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Legislative Council - Fifty-Fourth Parliament, Second Session (54-2)
2021-11-16 Daily Xml
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Bills

Unclaimed Money Bill

Second Reading

Adjourned debate on second reading.

(Continued from 28 October 2021.)

The Hon. K.J. MAHER (Leader of the Opposition) (16:07): I rise to speak on this bill and indicate that I will be the lead speaker for the opposition. This bill repeals and replaces the Unclaimed Moneys Act 1891, with the goal of modernising and simplifying the administration of unclaimed moneys in South Australia. This approach was agreed to as part of the commonwealth Project Agreement for Small Business Regulatory Reform, although the bill also includes some additional reform proposed by the Department of Treasury and Finance, as we are advised.

Only around $6,000 per year is claimed from the unclaimed moneys fund, we are told. Unclaimed moneys have been declining over time because banking is controlled by federal schemes. A related intergovernmental agreement in relation to small business reform includes an ability to claim unclaimed moneys via a portal. The commonwealth has offered a contribution of $600,000 to establish a portal for claiming funds and has estimated it will cost $175,000 per year to run such a scheme, we are advised.

This bill proposes a range of changes. It will increase the threshold of unclaimed moneys that can be lodged by business with the Department of Treasury and Finance from $10 to $50. It would remove the requirement for businesses to advertise unclaimed money in the South Australian Government Gazette prior to lodging it with the DTF. It would also remove the requirement to hold money for nine years prior to transferring to DTF.

Businesses would be able to provide unclaimed money directly to the Department of Treasury and Finance after having held the money for seven years without needing to advertise in the Gazette. Once it is transferred, the money will be made available on the DTF unclaimed money database.

Businesses will also be provided with an option to publish unclaimed money they hold on their own website or in the DTF unclaimed money database. The database will be available on the Department of Treasury and Finance website for members of the public to access, we are informed. There is a proposed 25-year cap on the ability to make a claim for unclaimed money, with a five-year transition period upon commencement of this act.

Finally, the bill would remove the requirement for the public to pay a fee of 20ยข to access a register for unclaimed money. The opposition supports this bill and notes that we are keen to understand how the government will ensure the public is aware of this particular portal.

The Hon. R.I. LUCAS (Treasurer) (16:10): I thank the Leader of the Opposition for his indication of support for the bill.

Bill read a second time.

Committee Stage

Clause 1.

The Hon. R.I. LUCAS: The honourable leader raised a question in relation to the government's intentions on publicity. With the leader's concurrence, I am happy to take that question on notice and provide him with either written correspondence or perhaps an answer in the house at some stage.

Clause passed.

Remaining clauses (2 to 12), schedule and title passed.

Bill reported without amendment.

Third Reading

The Hon. R.I. LUCAS (Treasurer) (16:12): I move:

That this bill be now read a third time.

Bill read a third time and passed.

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