1.1
This report contains the Joint Standing Committee on Treaties’ review of the following treaty actions:
Renewal of the New Arrangements to Borrow;
Loan Agreement between Australia and the International Monetary Fund; and
Borrowing Agreement between the Government of Australia and the International Monetary Fund as Trustee of the Poverty Reduction and Growth Trust.
1.2
The Committee’s resolution of appointment empowers it to inquire into any treaty to which Australia has become a signatory, on the treaty being tabled in the Parliament.
1.3
The treaties, and matters arising from them, are evaluated to ensure that ratification is in the national interest, and that unintended or negative effects on Australia will not arise.
1.4
Prior to tabling, major treaty actions are subject to a National Interest Analysis (NIA), prepared by Government. This document considers arguments for and against the treaty, outlines the treaty obligations and any regulatory or financial implications, and reports the results of consultations undertaken with State and Territory Governments, Federal, State and Territory agencies, and with industry or non-government organisations.
1.5
A Regulatory Impact Statement (RIS) may accompany the NIA. The RIS provides an account of the regulatory impact of the treaty action where adoption of the treaty will involve a change in the regulatory environment for Australian business.
1.6
The Committee takes account of these documents in its examination of the treaty text, in addition to other evidence taken during the inquiry program.
1.7
None of the treaty actions examined in this report required a RIS.
1.8
Copies of the treaties considered in this report and the associated documentation may be accessed through the Committee’s website at:
https://www.aph.gov.au/Parliamentary_Business/Committees/Joint/Treaties/IMF-NAB/Treaty_being_considered;
https://www.aph.gov.au/Parliamentary_Business/Committees/Joint/Treaties/IMF-BBA/Treaty_being_considered; and
https://www.aph.gov.au/Parliamentary_Business/Committees/Joint/Treaties/IMF-PRGT/Treaty_being_considered.
1.9
This report also contains the Committee’s reviews on one minor treaty action:
2020 Amendment to the Rotterdam Convention on the Prior Informed Consent Procedure for Certain Hazardous Chemicals and Pesticides in International Trade – Addition of Annex VII for procedures and mechanisms on compliance.
Conduct of the Committee’s review
1.10
The treaty actions reviewed in this report were advertised on the Committee website from the date of referral. Submissions for the treaty actions were requested by 24 August 2020. No submissions were received for any of the inquiries under review.
1.11
The Committee held a public hearing via teleconference on 8 September 2020. The transcript of evidence from the public hearing may be obtained from the Committee Secretariat or accessed through the Committee’s website as listed above.
1.12
A list of witnesses who appeared at the public hearing is at Appendix A.