Bills Digest no. 129 2007–08
Commonwealth Securities and Investment Legislation
Amendment Bill 2008
WARNING:
This Digest was prepared for debate. It reflects the legislation as
introduced and does not canvass subsequent amendments. This Digest
does not have any official legal status. Other sources should be
consulted to determine the subsequent official status of the
Bill.
CONTENTS
Passage history
Purpose
Background
Financial implications
Main provisions
Contact officer & copyright details
Passage history
Commonwealth Securities and
Investment Legislation Amendment Bill 2008
Date
introduced: 4 June
2008
House: House of Representatives
Portfolio: Treasury
Commencement:
On the day after Royal
Assent.
Links: The
relevant links to the Bill, Explanatory Memorandum and second
reading speech can be accessed via BillsNet, which is at http://www.aph.gov.au/bills/.
When Bills have been passed they can be found at ComLaw, which is
at http://www.comlaw.gov.au/.
The Bill amends three
Commonwealth securities and investment Acts to empower the
Treasurer to borrow money on behalf of the Commonwealth by issuing
stock in Australian currency and to invest public money in
authorised investments. The Bill also expands the types of assets
that are acceptable as collateral in Commonwealth securities
lending arrangements.
The Bill is part of a suite of initiatives that is designed by
the Rudd Government to ensure the efficient operation of Australia
s financial markets .[1] Particularly, the Bill paves the way for the issuance of
a further $25 billion worth of Commonwealth Government Securities
(CGS), especially (fixed coupon) Treasury bonds. Treasury bonds are
medium to long-term debt securities that carry an annual rate of
interest fixed over the life of the security, payable six monthly
.[2] Currently, about
$50 billion worth of Treasury bonds are on issue it has been around
this level for the past five years.[3] The Government plans to add around $5 billion in
2008 09.[4]
The Government referred to the issuance of Treasury bonds in the
Budget 2008 09, saying:
Over recent years, persistent fiscal surpluses
have removed the need to borrow for budget funding purposes.
However, Treasury Bonds have continued to be issued in order to
maintain an active Treasury Bond market and to support the market
in Treasury Bond futures contracts. These two markets are used in
the pricing and hedging of a wide range of financial instruments
and in the management of interest rate risks by market
participants. They thereby contribute to a lower cost of capital in
Australia. Without them, the financial system would be less diverse
and less resilient to the shocks that can emerge from time to time
either from domestic sources or from overseas. As demonstrated over
recent months, the markets for Treasury Bonds and Treasury Bond
futures contracts provided important anchors for Australia's
financial system as it responded to the impact of credit and
liquidity concerns sparked off by the sub-prime housing crisis in
the United States of America.[5]
In a Media Release dated 20 May 2008, the Treasurer, the Hon
Wayne Swan MP detailed the importance of Treasury bonds to
Australian financial markets, and the changes to collateral that
will be accepted by the Australian Office of Financial Management
(AOFM) in Commonwealth securities lending arrangements:
The Australian Government s budget surpluses
mean that we do not need to issue securities to finance spending,
but Treasury Bonds play a special role by providing the
lowest-risk, highest-quality instrument in financial markets.
Because they are risk-free, Australian
Government Treasury Bonds are the benchmark used by participants in
Australia s financial markets to set interest rates beyond the
short end of the yield curve, including in the bond futures market.
The Australian Government is committed to ensuring that its bonds
can play this role efficiently.
The existence of an active and efficient bond
market alongside the banking system strengthens the robustness of
Australia s financial system and reduces its vulnerability to
adverse shocks.
To maintain the important benchmarking role
played by Government bonds and ensure that the Government has the
flexibility it needs to maintain liquidity in the bond spot and
futures market, we will provide legislative authority for an
increase in future CGS issuance of up to $25 billion.
I am also announcing changes to the operation
of the securities lending facility operated by the AOFM. This
facility supports the CGS market by allowing market participants to
access bonds that are in temporary short supply. This helps smooth
the operation of the market. Under the changed arrangements, the
facility will be permitted to accept a wider range of assets as
collateral. The change will allow the AOFM to accept similar
securities to those accepted as collateral by the Reserve Bank of
Australia in its market operations.[6]
The AOFM is a specialist Australian Government agency primarily
responsible for management of Australian Government debt . [7] According to its
website:
The AOFM s debt management activities encompass
the issue of debt securities such as Treasury Bonds and Notes and
the execution of debt related derivative transactions such as
interest rate swaps. The AOFM s activities also include management
of the Australian Government s cash balance, financial risk
management and compliance activities, financial reporting and
portfolio administration.
Over recent years, the AOFM s debt issuance
activities have been directed towards maintaining efficient
Treasury Bond and Treasury Bond futures markets rather than to meet
Government budget funding requirements.[8]
In May 2008, the AOFM noted that in the 2008 09 financial year,
Treasury Bond issuance is planned to total $10.3 billion (being the
$5.3 billion announced in the Budget 2008 09 plus a further $5
billion), adding that:
Treasury Bond issuance is targeted at
maintaining liquid and efficient Treasury Bond and Treasury Bond
futures markets. The volume and timing of Treasury Bond issuance
accordingly takes account of the need to have an appropriate range
of Treasury Bonds available for inclusion in the bond baskets for
Treasury Bond futures contracts.[9]
In the Second reading speech for the Bill, the Assistant
Treasurer, the Hon Chris Bowen MP, reiterated these views, saying
that the Bill will strengthen the efficient operation of the
Treasury bond market by increasing Treasury bond issuance and
extending the collateral accepted for securities lending of these
bonds . Mr Bowen went on to say that the Bill also provides for the
safe investment of the proceeds of increased issuance in
conjunction with management of the government s cash balances,
using a wider range of high quality investment instruments than at
present .[10]
Particularly in relation to the matter of
Treasury Bonds, the Assistant Treasurer said:
Over recent months, demand for the bonds has
intensified due to the strength of the Australian economy and
exchange rate, together with global credit concerns that have
increased the demand for high-quality securities.
As a result, the Treasury bonds available on
issue have become more tightly held and it has become more
difficult for dealers to obtain some lines of stock and maintain an
active market in them.
Some increase in their issuance is needed for
the market to continue to operate effectively.[11]
On the subject of the securities lending facility operated by
the AOFM, the Assistant Treasurer noted that the AOFM requires
collateral (in the form of other CGS) from financial market
participants wishing to borrow Treasury bonds for short periods of
time. Mr Bowen noted that the types of assets that will be accepted
by the AOFM as collateral after the passage of the Bill are the
same sorts of assets that are currently accepted by the Reserve
Bank of Australia as collateral in its market operations. He
said:
[The current collateral required by the AOFM]
has constrained access to the facility when such securities have
been in short supply.
Following consultations with financial market
participants the government has decided to allow a wider range of
collateral to be accepted by the facility.
At present, the securities lending facility
operates using the Treasurer s investment powers under the
Financial Management and Accountability Act.
The bill provides a separate authority for the
Treasurer to enter into securities lending arrangements for the
loan of CGS.
The bill requires that collateral must be
received for any securities lending and lists collateral that may
be accepted, including cash and investment grade securities.
The bill requires the Treasurer to give a
direction on the kinds of collateral that may be taken from within
the categories listed in the bill.
The list is sufficiently wide to cover the same
assets as the Reserve Bank of Australia currently accepts as
collateral in its market operations.[12]
Market participants have long craved an increase in the level of
issuance of Treasury bonds. Particularly, they lobbied the
Government earlier this year as the credit crunch exacerbated a
tight supply of existing bonds.[13] As financial journalists, Rachel Pannett and Iain
McDonald, explain:
Australia's government has run large budget
surpluses since the mid-1990s, allowing it to reduce the value of
its bonds on issue from a peak of nearly $96 billion in 1997.
But a lack of liquidity has bedevilled the
market for many years as the size of the market remained static.
The credit crunch encouraged a rush by investors for risk-free
assets, such as government bonds, further straining supply.
Foreign investors hold about 65 per cent of all
government bonds on issue, leaving a relatively small amount for
Australian fund managers and banks, which use the bonds for, among
other things, collateral in their dealings with the central
bank.
Another financial journalist, Philip Baker has provided further
history and background about the Australian bond market and the
need for increased issuance of Treasury bonds, saying:
The supply of fresh commonwealth government
bonds is in line with expectations, at $5.3 billion, despite a plea
from the Australian Financial Markets Association to the
commonwealth to increase its supply of bonds, and includes a new
June 2014 bond. About $5 billion is set to mature next year, and
this will keep the level of outstanding bonds at $50 billion, which
is considered by experts as the minimum needed to keep the market
efficient.
The bond market has been shrinking because of
the run of budget surpluses since the Howard government first came
to office in 1996.
The volume of tradable bonds on issue has
halved from $114 billion in 1997 to $50 billion as government debt
has been repaid.
In keeping with the previous government's
pledge to ensure that the bond market remains viable, this year's
budget also notes that, in recent months, the markets for
government bonds and bond futures contracts have provided important
anchors for Australia's financial system as it responded to the
impact of credit and liquidity concerns sparked by the sub-prime
housing crisis in the United States.[14]
Paul Bide, head of debt markets at Macquarie Bank and Chairman
of the Australian Financial Market Association s market governance
committee approved of the Government s increase in the supply of
Treasury bonds and the consequent effect on liquidity, saying:
This is what we asked for. The increase in
government bond issuance, the wider stock-switching powers of the
AOFM and [the related issue of] the dropping of the interest
withholding tax on semi-government bonds [issued by State
Governments] will all help.[15]
Similarly, Stephen Halmarick, Citi s co-head, economic and
market analysis, said that these announcements are a significant
positive for Australia's financial markets and very much inline
with the spirit of the decision in the 2003-04 budget to retain the
CGS market and ensure a liquid and efficient market .[16]
In relation to the fall of bond futures prices and the rise in
government bond yields which followed the announcement of the
increased issuance of Treasury bonds, Damien McColough, chief
interest rate strategist at Westpac Institutional Bank, said it was
a trade off between the bearish implications of extra supply and
the expected extra offshore buying demand for Australian assets
arsing from the new tax treatment of semi-government bonds
.[17]
The Coalition has no immediately ascertainable position on this
issue as at the date of writing. However, according to the
Treasurer s Media release issued on 20 May 2008:
The Government s decision to increase CGS
issuance is consistent with the decision of the [Howard
Government], announced in the 2003-04 Budget, to maintain the CGS
market. In announcing that decision, the [Howard Government] noted
that this will entail ensuring sufficient CGS remains on issue to
support the Treasury bond futures market .[18]
This position is confirmed by the newspaper articles noted
above.
The Government intends that the measures contained in the Bill
will be cost neutral. According to a Media Release issued by the
Treasurer on 20 May 2008:
The increase in CGS issuance will not adversely
affect the Government s net financial worth since the increase in
CGS will be fully offset by an increase in financial assets on the
Government s balance sheet.
As a result, the increase in borrowings is not
expected to involve any net cost to Government. The new investments
would continue to be low risk.[19]
Part 1 of Schedule 1 to the Bill contains
proposed amendments to three Commonwealth securities and investment
Acts.
Items 1 5 of Schedule 1 contain proposed
amendments to the Commonwealth Inscribed Stock Act 1911
(Cth) (the Inscribed Stock Act).
Item 1 inserts proposed subsection
3A(1), which gives the Treasurer authority to borrow money
on behalf of the Commonwealth by issuing stock in Australian
currency. Proposed subsection 3A(2) states that
nothing in proposed subsection 3A(1) affects the
power of the Treasurer to borrow money on behalf of the
Commonwealth, or to issue stock or securities under the Inscribed
Stock Act or any other Act.
Item 2 amends subsection 4(1) of the Inscribed
Stock Act by inserting proposed paragraph 4(1)(d).
The current text of subsection 4(1) is as follows:
(1) The Governor-General may, by writing signed
by him or her, create stock, Treasury Bonds, Treasury Notes or
other prescribed securities from time to time for:
(a) raising money by way of loan; or
(b) converting any loan raised by the
Commonwealth into any other loan so raised; or
(c) paying any expenses of carrying this Act
into effect that the Governor-General considers are properly
payable out of capital.
Proposed paragraph 4(1)(d) refers to lending by
the Treasurer under securities lending arrangements under section
5BA of the Loans Securities Act 1919 . Section 5AB of the
Loans Securities Act 1919 (the Loans Securities Act) does
not currently exist the text for proposed section
5AB is contained in Item 10 of the
Bill.
Item 3 makes a consequential amendment to
paragraph 4(2)(a) of the Inscribed Stock Act following the
insertion of proposed section 3A. This amendment
does not depend on the passage of proposed paragraph
4(1)(d). When referring to the Governor-General s power to
create stock, Treasury Bonds, Treasury Notes or other prescribed
securities for raising money by way of loan in paragraph 4(1)(a),
the proposed amendment to paragraph 4(2)(a) makes specific
reference to the Treasurer s authority to borrow the moneys to be
raised by the issue or sale of stock (etc) money under
proposed section 3A or by any other Act .
Item 4 inserts proposed section
5. Proposed subsection 5(1) sets a limit
of $75 billion on the total face value of stock and securities
issued under the Inscribed Stock Act and the Loans Securities Act.
The term face value is not defined in either Act. According to the
Macquarie Dictionary, it means the value stated on the
face of a financial instrument or document; par value .
Proposed subsection 5(2) sets out the types of
stocks and securities that are to be disregarded in working out the
total face value of the stock and securities for the purposes of
proposed subsection 5(1).
Item 5 inserts proposed section
51JA, which gives the Treasurer power to delegate the
powers in proposed section 3A. By proposed
subsection 51JA(1), the Treasurer may delegate the powers
to an SES employee or an APS employee who holds or performs the
duties of an Executive Level 2 or equivalent in the Department
,[20] or to a
person of similar rank appointed as a staff member of the Reserve
Bank Service under section 67 of the Reserve Bank Act 1959
(Cth). Proposed subsection 51JA(2) provides that
the Treasurer must give a direction, by signed instrument, as to
the maximum total face value of stock and securities that may be on
issue under the Inscribed Stock Act and the Loans Securities Act,
having regard to the exceptions mentioned in proposed subsection
5(2), in relation to borrowings under proposed section
3A (and also section 4 of the Lands Redemption and
Conversion Act 1921 (Cth).
In exercising the powers under proposed section
3A, a delegate must have regard to a direction in force
under (proposed) subsection 51JA(2) and any other direction given
by signed instrument to the delegate by the Treasurer:
proposed subsection 51JA(3).
The Treasurer must table any direction given under
proposed subsection 51JA(2) or proposed
paragraph 51JA(3)(b) in each House of Parliament no later
than 15 sitting days after it is given: proposed subsection
51JA(4).
Items 6 9 of Schedule 1 contain proposed
amendments to the Financial Management and Accountability Act
1997 (Cth) (FMA Act).
Item 6 amends section 5 of the FMA Act (the
definitions section) to insert a definition of the phrase
Department of the Treasury . It is an open definition. It includes
not only the Department administered by the Treasurer but (a)
persons who are allocated to the Department by regulations made for
the purposes of subparagraph (a)(i) of the definition of Agency in
section 5, and (b) any part of the Department that is a prescribed
Agency . The term Agency is defined in section 5 to mean:
(a) a Department of State:
(i) including persons who are allocated to the
Department (for the purposes of this Act) by regulations made for
the purposes of this paragraph; but
(ii) not including any part of the Department
that is a prescribed Agency;
(b) a Department of the Parliament, including
persons who are allocated to the Department (for the purposes of
this Act) by regulations made for the purposes of this
paragraph;
(c) a prescribed Agency.
For example, according to Regulation 4 of the Financial
Management and Accountability Regulations 1997 (the FMA
Regulations), a member of the Defence Force is generally allocated
to the Department of Defence (although there are some exceptions),
and a person employed, under the Members of Parliament (Staff)
Act 1984, on the staff of an office-holder or a Senator or
Member is allocated to the Department of State to which the money
out of which the person s remuneration is paid is appropriated
.
The term prescribed Agency is also defined in section 5 of the
FMA Act to mean a body, organisation or group of persons
prescribed by the regulations for the purposes of this definition .
The term is also defined in Regulation 5. Schedule 1 to the FMA
Regulations contains a list of prescribed agencies, including the
AOFM.[21]
Item 7 amends subsection 39(2) by repealing the
current subsection and substituting new text. Currently subsection
39(2) provides:
(2) For the purpose of managing the public debt
of the Commonwealth, the Treasurer may invest public money in any
authorised investment.
The proposed amendment removes reference to the purpose of
managing public debt and simply states that the Treasurer may
invest public money in any authorised investment .
The term authorised investment is currently defined in
subsection 39(10) of the FMA Act as follows:
(a) in relation to the Finance Minister any of
the following investments:
(i) securities of the Commonwealth or of a
State or Territory;
(ii) securities guaranteed by the Commonwealth,
a State or a Territory;
(iii) a deposit with a bank, including a
deposit evidenced by a certificate of deposit;
(iv) any other form of investment prescribed by
the regulations; and
(b) in relation to the Treasurer any of the
following investments:
(i) securities of the Commonwealth or of a
State or Territory;
(ii) securities guaranteed by the Commonwealth,
a State or a Territory;
(iii) a deposit with a bank, including a
deposit evidenced by a certificate of deposit;
(iv) debt instruments issued or guaranteed
by:
(A) the government of a foreign country; or
(B) a financial institution whose members
consist of foreign countries, or of Australia and foreign
countries;
being debt instruments with a credit rating
that is consistent with the sound management of public debt;
(v) any other form of investment prescribed by
the regulations.
Item 8 seeks to amend
subparagraph 39(10)(b)(iv) of that definition by revising that
subparagraph and also inserting proposed subparagraphs
(iva) and (ivb). In essence, current sub-subparagraphs
39(10)(b)(iv)(A) and (B) are renumbered and become proposed
subparagraphs 39(10)(b)(iv) and (iva). Proposed
subparagraph 39(10)(b)(ivb) is entirely new and includes
reference to debt instruments denominated in Australian currency
with an investment grade credit rating . The term investment grade
credit rating is not defined in the FMA Act, but the remarks of
Steven Wright, Director of Fixed Interest ABN AMRO Morgans Limited,
in the Investor Update email newsletter of the Australian
Stock Exchange (ASX) are useful in understanding this term:
Securities with a credit rating of BBB or above
are deemed to be investment grade and so offer investors a higher
degree of comfort that their principal will be returned and that
interest will be paid in a timely manner. Ratings below this do not
mean that an issuer is necessarily high risk, but the lower rating
tells investors that securities with sub-investment grade ratings
are more vulnerable to financial pressures. It should be noted that
many well known companies listed on the ASX and other global
exchanges are not rated investment grade, but still receive solid
investor support.[22]
It may be useful to include a definition of investment grade
credit rating in the FMA Act.
Item 9 repeals current section 62A and replaces
it with proposed section 62A. Current section 62A
is only two lines:
(1) The Treasurer may, by written instrument,
delegate to an official any of the Treasurer's powers or functions
under this Act.
(2) In exercising powers or functions under a
delegation, the official must comply with any directions of the
Treasurer.
Proposed section 62A is far more detailed,
running to seven subsections. For example, it specifies:
- the types of Treasury officials to whom the Treasurer may
delegate his powers or functions under the FMA Act
(proposed subsection 62A(1))
- the matters about which the Treasurer may given directions
(proposed subsection 62A(2))
- the matters about which the Treasurer may not give directions
(proposed subsection 62A(3))(see below)
- the fact that if there is a delegation in force under
proposed subsection 62A(1), there must be at least
one direction in force under proposed subsection
62A(2) (proposed subsection 62A(4))
- the fact that in exercising powers or functions under a
delegation, the official must comply with directions given by the
Treasurer, including those given under proposed subsection
62A(2) (proposed subsection 62A(5))
- the requirement for the Treasurer to table any direction made
under proposed section 62A in each House of
Parliament not less than 15 sitting days after it is given
(proposed subsection 62A(6)), and
- the fact that the term authorised investment in
proposed section 62A has the same meaning as it
does in paragraph (b) of the definition of that term in subsection
39(10) of the FMA Act, quoted above (proposed subsection
62A(7)).
Proposed subsection 62A(3) is as
follows:
The Treasurer must not give a direction under
subsection (2) that has the purpose, or has or is likely to have
the effect, of directly or indirectly requiring a delegate or
delegates to allocate financial assets to a particular company,
partnership, trust, body politic or business.
Presumably, this provision is designed to prevent abuse of the
Minister s position by prohibiting him from instructing a delegate
to invest funds in any particular company or business (etc).
According to the Assistant Treasurer, the purpose of this provision
is to ensure that investment decisions are based on sound financial
criteria .[23]
Items 10 11 of Schedule 1 to the Bill contain
proposed amendments to the Loans Securities Act 1919 (Cth)
(the Loans Securities Act).
Item 10 inserts proposed section
5BA into the Loans Securities Act to empower the Treasurer
to enter into securities lending arrangements on behalf of the
Commonwealth. Proposed subsection 5BA(1) provides
that the Treasurer may enter into such arrangements by lending
stock and securities issued under the Inscribed Stock Act and
denominated in Australian currency .
Proposed subsection 5BA(2) states that the
total face value of stock and securities on loan by the Treasurer
at any time under securities lending arrangements under
proposed subsection 5BA(1) must not exceed $5
billion.
Proposed subsection 5BA(3) provides that the
Treasurer must not lend stocks or securities under securities
lending arrangements unless he receives collateral of one or more
of the following kinds : cash, debt instruments denominated in
Australian currency with an investment grade credit rating (whether
in hard copy or electronic form), bank deposit (evidenced by a
certificate of deposit), and any other collateral prescribed by the
regulations .
Proposed subsection 5BA(4) states that the
Treasurer must take sufficient collateral to cover the market value
of the security on loan at all times. However, no method
is provided for establishing the market value of the security, nor
is any time limit set for ascertaining the market value of the
security from time to time. Further, no provision is made for the
logistics of taking extra security (or possibly returning security)
where the market value of the security has either increased or
decreased.
Proposed subsection 5BA(5) states that the word
lending (in relation to stock or securities) is taken to include an
arrangements under which it is sold and repurchased . Apparently
such arrangements are common in Australia s financial markets.
According to the AOFM, its securities lending facility operates
through repurchase agreements between the Reserve Bank and bond
market participants: A repurchase agreement (commonly referred to
as a repo) involves a holder of debt securities (e.g. Treasury
Bonds) selling them for cash, and simultaneously agreeing to
repurchase them at a fixed price on a fixed date in the future
.[24]
Proposed subsection 5BA(6) states that the
Consolidated Revenue Fund is appropriated as necessary for the
purposes of this section .[25]
Proposed subsection 5BA(7) provides that
nothing in proposed section 5BA affects the power
to make investments under section 39 of the FMA Act, discussed in
part above.
Finally, item 11 inserts proposed
section 5E of the Loans Securities Act to empower the
Treasurer to delegate the powers and functions contained in
proposed section 5BA. It is in similar terms to
proposed section 51JA of the Inscribed Stock Act
and proposed section 62A of the FMA Act, discussed
above. In summary, proposed section 5E provides
that the Treasurer can only delegate his powers and functions under
proposed section 5BA of the Loans Securities Act
to certain officials in the Treasury Department; the Treasurer must
give a signed direction about the kinds of collateral that must be
received; in exercising powers under proposed section
5BA, the delegate must comply with any direction that is
in force; and the Treasurer must table any relevant direction in
each House of Parliament within 15 sitting days of giving the
direction.
Part 2 of Schedule 1 to the Bill deals with the
application of the proposed amendments. None of the proposed
amendments has retrospective operation; the amendments apply to
money or stock or securities borrowed or invested, or to securities
lending arrangements entered into, on or after the commencement of
the relevant item of the Bill. However, the actual issuing of the
relevant stock or securities to which item 5 of
the Bill relates may pre-date the commencement of the item.
Concluding comments
The initiatives contained in the Bill seem to be neither novel
nor controversial. For example, the Rudd Government s decision to
increase the supply of CGS is consistent with the position of the
previous Howard Government. The initiatives are designed to
stimulate the operation of Australia s financial markets in a
responsible, if somewhat cautious, way. While key players in
Australia s financial markets certainly support the initiatives, it
is worth noting that the Australian Financial Markets Association
actually wanted a greater increase in the issuance of Treasury
bonds than the $5.3 billion increase which the Government is
willing to effect.[26]
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Morag Donaldson
13 June 2008
Bills Digest Service
Parliamentary Library
© Commonwealth of Australia
This work is copyright. Except to the extent of uses permitted
by the Copyright Act 1968, no person may reproduce or transmit any
part of this work by any process without the prior written consent
of the Parliamentary Librarian. This requirement does not apply to
members of the Parliament of Australia acting in the course of
their official duties.
This work has been prepared to support the work of the Australian
Parliament using information available at the time of production.
The views expressed do not reflect an official position of the
Parliamentary Library, nor do they constitute professional legal
opinion.
Feedback is welcome and may be provided to: web.library@aph.gov.au. Any
concerns or complaints should be directed to the Parliamentary
Librarian. Parliamentary Library staff are available to discuss the
contents of publications with Senators and Members and their staff.
To access this service, clients may contact the author or the
Library’s Central Entry Point for referral.
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