$15bn NRF bill clears Senate with crossbench support

More funds for a bloated bureaucracy, political favoritism and projects that lose money. Goverments are woeful investors

The Albanese government’s flagship $15 billion National Reconstruction Fund will be created after enabling legislation passed the Senate late on Tuesday evening following a debate in which 20 amendments were voted on.

With the support of the Greens secured before the bill passed through the House of Representatives, the government secured support from the Jacqui Lambie Network, as well as independent Senators Lidia Thorpe and Senator David Pocock earlier on Tuesday.

The successful crossbench amendments go to the size, term and composition of the National Reconstruction Fund (NRF) board, although most of the proposed amendments did not pass. All of the Opposition’s amendments were rejected.

The amended bill will now return to the House of Representatives, where the government holds a majority of the seats. It is expected to be officially legislated on Wednesday.

The bill establishes the NRF Corporation, which will administer the $15 billion industry fund. It will be directed by an independent board whose members will be appointed by Industry and Science minister Ed Husic and Finance minister Katy Gallagher.

In a statement, Mr Husic described the fund as “one of the largest peacetime investments in Australian manufacturing capability”.

“The most successful modern economies are built on strong, advanced manufacturing capability. The NRF will help deliver this for Australia,” he said.

“We genuinely wanted this bill to be a moment where Parliament came together to support the national interest. I am pleased the crossbench engaged constructively on this important bill that will help rebuild Australia’s sovereign capability.”

Mr Husic said the fund – one of Labor’s key election commitments – will “position Australia as a maker of high-value added products and creating good secure jobs in the process.”

“The NRF shows the Government is serious about investing our human capital to keep Australian smarts on shore. We want Australia to be a country that makes things, a nation that has faith in its know-how and ability to get the job done,” he said.

With the bill to be signed off by the House of Representatives, Mr Husic and Ms Gallagher will shortly develop an investment mandate that will guide the investments of the NRF Board. The mandate will include an agreed rate of return.

According to a government amendment to the bill in the Senate, the board must also have regard to six other considerations such as “the desirability of encouraging the commercialisation of Australian innovation and technology” and Australia’s greenhouse gas emissions reduction targets.

The government’s other Senate amendment also requires the NRF Corporation to produce a written policy on the “impact of investments of the Corporation on First Nations Australians”.

Investments through the NRF may be made through loans, credit, bond or other debt security purchase, guarantees, or the acquisition of equity interests. Grant funding will not be made through the NRF.

The government has committed to seven sub-funds within the NRF, the largest of which is an up to $3 billion sub-fund for renewables and low emissions technologies. The other priority areas are for medical science, transport, value-add in agriculture, forestry and fisheries, value-add in resources, defence capability, and enabling capabilities or ‘critical technologies’.

Just one of Jacqui Lambie Network Senator Tammy Tyrell’s three NRF amendment sheets passed. Senator Tyrell’s amendments increases the minimum and maximum NRF board membership by two – to six and eight respectively – and specifically highlights ‘the commercialisation of innovative research’ as an appropriate area of expertise for a board member.

The legislation also requires the ministers to ensure the board members “have an appropriate balance of experience or expertise, professional credibility and significant standing” within their fields.

Speaking to the amendment on Monday evening, Senator Tyrell said this would prevent the possibility that the board become dominated by members of a single profession, for example.

Senator Pocock had one of his three NRF amendment sheets pass. The amendments reduce the maximum term for NRF board members from five years to four years, with the option for an additional term of reappointment. This sheet also brings forward the date of the first review of the fund from five years after passage to before 31 December 2026.

Two second reading amendments also passed. These are not included in the NRF Corporation bill itself.

Greens Senator Peter Whish Wilson secured a call for the NRF to support circular economy projects and to incorporate circular economy principles in the fund’s investment mandate.

Senator Pocock’s , meanwhile, received a commitment from government to explore policy mechanisms for financing startups, as well as establishing a presence for the Corporation in the Australian Capital Territory.

None of Senator Thorpe ‘s amendment sheets or second reading amendment passed. A requirement that consent be obtained from First Nations Traditional Owners before projects situated on their land could receive NRF investment from was pursued as an amendment to the bill as well as a call for inclusion in the Investment Mandate through a second reading amendment.

https://www.innovationaus.com/15bn-nrf-bill-clears-senate-with-crossbench-support/

***************************************************

Another public trustee disgrace: Bloodsuckers

Stealing from pensioners is their speciality

A decision was made a year ago to try to protect Mark* from being financially exploited – but now, he pays a dollar to the state agency protecting him for every dollar he gets back.

Mark has a neurodevelopmental disorder and survives on an age pension. His sister Annie* has cared for him since their father died.

In recent years, Annie became increasingly worried about her brother's ability to manage and protect his own finances, which prompted her to seek help.

She applied to the State Administrative Tribunal for Mark's assets to be taken under state care. It was a decision she now regrets.

"It feels like they've taken complete control of my brother's life, and mine. I have never been so stressed," Annie said. "It feels like being incarcerated."

Left without money for food

Mark was put under an interim administration with the WA Public Trustee, and he was blocked from accessing his own bank accounts. He couldn't even afford to buy food, forcing Annie to pay out of her own pocket to help.

In a statement, the Public Trustee said it could not comment on individual cases, but acknowledged that miscommunication with banks has led to other similar events.

"The Public Trustee has been alerted to instances where the bank has frozen accounts because the bank did not understand the administration order and the Public Trustee will instruct the bank to unfreeze the account."

Annie said Mark was unable to access his bank account for almost three months.

Eventually, after an hour-long tribunal hearing over the phone, the Public Trustee was appointed Mark's official administrator.

A dollar for you, a dollar for them

Mark was only given access to his money through a $200 weekly allowance authorised by the Public Trustee.

In his first four months of administration, he received $3,500. Over that same period, the Public Trustee charged at least $3,664 in financial administration fees alone.

Totalling all the fees, Mark paid 40 per cent of his pension to the Public Trustee, including for "asset management" and establishing the administration.

It's illegal in every state and territory except the ACT to identify people like Mark who have their assets under state care. The potential penalty in WA for publishing their identity is one year's imprisonment or a fine of up to $10,000.

It means we can't show Mark and Annie's faces, despite them wanting to share their story.

"It's a secret, secretive organisation … it's an absolute disgrace the way you're treated," Annie said.

ABC's Background Briefing has revealed how the Public Trustee forces some clients out of their own homes, against their will, and charges tens of thousands of dollars.

https://www.abc.net.au/news/2023-03-29/wa-public-trustee-high-administration-fees/102092732

*******************************************************

Queensland is set to have 'the strongest hate crime laws in the country'

The public display of hate symbols, like Nazi flags, will be banned in Queensland under proposed laws set to be introduced by the state government today.

Premier Annastacia Palaszczuk said there was no room for hateful ideologies, after several recent anti-Semitic incidents in Brisbane.

"Our government promised to review and strengthen serious vilification and hate crime laws and this bill is delivering on that promise," she said.

"These reforms mean Queensland will have some of the strongest hate crime laws in the country."

What are the proposed laws?

A new "prohibited symbols" offence will be introduced in a bill in parliament today by Attorney-General Shannon Fentiman.

Under the new offence, public display, public distribution or publication of prohibited symbols in circumstances that might reasonably be expected to cause a member of the public to feel menaced, harassed or offended, are prohibited, unless the person has a reasonable excuse. The hammer and sickle?

This includes publishing images or symbols online on social media platforms like Twitter or Facebook, or publicly displaying hateful tattoos.

Criminals found guilty of violent crimes, including assault and grievous bodily harm, who are motivated by hateful ideologies, will face increased penalties, including longer jail terms.

"I think that sends a really serious message that racial vilification or vilification based on religion or sexuality, or gender identity will not be tolerated here in Queensland," Ms Fentiman told ABC Radio Brisbane.

It's important to note it won't be illegal to possess material displaying hate symbols, only to display it.

"We can't stop people from having this kind of really disturbing material. But if you display them and it causes people distress, then that will be illegal, and it will be a crime," Ms Fentiman said.

The new offence will give police officers and the courts expanded powers to prove a hate crime. Officers will be permitted to access the phone records of suspected offenders, provided they have a warrant.

Are there any exemptions?

There will be exemptions to the proposed laws, with hate symbols permitted for educational, historical, and religious purposes, as well as cultural settings.

"There will be very sensible exemptions built into the legislation," Ms Fentiman said.

"We know, for example, that the swastika, as opposed to the Nazi hooked cross, is a religious symbol for people practising Hinduism and Buddhism."

Chief executive of Multicultural Australia, Christine Castley, said the reforms were a step in the right direction.

"The laws will enhance the safety of every person and every community in Queensland, especially for those culturally and linguistically diverse communities who all too often face harassment as they go about their lives in public spaces and places of worship," Ms Castley said.

"We will continue to amplify the voices of affected communities and individuals, and work with the Queensland government and response agencies such as the Queensland police to improve awareness and reporting of hate crimes."

https://www.abc.net.au/news/2023-03-29/queensland-parliament-hate-symbols-crime/102158002

**************************************************

Big coal miners warn on prices, jobs as coal faces ‘carbon tax by stealth’

Solar panels from China trump Australian-produced coal as an energy source

Major coal companies are warning that Anthony Albanese’s deal with the Greens to pass Labor’s signature climate policy is a ­“carbon tax by stealth” that will drive up ­energy prices, destroy jobs and kill foreign investment.

Whitehaven, New Hope, Bowen Coking Coal and Peabody Australia condemned Labor’s 11th-hour safeguard mechanism shake-up amid concern the changes would damage prosperity and make it harder and more expensive to reduce ­emissions.

The companies – which collectively represent $15bn worth of fossil fuel projects and count billions of dollars in their investment pipeline – say the government’s proposed amendments will make Australia uncompetitive.

While Labor locked in a second parliamentary win in securing crossbench support to pass its $15bn National Reconstruction Fund, negotiations with the Greens broke down over its signature housing policy, with the left-wing party refusing to deal with the bill until the budget sitting ­period.

The $10bn Housing Australia Future Fund is facing parliamentary defeat, with the Greens and ACT independent senator David Pocock opposed to the scheme to underwrite 30,000 new affordable homes amid concern the ­investment will not cover projected housing shortfalls.

The coal industry’s intervention comes after gas producers warned the Prime Minister’s ­climate policy, which forces 215 big emitters to slash emissions by nearly 5 per cent each year out to 2030, could drive up costs for households and businesses if supply is restricted.

While the safeguard amendments have been welcomed the Business Council of Australia and Australian Industry Group, Whitehaven Coal chief executive Paul Flynn warned the Greens’ changes put Australia at a “significant” competitive disadvantage, and created risks for energy ­security for strategic partners ­including Japan.

“Nearly 70 per cent of Japan’s thermal coal imports come from Australia so it exposes them to a material new risk in terms of security of energy supply,” Mr Flynn said. “In the midst of a global shortage of ­energy, and considering ­alternative technologies aren’t ready to pick up the slack from the 80 per cent of primary energy derived from fossil fuels today, it’s mind-boggling the government has entertained these concessions.”

Prime Minster Anthony Albanese said the Liberal Coalition is a party addicted to ‘secrecy, coverups and denial’… after Labor was criticised for working with the Greens by the opposition. “Only a party addicted to secrecy, coverups, and denial would say that it’s a bad thing that this parliament More
Bowen Coking Coal chief executive Nick Jorss said Labor was entering “extremely dangerous and uncharted territory” with a “carbon tax by stealth” that would limit Australia’s high-quality, low-emissions coal exports.

With coal Australia’s largest export industry, Mr Jorss said: “Global coal demand is at the highest level in history and it’s ­fanciful to think that reducing our high-quality exports in the face of record demand will do anything other than drive up energy and steel prices, create a net increase global emissions and destroy ­Australian jobs, both in regions and in cities.”

New Hope Group chief executive Rob Bishop said the amendments were built on “a political objective on a base demonisation of fossil fuels” and that they would see Australia abandon its role as a reliable energy exporter for the region.

President of Peabody’s Australian operations, Jamie Frankcombe, said the company was concerned the legislation would “make the mining industry less competitive at a time when it’s integral to providing the minerals and energy required for the ­energy transition”.

“The very real danger in setting aspirational emission ­reduction targets and imposing rigid rules to achieve them is that it will reduce our cost competitiveness, lead to potential job ­losses and hurt regional communities.”

A spokesman for Glencore said the reforms needed to achieve emissions reductions without “destroying the jobs and investments that are critical to the national economy”.

Industry sources were concerned the government was “ring-fencing” sectors including manufacturing from their role in emissions reductions, and the “preferential treatment” would mean other groups had to “pick up the slack” after Labor carved out $1bn to support hard-to-abate sectors and critical industries during the transition.

Private equity fund EIG – the soon-to-be owner of Origin ­Energy’s gas business – said the deal between Labor and the Greens failed to recognise the role of gas as a bridge to renewables. “it’s a mistake to treat coal and natural gas the same,” EIG chief executive R. Blair Thomas said. “I think gas does have a critical role to play in energy transition in a way that coal does not.”

EIG, which along with Canada’s Brookfield has signed a binding $18.7bn deal to buy Origin Energy, said the Australian government must balance the need to reduce emissions while ensuring energy security.

“If we don’t get that balance right and we have the extreme volatility, like we saw in Europe last year, I think you’re going to get very significant consumer backlash,” Mr Thomas said.

Greens leader Adam Bandt on Tuesday said Climate Change and Energy Minister Chris Bowen now had special powers – under what he called a “pollution trigger” – to stop fossil fuel expansion that would lift pollution above legislated targets. He also said the party would push to install a climate trigger as part of an overhaul of environmental laws. This would require emissions to be considered before projects were approved.

Despite Mr Bandt claiming the deal would stop about half of 116 coal and gas projects in the pipeline, Mr Bowen said the safeguard mechanism would not damage investment or drive up prices. Mr Bowen said emissions targets under the laws already accounted for new entrants, and the legislation included a buffer for emissions from future projects.

He said new transparency ­requirements would see coal and gas projects brought in line with “international best practice” for emissions reductions.

“What we negotiated was a very clear cap on emissions, which is perfectly reasonable and sensible,” he told the ABC. “They will have to meet those requirements, as will every other facility, whether it’s gas, coal, any other new facility, an industrial emitter will need to meet international best practice when it comes to ­future emissions.”

After weeks of closed-door talks, Tasmanian Greens senator Nick McKim unleashed a torrent of criticism on green groups and claimed his own party’s negotiation position was “not as strong as it could have been”.

“We have been in negotiations with the corrupt, ecocidal government of a petro-state that was prepared to hold a gun to the head of future generations by threatening to blow up climate action ­unless they could continue to approve massive new coal and gas projects,” he said.

Former Greens leader Bob Brown, who torpedoed Kevin Rudd’s carbon pollution reduction scheme, backed the deal with Labor and attacked green groups for being “unhelpful”.

https://www.theaustralian.com.au/nation/whitehaven-new-hope-bowen-coking-coal-and-peabody-australia-warn-on-prices-jobs-as-coal-faces-carbon-tax-by-stealth/news-story/5cbedf56698e667c6341beab43c70607

************************************

Also see my other blogs. Main ones below:

http://dissectleft.blogspot.com (DISSECTING LEFTISM -- daily)

http://antigreen.blogspot.com (GREENIE WATCH)

http://pcwatch.blogspot.com (POLITICAL CORRECTNESS WATCH)

http://edwatch.blogspot.com (EDUCATION WATCH)

http://snorphty.blogspot.com/ (TONGUE-TIED)

http://jonjayray.com/blogall.html More blogs

***************************************