Chapter 1Overview
1.1The Senate Economics Legislation Committee (the committee) is responsible for examining the expenditure and outcomes of the Treasury Portfolio and the Industry, Science and Resources Portfolio (Industry Portfolio).
Documents referred
1.2The Portfolio Budget Statements (PBS) for the Treasury and Industry Portfolio were tabled in the Senate on 14 May 2024.
1.3On 14 May 2024 the Senate referred the following documents to the committee for examination and report in relation to the abovementioned portfolios:
Particulars of proposed expenditure in respect of the year ending on 30 June 2025;
Particulars of certain proposed expenditure in respect of the year ending on 30 June 2025;
Particulars of proposed additional expenditure in respect of the year ending on 30 June 2024 [Appropriation Bill (No. 5) 2023-2024]; and
Particulars of certain proposed additional expenditure in respect of the year ending on 30 June 2024 [Appropriation Bill (No. 6) 2023-2024].
Budget Estimates hearings
1.4To facilitate the examination of expenditure and outcomes, the Senate set 3, 4, 5 and 6 June 2024 as the dates for the committee to hold its 2024—25 Budget Estimates hearings, with the first and second day to examine the Treasury portfolio, the third day to examine the Reserve Bank of Australia (RBA) and Industry Portfolio and the fourth day to examine the Industry Portfolio.
1.5During the course of the hearings, the committee agreed to hold an additional hearing to allow adequate time for Senators to ask questions of the Department of the Treasury – Revenue Group, Australian Taxation Office, Tax Practitioners Board, the Australian Charities and Not-for-profits Commission.
1.6The committee agreed that the additional hearing was to be held on Tuesday, 25 June 2024.
1.7The committee also received a Procedural Order 9B letter, signed by Senators Bragg, McKim and Smith, requiring the committee to meet for one hour at a time to be agreed by the committee to consider further evidence from Commonwealth Scientific and Industrial Research Organisation (CSIRO).
1.8The committee agreed that additional hearing to examine the CSIRO was to be held on Monday, 1 July 2024.
1.9The agencies that appeared before the committee are included in Chapter 2. The following agencies were scheduled to appear before the committee on 4 June 2024, but were released without questioning:
Australian Reinsurance Pool Corporation (ARPC);
National Competition Council (NCC); and
Australian Office of Financial Management (AOFM).
1.10Evidence was provided at the hearings by the following Ministers:
Senator the Hon Katy Gallagher, representing the Treasurer; and
Senator the Hon Tim Ayres, representing the Minister for Industry and Science, and representing the Minister for Resources.
1.11Evidence was also provided by senior executive officers of the Treasury Portfolio, led by the Secretary, Dr Steven Kennedy PSM as well as senior executive officers of the Industry Portfolio, led by the Secretary, Ms Meghan Quinn PSM.
1.12At the invitation of the committee, Ms Michele Bullock, Governor of the RBA and Mr David Locke, Chief Ombudsman and Chief Executive Officer of the Australian Financial Complaints Authority (AFCA) provided evidence at the hearing on Tuesday, 4 June 2024 (AFCA’s appearance) and Wednesday, 5 June 2024 (RBA’s appearance).
1.13The committee thanks the Ministers and officers who provided evidence and support for the committee’s estimates hearings.
1.14A verbatim record of the committee’s hearings was made by Hansard and is accessible on the committee’s estimates webpage. References in this report are to the proof Committee Hansard.
1.15A list of the documents tabled during the committee’s hearings is available at Appendix 1. Tabled documents are published on the committee’s estimates webpage.
Public interest immunity claims
1.16On 13 May 2009, the Senate agreed to an order relating to public interest immunity (PII) claims. The order sets out the processes to be followed if a witness declines to answer a question. The full text of this order has previously been provided to departments and agencies and was incorporated in the Chair's opening statement at the commencement of each hearing.
1.17The committee notes that no PII claims were made by witnesses during its 2024–25 Budget Estimates hearings.
Questions on notice
1.18In accordance with Standing Order 26(9)(a), the committee has drawn the attention of the departments and agencies to the agreed deadline of 26 July 2024 for the receipt of answers to questions taken on notice (QoNs).
1.19The committee has drawn the attention of the departments and agencies to the agreed deadline of 9 August 2024 for the receipt of answers to QoNs for the additional hearings on Tuesday, 25 June 2024, and Monday, 1 July 2024.
1.20As the committee is required to report to the Senate before all answers to questions are due, this report has been prepared without reference to any QoN answers.
1.21Answers to QoNs and additional information provided to the committee are tabled in the Senate and uploaded to the committee's estimates webpage when they become available.
Report structure
1.22This report is structured as follows:
Chapter 1 – provides an overview of the committee’s hearings;
Chapter 2 – reports on the key issues considered by the committee during the hearings; and
Appendix 1 – lists the documents tabled and additional information provided during the hearings.
1.23This report does not seek to comprehensively analyse the evidence provided to the committee. Instead, the report is intended to inform the Senate of the key issues considered by the committee during the course of the hearings.