What to look out for this Parliamentary Sitting Week

Parliament returns today, February 12th, with only the House of Representatives sitting this week.?

Key Issues Listed for debate this week include the Government’s changes to the Stage 3 Tax Cuts, the Help to Buy Scheme and changes to the operation of the Reserve Bank.

Senate estimates commence today with the Senate Estimates hearing schedule available here.

House of Representatives?

Monday?

There are two Treasury Laws Amendments Listed for Debate on Monday.?

The Treasury Laws Amendment (Cost Of Living Tax Cuts) Bill 2024 amends the income tax law to modify income tax rate thresholds and tax rates for individuals for the 2024-25 and later income years.

The Treasury Laws Amendment (Cost Of Living—Medicare Levy) Bill 2024 increases the Medicare levy of low-income thresholds for individuals and families (along with the dependent child/student component of the family threshold) in line with movements in the CPI. It also increases the Medicare levy low-income thresholds for individuals and families eligible for SAPTO in line with movements in the CPI.?

Tuesday?

Tuesday will begin with a ministerial statement marking the Sixteenth Anniversary of the National Apology to Australia’s Indigenous Peoples. The Closing the Gap Annual Report and Implementation Plan will also be tabled.?

The first bill listed for debate is the Foreign Acquisitions and Takeovers Fees Imposition Amendment which was introduced alongside the Treasury Laws Amendment (Foreign Investment). The Bill seeks to implement the measures announced by the government in the 2023-24 Mid-Year Economic and Fiscal Outlook to triple foreign investment fees for established dwellings and double vacancy fees.

The Passenger Movement Charge Amendment Bill 2024 gives effect to a measure announced by the government as part of the 2023-24 budget. This bill will amend the Passenger Movement Charge Act 1978 to increase the passenger movement charge from $60 to $70 from 1 July 2024.

The Telecommunications Legislation Amendment (Enhancing Consumer Safeguards and Other Measures) seeks to enable the Australian Communications and Media Authority (ACMA) to issue remedial notices to developers who do not install functional fibre-ready facilities in proximity to a development.?

The National Vocational Education and Training Regulator Amendment (Strengthening Quality and Integrity in Vocational Education and Training No. 1) amends the National Vocational Education and Training Regulator Act 2011, to support the integrity and quality of Australia's vocational education and training sector. It does this by strengthening and clarifying the powers of the national VET regulator, the Australian Skills Quality Authority.?

The Crimes Amendment (Strengthening the Criminal Justice Response to Sexual Violence) aims to strengthen the protections afforded to victims and survivors of child sexual abuse and vulnerable persons in Commonwealth criminal proceedings.

Treasury Laws Amendment (Cost of Living Tax Cuts) and the Treasury Laws Amendment (Cost of Living-Medicare Levy) are also listed for debate.

Wednesday

Treasury Laws Amendment (Cost of Living Tax Cuts) and the Treasury Laws Amendment (Cost of Living-Medicare Levy) are the only two bills listed for debate on Thursday.?

Thursday?

In addition to the two Treasury Laws Amendments, the Help to Buy Bill 2023 introduced with the Help to Buy (Consequential Provisions) Bill 2023 is listed for debate. It establishes a Commonwealth shared equity program (Help to Buy Scheme) to be administered by Housing Australia that will assist low to middle-income earners to purchase new or existing homes.

Question Time will be followed by debate on the Treasury Laws Amendment (Reserve Bank Reforms) Bill 2023. It partially implements the Government’s response to the review of the Reserve Bank of Australia (RBA) by amending the Reserve Bank Act 1959 to remove the Government’s power to override monetary policy decisions of the RBA and remove the RBA’s power to determine the lending policy of banks, clarify the objectives and functions of the RBA, replace the existing Reserve Bank Board with a Monetary Policy Board and Governance Board and make consequential and minor amendments.

A full list of legislation scheduled in the House of Representatives can be found here.