does not apply in relation to a financial asset to which section 9A (about transitioning investments of the Emergency Response Fund) applies.
(3) However, if a financial asset to which section 9A applies is a fossil fuel financial asset, the Future Fund Board must realise the financial asset as soon as practicable after the commencement of this section.
(4) This section has effect despite any other provision of this Act.
Votes Not passed by a modest majority
Nobody rebelled against their party.
| Party | Votes | |
|---|---|---|
| Australian Greens (100% turnout) | 12 Yes – 0 No | |
| Penny Allman-Payne Queensland | Yes | |
| Dorinda Cox WA | Yes | |
| Mehreen Faruqi NSW | Yes | |
| Sarah Hanson-Young SA | Yes | |
| Nick McKim Tasmania | Yes | |
| Barbara Pocock SA | Yes | |
| Janet Rice Victoria | Yes | |
| David Shoebridge NSW | Yes | |
| Jordon Steele-John WA | Yes | |
| Lidia Thorpe Victoria | Yes | |
| Larissa Waters Queensland | Yes | |
| Peter Whish-Wilson Tasmania | Yes | |
| Australian Labor Party (76% turnout) | 0 Yes – 19 No | |
| Catryna Bilyk Tasmania | No | |
| Carol Brown Tasmania | No | |
| Anthony Chisholm Queensland | No | |
| Raff Ciccone Victoria | No | |
| Patrick Dodson WA | No | |
| Don Farrell SA | No | |
| Katy Gallagher ACT | No | |
| Jenny McAllister NSW | No | |
| Malarndirri McCarthy NT | No | |
| Fatima Payman WA | No | |
| Helen Polley Tasmania | No | |
| Louise Pratt WA | No | |
| Tony Sheldon NSW | No | |
| Marielle Smith SA | No | |
| Glenn Sterle WA | No | |
| Anne Urquhart Tasmania | No | |
| Jess Walsh Victoria | No | |
| Murray Watt Queensland | No | |
| Linda White Victoria | No | |
| Tim Ayres NSW | Absent | |
| Nita Green Queensland | Absent | |
| Karen Grogan SA | Absent | |
| Deborah O'Neill NSW | Absent | |
| Jana Stewart Victoria | Absent | |
| Penny Wong SA | Absent | |
| Jacinta Nampijinpa Price NT Country Liberal Party | Absent | |
| Andrew McLachlan SA Deputy President | No | |
| David Pocock ACT Independent | Yes | |
| Jacqui Lambie Network (100% turnout) | 0 Yes – 2 No | |
| Jacqui Lambie Tasmania | No | |
| Tammy Tyrrell Tasmania | No | |
| Liberal National Party (100% turnout) | 0 Yes – 2 No | |
| Matthew Canavan Queensland | No | |
| James McGrath Queensland | No | |
| Liberal Party (21% turnout) | 0 Yes – 5 No | |
| Alex Antic SA | No | |
| Richard Colbeck Tasmania | No | |
| Marise Payne NSW | No | |
| Paul Scarr Queensland | No | |
| Dean Smith WA | No | |
| Wendy Askew Tasmania | Absent | |
| Simon Birmingham SA | Absent | |
| Andrew Bragg NSW | Absent | |
| Slade Brockman WA | Absent | |
| Michaelia Cash WA | Absent | |
| Claire Chandler Tasmania | Absent | |
| Jonathon Duniam Tasmania | Absent | |
| David Fawcett SA | Absent | |
| Sarah Henderson Victoria | Absent | |
| Hollie Hughes NSW | Absent | |
| Jane Hume Victoria | Absent | |
| Kerrynne Liddle SA | Absent | |
| Jim Molan NSW | Absent | |
| Matt O'Sullivan WA | Absent | |
| James Paterson Victoria | Absent | |
| Gerard Rennick Queensland | Absent | |
| Linda Reynolds WA | Absent | |
| Anne Ruston SA | Absent | |
| David Van Victoria | Absent | |
| National Party (25% turnout) | 0 Yes – 1 No | |
| Perin Davey NSW | No | |
| Ross Cadell NSW | Absent | |
| Susan McDonald Queensland | Absent | |
| Bridget McKenzie Victoria | Absent | |
| Pauline Hanson's One Nation Party (50% turnout) | 0 Yes – 1 No | |
| Malcolm Roberts Queensland | No | |
| Pauline Hanson Queensland | Absent | |
| Sue Lines WA President | No | |
| Ralph Babet Victoria United Australia Party | Absent | |
| Totals (59% turnout) | 13 Yes – 32 No |
Turnout is the percentage of members eligible to vote that did vote.