Budget Estimates - Report to the Senate

Budget Estimates - Report to the Senate

Introduction

1.1        On 9 May 2006 the Senate referred to the committee for examination and report the following documents in relation to the Treasury and Industry, Tourism and Resources portfolios:

General comments

1.2        The committee received evidence from Senator the Hon Nick Minchin representing the Treasurer and the Minister for Revenue, Assistant Treasurer, and the Minister for Industry, Tourism and Resources; Senator the Hon Helen Coonan, representing the Treasurer and the Minister for Revenue and Assistant Treasurer; Senator the Hon Richard Colbeck, representing the Minister for Industry, Tourism and Resources; and officers from the Treasury and Industry, Tourism and Resources portfolios. The committee thanks the ministers and officers who attended the hearings for their assistance.

1.3        The committee conducted four days of hearings, from 29 May to 1 June 2006, and examined the Industry, Tourism and Resources portfolio and the Treasury portfolio. In total the committee met for 39 hours 46 minutes, excluding breaks.

Questions on notice

1.4        The committee draws the attention of all departments and agencies to the deadline of Friday, 28 July 2006 for the receipt of answers to questions taken on notice from this round. As the committee is required to report before responses to questions are due, this report has been prepared without reference to any of these responses. The secretariat has prepared indexes for questions on notice during and after the hearings and these are available on the following website http://www.aph.gov.au/Senate/committee/economics_ctte/estimates/bud_0607/index.htm.

1.5        The committee expressed its concern about the late submission of answers to questions placed on notice from the previous round of estimates.

1.6        The due date for submitting responses to questions arising from the consideration of additional estimates in February 2006 was Friday, 31 March 2006.[1] Yet the committee received answers from the Treasury, Financial Reporting Council, Australian Securities and Investments Commission, Australian Prudential Regulation Authority, Australian Competition and Consumer Commission, Corporations and Markets Advisory Committee, Productivity Commission, Royal Australian Mint, and the Australian Bureau of Statistics to certain questions as late as 10:09pm on 31 May 2006. This resulted in many of the answers being received after the agency appeared at this round of estimates.

1.7        A total of 60 answers, which is over 63% of questions taken on notice at additional estimates, were provided after committee members raised their concern about not having received responses. A further answer was provided in relation to a question on notice from the Australian Securities and Investments Commission on Thursday, 1 June 2006, one day after this agency appeared.

1.8        The committee notes that a similar incident occurred in relation to answers provided by the Australian Competition and Consumer Commission during the consideration of the budget estimates 2005-06.[2] The provision of answers to questions on notice following an agency's appearance, or only a day before an agency's appearance is not acceptable as it does not give members adequate time to consider those answers and/or pursue follow-up questions.

1.9        Furthermore, many of the agencies who submitted answers during the hearings are independent statutory authorities, and therefore the committee questions why answers to questions from these bodies are forwarded to Treasury for clearance before being provided to the committee.

1.10      The committee also notes that three answers are still outstanding from Additional Estimates 2005–06.

Record of proceedings

1.11      This report does not attempt to analyse the evidence presented over the four days of hearings. However, it does include a brief list of the issues that were traversed by the committee for both portfolios.

1.12      Copies of the Hansard transcripts are available through the internet at http://www.aph.gov.au/hansard/senate/commttee/s-econ.htm. Copies are also tabled with this report for the information of the Senate.

Matters raised - Industry, Tourism and Resources portfolio

1.13      The committee questioned the department, IP Australia, Tourism Australia and Geoscience Australia on Monday, 29 May 2006.

1.14      Matters examined included the following:

Department of Industry, Tourism and Resources[3]

Industry
Resources

IP Australia

Tourism Australia

Geoscience Australia

Matters raised - Treasury portfolio

1.15      On 30 May 2006, the committee questioned:

1.16      On 31 May 2006, the committee examined:

1.17      On 1 June 2006, the committee heard from:

1.18      Matters examined included the following:

Treasury[4]

Outcome 3: Effective taxation and retirement income arrangements

Australian Taxation Office

Takeovers Panel[5]

National Competition Council (NCC)

Australian Office of Financial Management (AOFM)

Treasury

Outcome 2: Effective government spending arrangements
Outcome 4: Well functioning markets; and
Financial Reporting Council

Australian Securities and Investments Commission (ASIC)

Australian Prudential Regulation Authority (APRA)

Productivity Commission (PC)

Corporations and Markets Advisory Committee (CAMAC)[6]

Australian Accounting Standards Board (AASB)

Australian Competition and Consumer Commission (ACCC)

Treasury

Outcome 1: Sound macroeconomic environment

 

Senator George Brandis
Chair

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