Chapter 1

[1]        The Bills Digest provides further details and an historic overview of banking in the rural sector.  P Pyburne, Regional Investment Corporation Bill 2017, Bills Digest, 13, 2017–18, Parliamentary Library, Canberra, 2017.

[2]        Reserve Bank of Australia, (Submission 93) to the Senate Economics Legislation Committee, Inquiry into the Reserve Bank Amendment (Australian Reconstruction and Development Board) Bill 2013, February 2014, p. 8.

[3]        Committee of Inquiry (J Campbell, Chairman), Australian Financial System: Final Report of the Committee of Inquiry, 1981, p. 33.

[4]        House Standing Committee on Finance and Public Administration, A pocketful of change: Inquiry into banking and deregulation, November 1991, p. 267, https://www.aph.gov.au/Parliamentary_Business/Committees/House_of_Representatives_Committees?url=reports/1991/1991_pp290report.htm (accessed 18 July 2017).

[5]        Senate Economics References Committee, Access of Small Business to Finance, June 2010, pp 60 and 68 and Senate Economics References Committee, Competition within the Australian banking sector, 6 May 2011, p. 191.

[6]        Senate Economics References Committee, Competition within the Australian banking sector, 6 May 2011, p. 191.

[7]        The Bills Digest provides an overview of some of these inquiries and the 2013 private senators' bill. P Pyburne, Regional Investment Corporation Bill 2017, Bills Digest, 13, 2017–18, Parliamentary Library, Canberra, 2017.

[8]        Anna Vidot, 'Less than half the Commonwealth's concessional loans funds have found way to farmers, Agriculture Department figures show', ABC Rural, 22 June 2015, http://www.abc.net.au/news/rural/2015-06-01/farmers-say-concessional-loans-schemes-missing-the-mark/6512464 (accessed 25 July 2017).

[9]        Australian Government, Agricultural Competitiveness Green Paper, October 2014, p. 36.

[10]      Evidence to Senate Economics Legislation Committee, Inquiry into Reserve Bank Amendment (Australian Reconstruction and Development Board) Bill 2013, March 2015, p. 43.

[11]      Gabrielle Chan, 'Barnaby Joyce promises $4.5bn national body to streamline concessional loans', The Guardian, 22 June 2016, https://www.theguardian.com/australia-news/2016/jun/22/barnaby-joyce-promises-45bn-national-body-to-streamline-concessional-loans (accessed 18 July 2017).

[12]      Senate Economics Legislation Committee, Inquiry into Reserve Bank Amendment (Australian Reconstruction and Development Board) Bill 2013, March 2015, p. 43.

[13]      Mr Nico Padovan, Department of Agriculture cited in Senate Economics Legislation Committee, Inquiry into Reserve Bank Amendment (Australian Reconstruction and Development Board) Bill 2013, March 2015, p. 44.

[14]      The Hon Barnaby Joyce MP, Minister for Agriculture and Water Resources, 'Coalition to Establish $4.5 billion Regional Investment Corporation', Press Release, 22 June 2016, http://parlinfo.aph.gov.au/parlInfo/download/media/pressrel/4645846/upload_binary/4645846.pdf;fileType=application%2Fpdf#search=%22media/pressrel/4645846%22 (accessed 17 July 2017).

[15]      Kath Sullivan, 'Barnaby Joyce announces new rural loans body', The Weekly Times, 22 June 2016, http://www.weeklytimesnow.com.au/news/politics/barnaby-joyce-announces-new-rural-loans-body/news-story/5b8951e83b0fc9b51fb83c8d3fa327d0 (accessed 18 July 2017).

[16]      The Hon Barnaby Joyce MP, Minister for Agriculture and Water Resources, Second Reading Speech, 14 June 2017, House of Representatives Hansard, p. 10.

[17]      Department of Agriculture and Water Resources, Submission 2, p. 2.

[18]      Colin Bettles, 'Barnaby's bank: $4b Regional Investment Corporation housed in Orange', Central Western Daily, 16 May 2017, http://www.centralwesterndaily.com.au/story/4664758/
barnabys-bank-4b-regional-investment-corporation-housed-in-orange-video/?src=rss (accessed 22 June 2017).

[19]      Regional Investment Corporation Bill 2017, Explanatory Memorandum, p. 1.

[20]      Regional Investment Corporation Bill 2017, Explanatory Memorandum, p. 1.

[21]      Regional Investment Corporation Bill 2017, Explanatory Memorandum, p. 3.

[22]      Regional Investment Corporation Bill 2017, Explanatory Memorandum, pp 6–7.

[23]      Senate Standing Committee for the Scrutiny of Bills, Scrutiny Digest 7 of 2017, 21 June 2017, p. 36.

[24]      Senate Standing Committee for the Scrutiny of Bills, Scrutiny Digest 7 of 2017, 21 June 2017, p. 36.

[25]      The Hon Barnaby Joyce MP, Minister for Agriculture and Water Resources, Response to Senate Standing Committee for the Scrutiny of Bills, 14 July 2017, pp 2–3.

[26]      The Hon Barnaby Joyce MP, Minister for Agriculture and Water Resources, Response to Senate Standing Committee for the Scrutiny of Bills, 14 July 2017, p. 3.

[27]      Regional Investment Corporation Bill 2017, Explanatory Memorandum, p. 10.

[28]      Paragraph 11(2)(c).

[29]      Subclause 12(1).

[30]      Subclause 12(3).

[31]      Subclause 12(5).

[32]      Senate Standing Committee for the Scrutiny of Bills, Scrutiny Digest 7 of 2017, 21 June 2017, p. 38. The Australia Institute also raised similar concerns and argued that the functions of the RIC would be heavily controlled by the Operating Mandate of which key elements are yet to be determined by the ministers. The Australia Institute, Submission 3, p. 3.

[33]      The Hon Barnaby Joyce MP, Minister for Agriculture and Water Resources, Response to Senate Standing Committee for the Scrutiny of Bills, 14 July 2017, p. 3.

[34]      The Hon Barnaby Joyce MP, Minister for Agriculture and Water Resources, Response to Senate Standing Committee for the Scrutiny of Bills, 14 July 2017, p. 3.

[35]      The Hon Barnaby Joyce MP, Minister for Agriculture and Water Resources, Response to Senate Standing Committee for the Scrutiny of Bills, 14 July 2017, p. 4.

[36]      The Hon Barnaby Joyce MP, Minister for Agriculture and Water Resources, Response to Senate Standing Committee for the Scrutiny of Bills, 14 July 2017, p. 4.

[37]      The Hon Barnaby Joyce MP, Minister for Agriculture and Water Resources, Response to Senate Standing Committee for the Scrutiny of Bills, 14 July 2017, p. 4.

[38]      Senate Standing Committee for the Scrutiny of Bills, Scrutiny Digest 7 of 2017, 21 June 2017, p. 39.

[39]      Senate Standing Committee for the Scrutiny of Bills, Scrutiny Digest 7 of 2017, 21 June 2017, p. 39.

[40]      The Hon Barnaby Joyce MP, Minister for Agriculture and Water Resources, Response to Senate Standing Committee for the Scrutiny of Bills, 14 July 2017, p. 5.

[41]      The Hon Barnaby Joyce MP, Minister for Agriculture and Water Resources, Response to Senate Standing Committee for the Scrutiny of Bills, 14 July 2017, p. 5.

[42]      The Hon Barnaby Joyce MP, Minister for Agriculture and Water Resources, Response to Senate Standing Committee for the Scrutiny of Bills, 14 July 2017, p. 5.  

[43]      Senate Standing Committee for the Scrutiny of Bills, Scrutiny Digest 7 of 2017, 21 June 2017, p. 40. Similar concerns were raised by the National Farmers' Federation. It also suggested an amendment to section 53 to require that the review be undertaken by an independent panel of experts who consult with stakeholders. It further recommended that section 53 require that the review undertake an assessment of the effectiveness and efficiency of the operation of the RIC. National Farmers' Federation, Submission 5, p. 4.

[44]      Department of Agriculture and Water Resources, Submission 2, p. 5.

[45]      The Hon Barnaby Joyce MP, Minister for Agriculture and Water Resources, Response to Senate Standing Committee for the Scrutiny of Bills, 14 July 2017, p. 6.  

Chapter 2

[1]        Australian National Audit Office, Administration of Concessional Loans Program, ANAO Report No. 28 2015–16, April 2016, p. 7.

[2]        Australian National Audit Office, Administration of Concessional Loans Program, ANAO Report No. 28 2015–16, April 2016, p. 17.

[3]        Australian National Audit Office, Administration of Concessional Loans Program, ANAO Report No. 28 2015–16, April 2016, p. 7.

[4]        Australian National Audit Office, Administration of Concessional Loans Program, ANAO Report No. 28 2015–16, April 2016, pp 18 and 31.

[5]        Australian National Audit Office, Administration of Concessional Loans Program, ANAO Report No. 28 2015–16, April 2016, p. 37.

[6]        The Hon Barnaby Joyce MP, Minister for Agriculture and Water Resources, Second Reading Speech, 14 June 2017, Representatives Hansard, p. 11.

[7]        National Farmers' Federation, Submission 5, p. 2.

[8]        National Farmers' Federation, Submission 5, p. 2.

[9]        Department of Agriculture and Water Resources, Submission 2, p. 5.

[10]      Department of Agriculture and Water Resources, Submission 2, p. 2.

[11]      Department of Agriculture and Water Resources, Submission 2, p. 2.

[12]      Department of Agriculture and Water Resources, Submission 2, p. 3.

[13]      The Australia Institute, Submission 3, p. 2.

[14]      Department of Agriculture and Water Resources, Submission 2, p. 3.

[15]      Department of Agriculture and Water Resources, Submission 2, p. 3.

[16]      Department of Agriculture and Water Resources, Submission 2, p. 3.

[17]      Department of Agriculture and Water Resources, Submission 2, p. 3.

[18]      National Farmers' Federation, Submission 5, p. 3.

[19]      National Farmers' Federation, Submission 5, p. 3.

[20]      Department of Agriculture and Water Resources, Submission 2, p. 3.

[21]      The Australia Institute, Submission 3, p. 2.

[22]      The Australia Institute, Submission 3, p. 2.

[23]      Regional Investment Corporation Bill 2017, Explanatory Memorandum, p. 9. See also, Department of Agriculture and Water Resources, Submission 2, p. 3.

[24]      Department of Agriculture and Water Resources, Submission 2, p. 4.

[25]      Department of Agriculture and Water Resources, Submission 2, p. 4.

[26]      Department of Agriculture and Water Resources, Regional Investment Corporation, http://www.agriculture.gov.au/ag-farm-food/drought/assistance/ric (accessed 22 June 2017).

[27]      Pastoralists & Graziers Association of WA, Submission 1, p. 5. 

[28]      Pastoralists & Graziers Association of WA, Submission 1, p. 5.

[29]      The Australia Institute, Submission 3, p. 3.

[30]      National Farmers' Federation, Submission 5, p. 3.

[31]      Department of Industries and Regional Development Western Australia, Submission 4, p. 1.

[32]      Department of Industries and Regional Development Western Australia, Submission 4, p. 1.

[33]      National Farmers' Federation, Submission 5, p. 3.

[34]      Department of Industries and Regional Development Western Australia, Submission 4, p. 2.

[35]      Australian Securities & Investments Commission, Minimum officeholders, http://asic.gov.au/for-business/registering-a-company/steps-to-register-a-company/minimum-officeholders/ (accessed 25 July 2017).

[36]      P Pyburne, Regional Investment Corporation Bill 2017, Bills Digest, 13, 2017–18, Parliamentary Library, Canberra, 2017.

[37]      Department of Agriculture and Water Resources, Submission 2, p. 2.

[38]      Department of Agriculture and Water Resources, Submission 2, p. 4.

[39]      National Farmers' Federation, Submission 5, p. 2.

[40]      Department of Agriculture and Water Resources, Submission 2, p. 2.

[41]      Pastoralists & Graziers Association of WA, Submission 1, p. 5.

[42]      The Hon Barnaby Joyce MP, Deputy Prime Minister and Minister for Agriculture and Water Resources, 'Regional Investment Corporation gets green light in Orange', Media release, 16 May 2017, http://minister.agriculture.gov.au/joyce/Pages/Media-Releases/Regional-Investment-Corporation-gets-green-light-in-Orange.aspx (Accessed 19 July 2017).

[43]      The Hon Barnaby Joyce MP, Deputy Prime Minister and Minister for Agriculture and Water Resources, 'Regional Investment Corporation gets green light in Orange', Media release, 16 May 2017.

[44]      The Hon Barnaby Joyce MP, Minister for Agriculture and Water Resources, Response to Senate Standing Committee for the Scrutiny of Bills, 14 July 2017, p. 4.

[45]      Explanatory Memorandum, p. 2.

[46]      The Australia Institute, Submission 3, p. 3.

[47]      Department of Agriculture and Water Resources, Submission 2, p. 2.