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senate vote 2023-03-28#17
Edited by
mackay staff
on
2023-04-07 09:44:55
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Title
Bills — National Reconstruction Fund Corporation Bill 2023; in Committee- National Reconstruction Fund Corporation Bill 2023 - in Committee - Investments
Description
<p class="speaker">Andrew McLachlan</p><p>I now intend to put the question for the remaining amendments circulated by Pauline Hanson's One Nation.</p><p> <i>Pauline Hanson's One Nation's </i> <i>circulated amendments—</i></p><p class="italic">SHEET 1987 REVISED 2</p><p class="italic">(1) Subclause 63(3), page 39 (line 5), omit "An investment", substitute "Subject to subsection (3A), an investment".</p><p class="italic">(2) Clause 63, page 39 (after line 9), after subclause (3), insert:</p><p class="italic">(3A) However, paragraph (3)(a) and (b) do not prohibit an investment of a Corporation body which directly finances:</p><p class="italic">(a) the construction of pipeline infrastructure for the transportation of natural gas from the point of extraction to storage facilities in Australia; and</p><p class="italic">(b) the extraction of natural gas that supports Australian industry and the Australian domestic gas market.</p><p class="italic">SHEET 1919</p><p class="italic">(1) Clause 5, page 5 (after line 29), after paragraph (l) of the definition of <i>constitutionally-supported activities</i>, insert:</p><p class="italic">; (m) activities with respect to copyrights, patents of inventions and designs, and trade marks (within the meaning of paragraph 51(xviii) of the Constitution).</p><p class="italic">(2) Clause 6, page 10 (lines 26 to 30), omit the clause, substitute:</p><p class="italic">6 Priority areas of the Australian economy</p><p class="italic">(1) The commercialisation, lawful propriety protection and development of Australian developed intellectual property by an Australian individual or entity is a <i>priority area of the Australian economy</i> for the purposes of this Act.</p><p class="italic">(2) In addition, the Ministers may, by legislative instrument, declare that each area of the Australian economy specified in the declaration is a <i>priority area of the Australian economy</i> for the purposes of this Act.</p><p class="italic">(3) Clause 71, page 44 (after line 18), at the end of the clause, add:</p><p class="italic">(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).</p><p>The question before the chair is that the amendments on sheet 1897 revised 2 and sheet 1919 be agreed to.</p><p></p><p></p> -
- The majority voted against Pauline Hanson's One Nation [amendment](https://www.openaustralia.org.au/senate/?gid=2023-03-28.342.1), 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).*
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