Footnotes

Chapter 1 - Introduction

[1]        Journals of the Senate, 2013, no. 11 (12 December 2013), pp. 361–62.

[2]        The private member's bill was introduced by the Hon Bob Katter MP on 17 June 2013 and shares the same short title as this bill. The private senator's bill was introduced by Senator Xenophon on 27 June 2013 and has the short title: Reserve Bank Amendment (Australian Reconstruction and Development Board) Bill 2013 [No. 2]. Neither bill was referred to a committee for inquiry.

[3]        Senate Standing Committee for the Scrutiny of Bills, Alert Digest, no. 9 of 2013, p. 33.

[4]        Human Rights (Parliamentary Scrutiny) Act 2011, s. 7(a).

[5]        Parliamentary Joint Committee on Human Rights, Examination of legislation in accordance with the Human Rights (Parliamentary Scrutiny) Act 2011: Bills introduced 12 November – 5 December 2013; Legislative Instruments received 8 June – 22 November 2013, First Report of 44th Parliament, December 2013, pp. 49–50.

[6]        Schedule 1, item 19, proposed new section 25NB.

Chapter 2

[1]        Explanatory Memorandum p. [1].

[2]        Reserve Bank of Australia, www.rba.gov.au (accessed 18 December 2013); Annual Report 2013, October 2013, pp. 3–4.

[3]        Reserve Bank Act 1959, s. 26.

[4]        Reserve Bank Act 1959, s. 8.

[5]        Reserve Bank Act 1959, ss. 8A(1)–(3).

[6]        Reserve Bank Act 1959, s. 10(2).

[7]        Reserve Bank Act 1959, s. 10B(3)(b) and (c).

[8]        Reserve Bank Act 1959, ss. 10(2) and 10B(3)(a).

[9]        Senator Xenophon, Senate Hansard, 5 December 2013, p. 953.

[10]      Department of the Parliamentary Library, 'Commonwealth Banks Amendment Bill 1978', Short Digest of Bill, no. 78/28 (10 April 1978), http://parlinfo.aph.gov.au/parlInfo/download/
legislation/billsdgs/3161177/upload_binary/3161177.pdf (accessed 2 July 2014), p. 1; Commonwealth Banks Act 1959, C1959A00005 (23 April 1959), ss. 72, 73; C2004C02847 (27 October 1993), ss. 72, 73.

[11]      Commonwealth Banks Act 1959, C2004C02847 (27 October 1993), s. 72.

[12]      Commonwealth Banks Act 1959, C2004C02847 (27 October 1993), s. 73.

[13]      Commonwealth Banks Restructuring Act 1990 and Commonwealth Bank of Australia, 'Privatisation (1991) and subsequent developments', www.commbank.com.au/about-us/our-company/history/privatisation.html (accessed 7 July 2014).

[14]      Department of the Parliamentary Library, 'Commonwealth Bank Sale Bill 1995', Bills Digest, 1995–96, no. 49,  http://parlinfo.aph.gov.au/parlInfo/download/legislation/billsdgs/F5K20/
upload_binary/F5K20.pdf, p. 3 (accessed 7 July 2014).

[15]      Commonwealth Bank of Australia, Annual Report 1997, www.commbank.com.au/about-us/shareholders/pdfs/annual-reports/1997_Annual_report.pdf (accessed 7 July 2014), pp. 13, 23.

[16]      Reserve Bank of Australia, Submission 93, p. 4.

[17]      Treasury, Submission 133, p. 10.

[18]      Senator Xenophon, Senate Hansard, 5 December 2013, p. 953.

[19]      Senator Xenophon, Senate Hansard, 5 December 2013, p. 953.

[20]      Explanatory Memorandum, p. 1.

[21]      Explanatory Memorandum, pp. [1–2].

[22]      Dr Mark McGovern, Submission 129, p. 4 and See schedule 1, item 14, proposed paragraph 10BB(2)(c).The three tasks are outlined in schedule 1, item 14, proposed subsection 10BB(2).

[23]      Dr Mark McGovern, Submission 129, p. 4 and See schedule 1, item 14, proposed paragraph 10BB(2)(c).The three tasks are outlined in schedule 1, item 14, proposed subsection 10BB(2).

[24]      Examples of circumstances specified include: the design of the financial arrangements, market failure and natural disasters. See schedule 1, item 14, proposed paragraph 10BB(2)(c).The three tasks are outlined in schedule 1, item 14, proposed subsection 10BB(2).

[25]      Schedule 1, item 14, proposed paragraph 10BB(4)(a). The inclusion of the words 'and industries' distinguishes this requirement from the duties imposed on the Reserve Bank Board and the Payments System Board which only refer to the people of Australia: see paragraph 1.14–1.15.

[26]      Schedule 1, item 14, proposed paragraph 10BB(4)(b); Explanatory Memorandum, p. [4].

[27]      Schedule 1, item 14, proposed subsection 10BB(3), and item 20.

[28]      Reserve Bank Act 1959, s. 29.

[29]      Reserve Bank of Australia, Annual Report 2013, p. 71.

[30]      Australian Government, Mid-Year Economic and Fiscal Outlook 2013–14, December 2013, p. 37.

[31]      Schedule 1, Item 15.

[32]      The bill requires that the seven other members must include: an economist; an accountant; a banker; a representative of the states and territories; and a farmer. Schedule 1, item 19, proposed section 25NA.

[33]      Explanatory Memorandum, p. [5].

Chapter 3 - Problems the bill seeks to address

[1]        Rainfall for the 26-month period ending May 2014 was below-average across most of eastern Australia and the west coast of Western Australia. Queensland in particular was affected; in March 2014, 79 per cent of Queensland was declared to be in drought, the largest area of the state ever recorded. Farms and regional communities in Queensland have also been affected by various tropical cyclones and floods in recent years. See Bureau of Meteorology, www.bom.gov.au/climate/drought/archive/20140604.3.deciles.gif (accessed 30 June 2014); and the Hon John McVeigh MP (Queensland Minister for Agriculture, Fisheries and Forestry), 'The largest area of Queensland ever drought declared', Media Release, 7 March 2014, http://statements.qld.gov.au/Statement/2014/3/7/the-largest-area-of-queensland-ever-drought-declared (accessed 30 June 2014).

[2]        Mr Ben Rees, Submission 2, p. [12].

[3]        Submission 128, p. 11.

[4]        Proof Committee Hansard, 18 March 2015, p. 1.

[5]        Mr John Whitehead, Submission 34, p. 1.

[6]        Mr Xavier McKinnon, Submission 97, p. 1.

[7]        Mr Hugh Hamilton, Submission 23, p. 1.

[8]        Mr Clint Della Bosca, Submission 68, pp. 2–3. Other submissions also advised that banks were no longer lending as a result of changing risk assessments. See, for example, Submission 123.

[9]        Ms Erin Lawless, Submission 36, p. 1.

[10]      Mr Bart Brighenti, Submission 113, p. 2.

[11]      Mr Rowell Walton, Submission 128, p. 8.

[12]      Explanatory Memorandum, p. [1].

[13]      Mr Ben Rees, Submission 2, pp. 2 and 4.

[14]      Mr Ben Rees, Submission 2, p. 4.

[15]      Dr Mark McGovern, Submission 129, p. 1.

[16]      Dr Mark McGovern, Submission 129, p. 2.

[17]      Western Australian Farmers Federation, Submission 127, p. 2.

[18]      National Farmers' Federation, Submission 124, p. 7.

[19]      Submission 125, p. [1].

[20]      Submission 133, p. 5.

[21]      Treasury, Submission 133, p. 5.

[22]      Treasury, Submission 133, p. 3.

[23]      Treasury, Submission 133, p. 5.

[24]      Treasury, Submission 133, p. 5.

[25]      Proof Committee Hansard, 18 March 2015, p. 14.

[26]      Proof Committee Hansard, 18 March 2015, p. 14.

[27]      Reserve Bank of Australia, Submission 93, p. 2.

[28]      Submission 93, p. 3.

[29]      Submission 93, p. 3

[30]      Reserve Bank of Australia, Submission 93, pp. 2–3.

[31]      Submission 109, p. 6.

[32]      Australian Bankers' Association, Submission 109, p. 6.

[33]      Proof Committee Hansard, 18 March 2015, p. 22.

[34]      Proof Committee Hansard, 18 March 2015, p. 23.

[35]      Proof Committee Hansard, 18 March 2015, p. 24.

[36]      Proof Committee Hansard, 18 March 2015, p. 25.

[37]      Agricultural Competitiveness Green Paper, p. 35, https://agriculturalcompetitiveness.dpmc.gov.au/sites/default/files/green_paper.pdf (accessed 16 March 2015)

[38]      Agricultural Competitiveness Green Paper, p. 35, https://agriculturalcompetitiveness.dpmc.gov.au/sites/default/files/green_paper.pdf (accessed 16 March 2015).

[39]      Submission 55, p. 11.

[40]      Submission 55, p. 6.

[41]      The Australian Beef Association explained that ' Debt per Head is derived by dividing the total Queensland Cattle Producers’ debt by the number of cattle in Queensland. Between 2001 and 2011 Queensland cattle numbers increased from 11.3 million and 12.6 million'.

[42]      Proof Committee Hansard, 18 March 2015, p. 35.

[43]      Submission 129, p. 1.

[44]      Submission 128, p. 14

[45]      Submission 128, p. 14.

[46]      Submission 93, p. 3.

[47]      Mr Münchenberg, Proof Committee Hansard, 18 March 2015, p. 21.

[48]      Proof Committee Hansard, 18 March 2015, pp. 28 and 29.

[49]      Proof Committee Hansard, 18 March 2015, p. 16.

[50]      Proof Committee Hansard, 18 March 2015, p. 13.

[51]      Proof Committee Hansard, 18 March 2015, p. 18.

[52]      Proof Committee Hansard, 18 March 2015, p. 24.

[53]      Proof Committee Hansard, 18 March 2015, p. 5.

Chapter 4 - Key issues

[1]        Explanatory Memorandum, p. [1].

[2]        See Mr Ben Rees, Proof Committee Hansard, 18 March 2015, p. 39.

[3]        Mr Rowell Walton, Proof Committee Hansard, 18 March 2015, p. 3.

[4]        Proof Committee Hansard, 18 March 2015, p. 3.

[5]        Proof Committee Hansard, 18 March 2015, p. 5.

[6]        Proof Committee Hansard, 18 March 2015, p. 5.

[7]        Proof Committee Hansard, 18 March 2015, p. 2 and Submission 128, p. 14.

[8]        Proof Committee Hansard, 18 March 2015, p. 36.

[9]        Proof Committee Hansard, 18 March 2015, p. 37.

[10]      Submission 129, p. 1.

[11]      Proof Committee Hansard, 18 March 2015, p. 7.

[12]      Proof Committee Hansard, 18 March 2015, p. 5.

[13]      Proof Committee Hansard, 18 March 2015, p. 6.

[14]      Proof Committee Hansard, 18 March 2015, p. 6.

[15]      Queensland Murray-Darling Committee Inc, Submission 89, p. 1.

[16]      Submission 4, p. 1.

[17]      Submission 7, p. [2].

[18]      Submission 67, p. [2].

[19]      Submission 139, p. [6].

[20]      Submission 128, p. 13.

[21]      Submission 2, p. 21.

[22]      Mr Ben Rees, Submission 2, p. 21.

[23]      Submission 136, p. 1.

[24]      Mr Ben Rees, Submission 2, p. 6.

[25]      Dr Mark McGovern, Submission 129, cover page.

[26]      Proof Committee Hansard, 18 March 2015, p. 10.

[27]      Proof Committee Hansard, 18 March 2015, pp. 5–6.

[28]      Reserve Bank Act 1959, s. 10(2).

[29]      Proof Committee Hansard, 18 March 2015, p. 5. The QRAA was established under the Rural and Regional Adjustment Act 1994 (Qld) 'primarily to administer assistance schemes that foster the development of a more productive and sustainable rural and regional sector in Queensland'.

[30]      Mr Pete Mailler, Submission 139, p. [4].

[31]      Mr Pete Mailler, Submission 139, p. [6].

[32]      Government of South Australia, Submission 70, p. 2.

[33]      AgForce Queensland Industrial Union of Employers, Submission 24, p. 2.

[34]      Proof Committee Hansard, 18 March 2015, p. 11.

[35]      Mr Steven Münchenberg, Proof Committee Hansard, 18 March 2015, p. 21.

[36]      Submission 109, p. 2.

[37]      Submission 109, p. 2.

[38]      Submission 109, p. 6.

[39]      Submission 109, p. 6.

[40]      Submission 109, p. 6.

[41]      Submission 109, p. 6.

[42]      Proof Committee Hansard, 18 March 2015, p. 25.

[43]      Proof Committee Hansard, 18 March 2015, p. 27.

[44]      Proof Committee Hansard, 18 March 2015, p. 27.

[45]      Treasury, Submission 133, p. 2.

[46]      Treasury, Submission 133, p. 10.

[47]      Submission 133, p. 8.

[48]      Submission 133, p. 8.

[49]      Submission 133, p. 9.

[50]      Submission 133, p. 9.

[51]      Submission 93, p. 5.

[52]      Submission 93, p. 5.

[53]      Submission 93, p. 5.

[54]      Reserve Bank of Australia, Submission 93, p. 5.

[55]      Proof Committee Hansard, 18 March 2015, p. 32.

[56]      The Hon Ken Baston MLC, WA Minister for Agriculture and Food, Submission 8, p. 1.

[57]      Submission 127, p. 2.

[58]      National Farmers' Federation, Submission 124, p. 7.

[59]      National Farmers' Federation, Submission 124, p. 6.

[60]      Submission 125, p. [2].

[61]      Submission 126, p. 2.

[62]      Submission 126, p. 2.

[63]      Financial System Inquiry, Final Report, November 2014, pp. 14–15.

[64]      Submission 93, p. 3.

[65]      National Drought Policy, 1992, www.daff.gov.au/__data/assets/pdf_file/0006/924306/
national-drought.pdf (accessed 8 July 2014), p. 1.

[66]      National Drought Policy, 1992, (accessed 8 July 2014), p. 1.

[67]      Department of Agriculture, 'National Review of Drought Policy', www.daff.gov.au/
agriculture-food/drought/drought-policy/history/national_review_of_drought_policy (accessed 8 July 2014).

[68]      NSW Department of Primary Industries, 'A new approach to drought management', www.dpi.nsw.gov.au/agriculture/emergency/seasonal-conditions (accessed 30 June 2014).

[69]      Department of Agriculture, 'National Drought Program Reform', www.daff.gov.au/agriculture-food/drought/drought-policy/drought-program-reform (accessed 9 July 2014).

[70]      Intergovernmental Agreement on National Drought Program Reform, 3 May 2013, www.daff.gov.au/__data/assets/pdf_file/0010/2288440/iga.pdf (accessed 9 July 2014).

[71]      Department of Agriculture, 'Drought and Rural Assistance', www.daff.gov.au/agriculture-food/drought (accessed 30 June 2014).

[72]      Submissions to this inquiry closed on 10 February 2014.

[73]      See the Hon Tony Abbott MP (Prime Minister) and the Hon Barnaby Joyce MP (Minister for Agriculture), 'Supporting drought affected farmers', Media Release, 26 February 2014.

[74]      Treasury, Submission 133, p. 6.

[75]      Treasury, Submission 133, pp. 6–7.

[76]      Agricultural Competitiveness Green Paper, p. 36, https://agriculturalcompetitiveness.dpmc.gov.au/sites/default/files/green_paper.pdf  (accessed 16 March 2015).

[77]      Proof Committee Hansard, 18 March 2015, p. 13.

[78]      Proof Committee Hansard, 18 March 2015, p. 13.

[79]      Proof Committee Hansard, 18 March 2015, p. 15.

[80]      Proof Committee Hansard, 18 March 2015, p. 4.

[81]      Proof Committee Hansard, 18 March 2015, pp. 11 and 12.

[82]      Mr Richard Knights, Submission 49, pp. 1–2.

[83]      Submission 128, p. 12.

[84]      Proof Committee Hansard, 18 March 2015, p. 18.

[85]      Proof Committee Hansard, 18 March 2015, p. 19.

[86]      Proof Committee Hansard, 18 March 2015, p. 33.

[87]      Proof Committee Hansard, 18 March 2015, p. 33.

[88]      Proof Committee Hansard, 18 March 2015, p. 31.

[89]      Proof Committee Hansard, 18 March 2015, p. 38.

Chapter 5 - Committee view

[1]        Australian Government, 'Agricultural Competitiveness White Paper: Terms of Reference', https://agriculturalcompetitiveness.dpmc.gov.au/terms-of-reference (accessed 8 July 2014).

[2]        Australian Government, Agricultural Competitiveness Green Paper, 20 October 2014, https://agriculturalcompetitiveness.dpmc.gov.au/sites/default/files/green_paper.pdf (accessed 20 October 2014), p. 42.

[3]        Australian Government, Agricultural Competitiveness Green Paper, pp. vii–viii.

Dissenting Report by Senator Nick Xenophon - Rural debt: Crisis, what crisis?

[1]        Mr Ben Rees, Submission 2, p. 2.

[2]        Senator Xenophon, Senate Hansard, 5 December 2013, p. 952.

[3]        Explanatory Memorandum, p. 1.

[4]        Commonwealth Banks Act 1959, C2004C02847 (27 October 1993), ss. 72, 73.

[5]        Reserve Bank of Australia, Submission 93. p. 4.

[6]        Reserve Bank of Australia, Submission 93. p. 4.

[7]        Proof Committee Hansard, 18 March 2015, p. 3.

[8]        Dr Mark McGovern, Submission 129, p. 1.

[9]        Submission 133, p. 5.

[10]      Submission 93, p. 2.

[11]      Submission 109, p. 6.

[12]      Submission 128, p. 14.

[13]      Submission 128, pp. 4–5.

[14]      Explanatory Memorandum, p. 4.

[15]      Farm Online, Receivers defend foreclosure procedures, 30 March 2015, available at http://www.farmonline.com.au/news/agriculture/general/news/receivers-defend-foreclosure-procedure/2727742.aspx?storypage=0 (accessed 30 March 2015).

[16]      Farm Online, Receivers defend foreclosure procedures, 30 March 2015, available at http://www.farmonline.com.au/news/agriculture/general/news/receivers-defend-foreclosure-procedure/2727742.aspx?storypage=0 (accessed 30 March 2015).

[17]      Proof Committee Hansard, 18 March 2015, p. 6.

[18]      Proof Committee Hansard, 18 March 2015, p. 6.