Hon Bill English, in Committee, to move the following amendments:
Replace clause 12 (lines 3 to 19 on page 7) with:
12 Section 88 amended (Application, savings, and transitional provisions relating to amendments to Act)
In section 88, insert as subsection (2):
“(2) The application, savings, and transitional provisions relating to the amendment Acts specified in the first column of the following table are set out in the Parts of Schedule 1 specified in the second column of the table.”
|Amendment Act||Schedule 1 Part|
|Public Finance Amendment Act 2013||Part 1|
|Public Finance (Fiscal Responsibility) Amendment Act 2012||Part 2|
13 Schedule 1 amended
(1) This section amends Schedule 1 of the principal Act.
(2) Before clause 1, insert:
“Provisions relating to Public Finance Amendment Act 2013”.
(3) In clause 1, replace
“this schedule” with
(4) After clause 8, insert:
“Provision relating to Public Finance (Fiscal Responsibility) Amendment Act 2012
“9 Transitional provision relating to Public Finance (Fiscal Responsibility) Amendment Act 2012
“(1) In this clause, commencement date means the day on which the Public Finance (Fiscal Responsibility) Amendment Act 2012 comes into force.
“(2) Section 26M(3)(c) does not apply to a budget policy statement if the fiscal strategy report most recently presented to the House of Representatives was presented before the commencement date.
“(3) Section 26NA(2)(d) does not apply to the first investment statement presented to the House of Representatives under section 26NA.
“(4) This Part is repealed 4 years after the commencement date.”
This Supplementary Order Paper replaces SOP 264. The difference between this Supplementary Order Paper and SOP 264 is that this Supplementary Order Paper incorporates consequential amendments arising from the enactment of the State Sector and Public Finance Reform Bill.
This Supplementary Order Paper amends the Public Finance (Fiscal Responsibility) Amendment Bill to align it with structural changes made to the Public Finance Act 1989 (the principal Act) by the Public Finance Amendment Act 2013. That amendment Act—
inserted into the principal Act a schedule of application, transitional, and savings provisions (Schedule 1); and
inserted into the principal Act a section giving effect to the provisions in Schedule 1 (section 88).
Clause 12 of the Public Finance (Fiscal Responsibility) Amendment Bill currently inserts a transitional provision (new section 89) into the body of the principal Act. Clause 12 is replaced with—
new clause 12, which consequentially amends section 88 of the principal Act; and
new clause 13, which inserts into Schedule 1 of the principal Act the transitional provision that was going to be inserted into the body of the principal Act by clause 12.
The effect of the transitional provision, which is unchanged from the Bill as introduced, is that—
a budget policy statement need not indicate changes in the details of the Government's strategy for managing expenditure, assets, and liabilities (as required by section 26M of the principal Act as amended by clause 7) if the previous fiscal strategy report is presented to the House of Representatives before the amendment Act comes into force:
the first investment statement presented to the House of Representatives under new section 26NA (inserted by clause 8) need not comply with new section 26NA(2)(d) (which requires the investment statement to identify significant differences from the previous investment statement).