Rural and Regional Adjustment (Development Assistance) Amendment Bill 2016
Plain English Summary
Overview
This bill proposed turning the Queensland Rural Adjustment Authority into a new Rural and Industries Development Bank with the power to borrow money, lend commercially, and restructure debts for farmers and rural businesses. Introduced as a private member's bill by Mr R Katter MP, it was later discharged and did not become law.
Who it affects
Primary producers, graziers, and small businesses in rural and regional Queensland who struggle to access finance from commercial banks would have been the main beneficiaries.
Key changes
- Rename the Queensland Rural Adjustment Authority to the Rural and Industries Development Bank
- Give the authority the power to borrow, raise, lend, and invest money (including through State or Commonwealth-guaranteed securities)
- Allow the new bank to directly give financial assistance rather than only administering existing schemes
- Enable debt restructuring for primary producers and small businesses
- Bill was discharged and did not become law
Bill Story
The journey of this bill through Parliament, including debate and recorded votes.
▸Introduced26 May 2016View Hansard
Vote on a motion
Procedural motion moved by the Leader of the House to transfer consideration of the Rural and Regional (Development Assistance) Amendment Bill from the Agriculture and Environment Committee to the Finance and Administration Committee.
The motion was agreed to.
A formal vote on whether to accept a proposal — this could be the bill itself, an amendment, or another motion.
▸Show individual votesHide individual votes
Ayes (43)
Noes (42)
▸Committee26 May 2016View Hansard
Referred to Agriculture and Environment Committee
The Finance and Administration Committee examined this Private Member's Bill concurrently with the government's Farm Business Debt Mediation Bill 2016. The committee recommended that the Rural and Regional Adjustment (Development Assistance) Amendment Bill 2016 not be passed, instead favouring the government's alternative bill which introduced a farm business debt mediation scheme. The committee made 22 recommendations in total, most relating to improvements to the government bill.
Key findings (4)
- The committee considered this Private Member's Bill alongside the government's Farm Business Debt Mediation Bill 2016, which addressed similar issues around farm debt
- The committee recommended the Private Member's Bill not be passed, preferring the government's alternative approach
- The government accepted or supported the majority of the committee's 22 recommendations for amendments to its own bill
- Key issues examined included rural debt levels, legal support for farmers, mediation processes, and protections for farmers dealing with mortgagees
Recommendations (1)
- The committee recommends that the Rural and Regional Adjustment (Development Assistance) Amendment Bill 2016 not be passed.
Committee report tabled
▸Second Reading
Introduced the private member's bill to address rural debt by setting up a mechanism modelled on the former QIDC to restructure farmers' debts, arguing that drought concessional loans have been inadequate and that rural towns across Western Queensland are in decline because the cattle industry is frozen by debt burden.
“If we can address that, it will go a long way to reinvigorating towns and providing employment and enabling agriculture... to do the job it can do for the economy.”— 2016-05-26View Hansard
Referenced Entities
Sectors Affected
Classified using AGIFT/ANZSIC Australian government standards