28th Mar 2023, 8:21 PM – Senate National Reconstruction Fund Corporation Bill 2023 - in Committee - Investments

The majority voted against Pauline Hanson's One Nation amendment, which means it failed.

Amendment text

SHEET 1987 REVISED 2

(1) Subclause 63(3), page 39 (line 5), omit "An investment", substitute "Subject to subsection (3A), an investment".

(2) Clause 63, page 39 (after line 9), after subclause (3), insert:

(3A) However, paragraph (3)(a) and (b) do not prohibit an investment of a Corporation body which directly finances:

(a) the construction of pipeline infrastructure for the transportation of natural gas from the point of extraction to storage facilities in Australia; and

(b) the extraction of natural gas that supports Australian industry and the Australian domestic gas market.

SHEET 1919

(1) Clause 5, page 5 (after line 29), after paragraph (l) of the definition of constitutionally-supported activities, insert:

; (m) activities with respect to copyrights, patents of inventions and designs, and trade marks (within the meaning of paragraph 51(xviii) of the Constitution).

(2) Clause 6, page 10 (lines 26 to 30), omit the clause, substitute:

6 Priority areas of the Australian economy

(1) The commercialisation, lawful propriety protection and development of Australian developed intellectual property by an Australian individual or entity is a priority area of the Australian economy for the purposes of this Act.

(2) In addition, the Ministers may, by legislative instrument, declare that each area of the Australian economy specified in the declaration is a priority area of the Australian economy for the purposes of this Act.

(3) Clause 71, page 44 (after line 18), at the end of the clause, add:

(4) The Ministers must give the Board a direction requiring that a low-risk investment policy is to be applied to an investment of a Corporation body for purposes relating to, or activities supporting, the priority area of the Australian economy mentioned in subsection 6(1).