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House of Assembly - Fifty-Second Parliament, First Session (52-1)
2010-06-22 Daily Xml
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CREDIT (TRANSITIONAL ARRANGEMENTS) BILL

Second Reading

Adjourned debate on second reading.

(Continued from 27 May 2010.)

Ms CHAPMAN (Bragg) (17:09): This matter was adjourned from 27 May and the Hon. John Rau, Attorney-General, had briefly spoken. I indicated in respect of the Credit (Commonwealth Powers) Bill that the opposition supports the same, and on this bill I simply indicate that it is necessary to set out the definitions and powers under which there is referral to the national legislation, codes, etc., and provide for linkages between the Commissioner for Consumer Affairs and ASIC and repeal of the necessary redundant references to the consumer credit provisions within South Australian acts.

For the reasons I outlined in respect to the previous bill, this is really a machinery bill to deal with the transfer. However, the matter I would like to foreshadow, which may already be known to the minister, is that when this matter was in the Legislative Council the Hon. Michelle Lensink asked about subclause 3 (there are only four clauses in this bill, I might say), which makes provision for the winding up of funds and how the remaining money is applied.

Minister Gail Gago of another place indicated that, as of 1 May 2010, the fund contained $27,684. She also indicated that she could not give any history of what had happened and the outgoings of this fund. This is the Consumer Credit Fund and, under this clause, the money standing in it may be applied for any purpose authorised by the minister. She indicated that she had sought advice from the Office of Consumer and Business Affairs as to what appropriate consumer protection options there would be for the application of this money and that she would then consider those options.

Given the efflux of time, I would ask if this minister is able to inform the house as to what will happen to that $27,684 and, if there is nothing specific, whether it is the intention of the government that it will be applied to the pursuit of protection of consumers in the consumer credit world. I know that is very general. Maybe there will be a new set of pamphlets put out or some funds put aside for compensation to people who are aggrieved. The fund will no longer have any capacity to receive money. There will be no flow of income coming into it once the transfer of this responsibility goes to the commonwealth. However, the opposition is interested in finding out what is going to happen to that money. So with those few words and an invitation for the minister to respond, if she is aware, she may wish to respond, which I can foreshadow will obviate the need to go into committee.

The Hon. J.M. RANKINE (Wright—Minister for Families and Communities, Minister for Housing, Minister for Ageing, Minister for Disability) (17:13): I thank the member for Bragg for her contribution. In checking the information that I have been provided with, it appears that as of 1 May there is $27,684 in the fund. As the member for Bragg indicated, any remaining money in the fund can be used for purposes authorised by the minister. I do not have the information that she seeks, so I am happy to take advice from the department and bring it back to the house at a later date if she so wishes.

Bill read a second time and taken through its remaining stages.

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