What does the amendment do?
Senator Hanson-Young explained that:
This amendment is in relation to a much-needed avenue of support for our arts and entertainment industry, which we know has been smashed throughout the COVID-19 period and the pandemic. Lockdowns, border closures and health restrictions have meant that live performances and other types of live events, in particular, just don't have certainty going forward.
The insurance industry has, of course, done what the insurance industry always does: it has put up higher premiums, which effectively squeeze anyone in the real world out of being able to access them. This amendment simply requests of the government that they establish an insurance guarantee for live performance and live events going forward.
(1) Page 12 (after line 14), at the end of the Bill, add:
Schedule 3 — Live Performance Federal Insurance Guarantee Fund
1 Live Performance Federal Insurance Guarantee Fund
(1) There is to be a Live Performance Federal Insurance Guarantee Fund.
(2) The Treasurer must, by legislative instrument, make rules to provide for and in relation to the establishment, governance and operation of the Fund, the purpose of which is to provide for a fund to underwrite an insurance scheme for the live performance sector to fill a market failure in the insurance industry as a result of the COVID 19 pandemic.
(3) Money for the Fund is to be from funds appropriated by the Parliament for the purposes of this Act.
(4) The Treasurer must make rules for the purposes of subsection (2) within 30 days after the commencement of this Act.