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The Liberal National Government will significantly enhance access to funds for small business across the country through the introduction of a $2 billion Australian Business Securitisation Fund and encourage the establishment of an Australian Business Growth Fund to provide longer term equity funding.
Small businesses find it difficult to obtain finance other than on a secured basis – typically, against real estate. Small businesses that have already obtained finance secured against real estate, but wish to continue to grow, also fin d it difficult to access additional funding.
Even when small businesses can access finance, funding costs are higher than they need to be.
To overcome this and ensure that small businesses are able to fulfill their potential and continue to underpin economic growth and employment, the Australian Business Securitisation Fund will invest up to $2 billion in the securitisation market, providing significant additional funding to smaller banks and non-bank lenders to on-lend to small businesses on more competitive terms.
The Australian Business Securitisation Fund will be administered by the Australian Office of Financial Management (AOFM), consistent with their prior involvement in the Residential Mortgage Backed Securities Market in 2008.
The Government is also in consultation with APRA and a number of financial institutions in regard to the establishment of an Australian Business Growth Fund that would provide longer term equity funding to small businesses. Many small businesses find it difficult to attract passive equity investment which enables them to grow without taking on additional debt or giving up control of their business.
The Australian Business Growth Fund is expected to follow similar international precedents. By way of example, since its establishment in 2011, the United Kingdom’s Business Growth Fund has invested some $2.7 billion in a range of sectors across the economy.
A similar fund has not emerged in Australia, in part, as a result of the unfavourable treatment of equity for regulatory capital purposes. APRA has indicated that it is willing to review these arrangements to assist in facilitating the establishment of the Australian Business Growth Fund. To fast track its establishment, the Government will host a meeting of key stakeholders in Canberra during the next sitting period.
With more than three million small businesses employing around seven million Australians, enhancing small business access to funding is part of the Coalition Government’s plan for a stronger economy.

Every state and territory will be better off under new laws passed by Parliament today that will deliver a fairer and more sustainable distribution of the Goods and Services Tax (GST).
Under our reforms to the GST, an additional $9 billion in extra untied funding will be delivered to the states and territories over 10 years and an additional $1 billion in perpetuity once fully implemented.
The former GST distribution system was not working as intended, with Western Australia recently receiving just 30 cents in the dollar, while other states and territories with far smaller populations received more.
This was not only unfair and unsustainable, but it threat ened the integrity of the GST system. That’s why we asked the Productivity Commission to review the GST distribution system.
The Treasury Laws Amendment (Making Sure Every State and Territory Gets Their Fair Share of GST) Bill 2018 that was passed by the Senate today will:

• Establish a more stable and predictable equalisation standard, based on the fiscal capacity of the stronger of New South Wales or Victoria;
• Introduce a GST relativity floor, initially set at 70 cents and ratcheting up to 75 cents in 2024-25;
• Permanently boost the GST pool with direct Commonwealth cash injections; and
• During the transition period between 2021-22 and 2026-27, states and territories will get the better of the old or the new system over the period, and the Productivity Commission will conduct an inquiry at the end of the transition period to assess whether the updated system is working efficiently, effectively and operating a s intended.

Payments will be verified annually by the Commonwealth Grants Commission over the transition period and any adjustments made accordingly. The Government’s additional contribution to the GST pool will not be offset or partially offset by a decrease in other grant funding to the States and Territories.
Delivering a fairer and more sustainable GST distribution system is part of our plan for a stronger economy, helping to deliver the essential services Australians rely on.

Following publication of a report by the Public Transport Users Association, the Greens are calling on Labor and Liberal to get serious about investing in public transport.
“We’ve seen mega freeways and toll roads prioritised over real congestion-busting solutions for decades,” said Sam Hibbins, Victorian Greens transport spokesperson.
“It’s time Labor and Liberal get serious about investing in public transport. While it’s great the Victorian government is finally building much-needed public transport projects like Melbourne Metro, the reality is that projects like this are only catching up with past demand.”
“The Greens have a real congestion-busting plan that includes extending Melbourne Metro, planning for Melbourne Metro 2 and providing 30 new high-capacity trams every year for the next 10 years. This will get Melbourne moving again and free up our roads for those that have to use them.”
“The solution is simple – we need our state and federal governments to be investing in transport solutions of the future, not the past,” said Senator Janet Rice, Australian Greens transport spokesperson.
“How will Melbourne cope once we get to 8 million people, as is currently projected, if Labor and Liberal keep throwing billions of dollars to build expensive and polluting toll roads?”
“A high-capacity train line carries the same amount of people as 10 lanes of traffic and doesn’t clog our street with cars or pollute the air we breathe. This is what we need, not more roads.”

A leaked study by University of Canberra academics for the Forest & Wood Products Australia (FWPA) shows two thirds of Australians, including those in rural and regional areas, want an end to native forest logging.
“It’s clear that a huge majority of Australians know that logging of native forests must end,” said Senator Janet Rice, Australian Greens spokesperson for forests.
“The Labor and Liberal parties are the only thing standing in the way of protecting our native forests.”
“An area the size of 5 MCGs is logged every day in Victoria alone, mainly for woodchips. This is just madness.”
“Logging jeopardises water security for cities like Melbourne and destroys the homes of threatened species like the critically endangered Leadbeater’s Possum, which is on the brink of extinction. Labor and Liberal alike are backing it in completely.”
“We can and must shift from native forest logging into sustainable plantations. Already 88% of Australia’s wood products come from plantations, so it’s time we leave unsustainable native forest logging in the past. This will give timber workers certainty and protect our precious native forests for future generations.

The first anniversary of the ‘Yes’ vote is a cause for celebration, but we must acknowledge the harm that the unnecessary postal survey had on LGBTIQ+ people and communities, say the Greens.
“I’m so delighted to be celebrating the anniversary of the ‘Yes’ vote, the day we knew that Australians voted for love and we would finally have marriage equality in this country,” said Senator Janet Rice, Australian Greens LGBTIQ+ spokesperson.
“But we must also acknowledge and remember the harm the postal survey caused LGBTIQ+ people, our families and our communities.”
“The historic ‘Yes’ vote and the achieving of marriage equality was the result of decades of tireless campaigning by brave community leaders and activists.”
“While Labor and Liberal spent years and years denying LGBTIQ+ people our rights, the Greens were working with LGBTIQ+ leaders and activists, fighting for recognition of our relationships and families.”
“The Greens have always stood by LGBTIQ+ people and we always will.”
“We know the fight for LGBTIQ+ rights is not over. We have a long way to go, with the current battle to remove discrimination against LGBTQ+ people in religious schools, simply because of who they are.”
“The Greens will not rest until we remove every discrimination against LGBTIQ+ people in our laws and in our society.”
Senator Rice and Labor Senator Louise Pratt are co-sponsoring a motion to be introduced to the Senate on Thursday 15 November to celebrate and mark the anniversary of the ‘Yes’ announcement. The motion also calls on parliamentarians to continue to work to end discrimination against LGBTIQ+ Australians and their families in all areas of their lives.
“We should use this anniversary as a reminder of what we can achieve when we work together. Discrimination against LGBTIQ+ people remains in our laws, and I call on all our elected leaders to again work together to end this discrimination.”
 
—
Notice of Motion
 
I give notice that on the next day of sitting I shall move that the Senate –
 

1. Notes that:

a. November 15 marks the one year anniversary of the announcement of the resounding yes vote in the marriage laws postal survey;
b. This resounding yes vote is something to be celebrated, as is the passing of marriage equality in Australia;
c. The postal survey in itself is not to be celebrated, as it was opposed by the majority of LGBTIQ+ Australians and caused a lot of harm to LGBTIQ+ Australians and their families;
d. The historic yes vote and the passing of marriage equality was the result of decades of tireless campaigning by brave community leaders and activists; and
e. Marriage equality is not the end of the fight for equality for LGBTIQ+ Australians and their families, many of whom still face discrimination in their daily lives.
2. Calls on all Parliamentarians to:
a. Continue to work to end discrimination against LGBTIQ+ Australians and their families in all areas of their lives.

Leaked documents from Equinor’s own oil spill data that show oil could reach Sydney beaches are a wake-up call to all Australians, the Greens say.
“This internal report shows oil and sludge would devastate Australia’s southern coastline, all the way up to Sydney’s beaches. It must be stopped,” Greens environment spokesperson Senator Sarah Hanson-Young said.
“This alarming new data must put to bed any consideration for allowing oil and gas drilling in the Great Australian Bight. It has serious dangers for almost all Australian states.
“Equinor has identified the risk but refuses to do the right thing and back out of the Bight. BP and Chevron got the message, it’s time for Equinor to pack up their bags and go home. It’s time the community prevailed over corporate profits.
“Our entire southern coastline, right up to Sydney beaches, is at risk of an oil spill in the Bight. South Australians have been passionately fighting this; the new report is a clarion call for other states to join the fight.
“We must not risk a devastating oil spill that could wipe species out, as well as jobs in tourism and fisheries around the country. On top of all of this, we know that the profits – and the oil – would be sent off-shore while we carry the risk.
“Not only is the risk of an oil spill too great, but drilling in the Bight locks us into burning fossil fuels at a time when we need to phase out dirty energy to help arrest climate change.
“This will be a key issue leading up to the next federal election. The Greens stand with the passionate community who want drilling in the Bight banned.
“South Australians overwhelmingly support World Heritage protection for the Great Australian Bight. We should be proud of this beautiful marine wilderness, not turning it into an oil field.”

The Greens have ensured that the LGBTQ+ schools inquiry will report in two weeks and will include teachers and school staff.
The Greens successfully amended the Terms of Reference for the inquiry so that it will report on the legislative changes needed to remove discrimination against both students and teachers this year.
“Removing discrimination against both students and staff is urgent. It must happen this year,” said Senator Janet Rice, Australian Greens LGBTIQ+ spokesperson.
“Labor’s original dates would have informed legislation regarding only students this year, leaving teachers hanging out to dry until next year.”
“The Greens have a bill already being debated in the senate that would remove discrimination against LGBTQ+ students and staff. We could have continued debate and voted on it this week, but debate was blocked by both Labor and Liberal. The next best option is an inquiry, but one that reports quickly.”
“The Greens amendment means the inquiry will be quick and we can get on with the job of removing discrimination in schools before parliament and schools rise for the summer break.”
“74% of Australians want discrimination against LGBTQ+ students and staff removed. No ifs, no buts. Labor and Liberal need to stop dragging their feet and join the Greens to ensure schools are safe places for all LGBTQ+ people.”

The people of north-west Victoria are a step closer to having real-time weather information at their disposal following today’s announcement of the site for a brand new weather radar in the Wimmera.
The site for the new installation, near the town of Rainbow, 105km north of Horsham, was chosen after an extensive and detailed process to identify a location that would best serve both the Wimmera region and the wider Australian weather radar network.
The Bureau of Meteorology’s Victorian State Manager, Dr Andrew Tupper, said getting the project to this stage has been the result of great cooperation between the local community and the Victorian State government.
“The Australian Government, through the Bureau of Meteorology and the Victorian Government, represented by the Department of Economic Development, Jobs, Transport and Resources, have been working closely with the Wimmera Development Association on this important infrastructure project for the region,” Dr Tupper said.
“As the radar is such a significant project, it has been vital for all parties to get the details right to ensure that it provides the maximum benefit, particularly for the region’s primary producers who depend so much on accurate rainfall forecasts,” he said.
“The data available through the radar will help growers to make informed choices about harvesting, tillage and the use of chemicals and fertilisers.”
Other benefits of the radar include enhanced short-term rainfall forecasts and the provision of additional information to Bureau of Meteorology experts during severe weather events.
Dual polarised doppler radars provide one of the best tools for observing real-time rainfall, storms and even debris in the atmosphere, across large areas.
Radars use electromagnetic waves similar to wireless computer networks and mobile phones to detect rain drops, hail or snow; Doppler radars can also measure wind by detecting the speed of movement of the water that they encounter.
The state-of-the-art dual polarised doppler radar is now under construction in Germany and is due to begin operating in mid-2020, if not sooner.