House of Representatives

Coronavirus Economic Response Package Omnibus Bill 2020

Guarantee of Lending to Small and Medium Enterprises (Coronavirus Economic Response Package) Bill 2020

Guarantee of Lending to Small and Medium Enterprises (Coronavirus Economic Response Package) Act 2020

Australian Business Growth Fund (Coronavirus Economic Response Package) Bill 2020

Australian Business Growth Fund (Coronavirus Economic Response Package) Act 2020

Assistance for Severely Affected Regions (Special Appropriation) (Coronavirus Economic Response Package) Bill 2020

Assistance for Severely Affected Regions (Special Appropriation) (Coronavirus Economic Response Package) Act 2020

Structured Finance Support (Coronavirus Economic Response Package) Bill 2020

Structured Finance Support (Coronavirus Economic Response Package) Act 2020

Appropriation (Coronavirus Economic Response Package) Bill (No. 1) 2019-2020

Appropriation (Coronavirus Economic Response Package) Act (No. 1) 2019-2020

Appropriation (Coronavirus Economic Response Package) Bill (No. 2) 2019-2020

Appropriation (Coronavirus Economic Response Package) Act (No. 2) 2019-2020

Boosting Cash Flow for Employers (Coronavirus Economic Response Package) Bill 2020

Boosting Cash Flow for Employers (Coronavirus Economic Response Package) Act 2020

Explanatory Memorandum

(Circulated by authority of the Treasurer, the Hon. Josh Frydenberg MP)

General outline and financial impact

Overview

This legislative package contains a number of bills to implement the Government's economic response to the spread of the Coronavirus, which the Government announced between 12 and 22 March 2020.

Coronavirus Economic Response Package Omnibus Bill 2020
Guarantee of Lending to Small and Medium Enterprises (Coronavirus Economic Response Package) Bill 2020
Australian Business Growth Fund (Coronavirus Economic Response Package) Bill 2020
Assistance for Severely Affected Regions (Special Appropriation) (Coronavirus Economic Response Package) Bill 2020
Structured Finance Support (Coronavirus Economic Response Package) Bill 2020
Appropriation (Coronavirus Economic Response Package) Bill (No 1) 2019-2020
Appropriation (Coronavirus Economic Response Package) Bill (No 2) 2019-2020
Boosting Cash Flow for Employers (Coronavirus Economic Response Package) Bill 2020

Further details on the measures contained in each of these bills and the Government's economic response to the spread of the Coronavirus are detailed below and in the subsequent chapters.

Schedule 1 - Enhancing the Instant Asset Write-Off

This Schedule was prepared by the Treasury.

Schedule 1 to this Bill amends the income tax law to increase the cost threshold below which small business entities can access an immediate deduction for depreciating assets and certain related expenditure (instant asset write-off) from $30,000 to $150,000, from 12 March 2020 to 30 June 2020.

Schedule 1 to this Bill also amends the tax law to:

provide access to an instant asset write-off to entities with an aggregated turnover of $10 million or more but less than $500 million (up from the existing cap of $50 million); and
make the instant asset write-off available for depreciating assets and certain related expenditure costing less than $150,000, from 12 March 2020 to 30 June 2020.

Date of effect: On or after 12 March 2020.

Proposal announced: The Government's economic responses to Coronavirus were announced on 12 March 2020, 18 March 2020 and 22 March 2020.

Financial impact: This measure is estimated to have the following revenue impact over the forward estimates period ($m):

2019-20 2020-21 2021-22 2022-23 2023-24
- -2,300 -200 1,400 400

Human rights implications: This Schedule does not raise any human rights issues. See Statement of Compatibility with Human Rights - Chapter 23.

Compliance cost impact: An exemption from Regulation Impact Statement requirements was granted by the Prime Minister as there were urgent and unforeseen events.

Schedule 2 - Backing business investment

This Schedule was prepared by the Treasury.

Schedule 2 to this Bill forms a key part of the response of the Australian Government to the national emergency arising from the spread of the Coronavirus. It provides an incentive for businesses with aggregated turnovers of less than $500 million per annum to invest in plant and equipment and other depreciating assets.

Specifically, Schedule 2 to this Bill amends the income tax law to temporarily allow businesses with aggregated turnovers of less than $500 million in an income year to deduct capital allowances for depreciating assets at an accelerated rate.

Generally, to be eligible to apply the accelerated rate of deduction, the depreciating asset must satisfy a number of conditions including that the asset:

is new and has not previously been held by another entity (other than as trading stock or for testing and trialling purposes);
is an asset for which an entity has not claimed depreciation deductions, including under the instant asset write-off rules; and
is first held, and first used or installed ready for use, for a taxable purpose between 12 March 2020 and 30 June 2021 (inclusive).

There are different rules that apply depending on whether or not an entity is using the simplified rules for capital allowances for small businesses.

Date of effect: On or after 12 March 2020.

Proposal announced: The Government's economic responses to Coronavirus were announced on 12 March 2020, 18 March 2020 and 22 March 2020.

Financial impact: This measure is estimated to have the following revenue impact over the forward estimates period ($m):

2019-20 2020-21 2021-22 2022-23 2023-24
- -1,500 -5,200 200 3,300

Human rights implications: Schedule 2 to this Bill does not raise any human rights issues. See Statement of Compatibility with Human Rights - Chapter 23.

Compliance cost impact: An exemption from the Regulation Impact Statement requirements was granted by the Prime Minister as there were urgent and unforeseen events.

Schedule 3 - Boosting cash flow for employers and Boosting Cash Flow for Employers (Coronavirus Economic Response Package) Bill 2020

This Schedule was prepared by the Treasury.

The Australian Government is acting decisively in the national interest to address the economic consequences of the Coronavirus, without a permanent or structural impact on the budget balance.

The Cash Flow Boost Bill is a key part of the Commonwealth's response to the spread of the Coronavirus. It provides for payments to support employers by boosting their cash flow and encourages the retention of employees through any downturn.

Specifically, the Cash Flow Boost Bill provides for the Commissioner to make payments referred to as cash flow boost payments comprising the first cash flow boost and the second cash flow boost payments. The first cash flow boost payments are required to be made by the Commissioner to eligible entities for periods from March 2020 to June 2020.

Entities are eligible to receive the first cash flow boost for a period if:

the entity makes a payment that is subject to withholding obligations under Subdivisions 12-B, 12-C or 12-D (broadly, a payment of wages or salary or similar remuneration), whether or not any amount is actually withheld, in the period;
either:

-
the entity was a small or medium business entity, or a charity or other not-for-profit entity of equivalent size, for the most recent income year of the entity for which an assessment of income tax has been made by the Commissioner; or
-
the Commissioner is reasonably satisfied that it is likely that the entity is a small or medium business entity, or a charity or other not-for-profit entity of equivalent size, for the income year that includes the period;

the entity has notified the Commissioner of their entitlement in the approved form;
the period is one of the following:

-
the quarters ending in March 2020 or June 2020; and
-
the months of March 2020, April 2020, May 2020 or June 2020;

if the entity is not an Australian Charities and Not-for-profits Commission registered charity, it both:

-
held an ABN on 12 March 2020; and
-
either derived assessable income from carrying on a business in the 2018-19 income year or made one or more supplies for consideration in the course of an enterprise it carried on within Australia in tax periods commencing after 1 July 2018 and ending before 12 March 2020 and notice of the income or supplies was held by the Commissioner on or before 12 March 2020 or within such further time as the Commissioner allows; and

the entity (or an associate or agent of an entity) has not engaged in a scheme for the sole or dominant purpose of seeking to make the entity entitled to the first cash flow boost or increase the entitlement of the entity to the first cash flow boost.

The Cash Flow Boost Bill also provides for the Commissioner to make the second cash flow boost payments upon lodgement of activity statements for periods from June to September 2020 to entities that were entitled to the first cash flow boost.

Schedule 3 to this Bill make consequential amendments to various Acts arising from the Cash Flow Boost Bill.

Date of effect: The Cash Flow Boost Bill provides for the Commissioner to make payments to eligible entities in respect of periods from March 2020 and the quarter ending March 2020.

Proposal announced: The Government's economic responses to Coronavirus were announced on 12 March 2020, 18 March 2020 and 22 March 2020.

Financial impact: This measure will have the following financial impact over the forward estimates period in underlying cash balance terms ($ millions):

2019-20 2020-21 2021-22 2022-23 2023-24
-14,900 -17,000 - - -

Human rights implications: Neither Schedule 3 to the Bill nor the Cash Flow Boost Bill raise any human rights issues. See Statement of Compatibility with Human Rights - Chapter 23.

Compliance cost impact: An exemption from Regulation Impact Statement requirements was granted by the Prime Minister as there were urgent and unforeseen events.

Schedule 4 - Stimulus payments to households to support growth

This Schedule was prepared by the Department of Social Services.

Schedule 4 to this Bill provides for the payment of the first economic support payment of $750 to approximately 6.6 million Social Security and Veterans' income support recipients, Farm Household Allowance recipients, Family Tax Benefit recipients and holders of a Pensioner Concession Card, Commonwealth Seniors Health Card or Commonwealth Gold Card.

Schedule 4 to this Bill also provides for the payment of a second economic support payment of $750 to Social Security and Veterans' income support recipients, Family Tax Benefit recipients and holders of a Pensioner Concession Card, Commonwealth Seniors Health Card or Commonwealth Gold Card who receive a qualifying payment or hold a qualifying concession card on 10 July 2020.

This second payment will not be paid to a person who receives, on 10 July 2020, the new Coronavirus supplement established by this Bill.

Date of effect: The day after this Act receives Royal Assent.

Proposal announced: The Government's economic responses to Coronavirus were announced on 12 March 2020, 18 March 2020 and 22 March 2020.

Financial impact: This measure has the following financial impact over the forward estimates period ($m):

2019-20 2020-21 2021-22 2022-23 2023-24
-4,876.6 -3,916.8 -34.4 -1.8 -

Human rights implications: Schedule 4 to this Bill does not raise any human rights issues. See Statement of Compatibility with Human Rights - Chapter 23.

Compliance cost impact: An exemption from Regulation Impact Statement requirements was granted by the Prime Minister as there were urgent and unforeseen events.

Schedule 5 - Delegation power for the Director of Human Biosecurity

This Schedule was prepared by the Department of Health.

Schedule 5 to this Bill amends the Biosecurity Act 2015 to enable the Director of Human Biosecurity to delegate their function or powers under Part 3 of Chapter 2 (human biosecurity control orders) of the Biosecurity Act 2015.

Date of effect: The day after this Bill receives Royal Assent.

Proposal announced: The Government's economic responses to Coronavirus were announced on 12 March 2020, 18 March 2020 and 22 March 2020.

Financial impact: Nil.

Human rights implications: Schedule 5 to this Bill does not raise any human rights issue. See Statement of Compatibility with Human Rights - Chapter 23.

Compliance cost impact: An exemption from Regulation Impact Statement requirements was granted by the Prime Minister as there were urgent and unforeseen events.

Schedule 6 - Environmental Management Charge

This Schedule was prepared by the Department of Agriculture, Water and the Environment.

Schedule 6 to this Bill amends the Great Barrier Reef Marine Park Regulations 2019 to temporarily waive the environmental management charge from 1 April 2020 to 31 December 2020.

Date of effect: 1 April 2020

Proposal announced: The Government's economic responses to Coronavirus were announced on 12 March 2020, 18 March 2020 and 22 March 2020.

Financial impact: This measure will reduce revenue collected by Great Barrier Reef Marine Park Authority during the period 1 April 2020 to 31 December 2020 to the sum of approximately $8,249,400 which is intended to be appropriated to the Authority through other means.

Human rights implications: Schedule 6 to this Bill raises human rights issues. See Statement of Compatibility with Human Rights - Chapter 23.

Compliance cost impact: An exemption from Regulation Impact Statement requirements was granted by the Prime Minister as there were urgent and unforeseen events.

Schedule 7 - Assistance for apprentices and trainees and the aviation sector

This Schedule was prepared by the Department of Finance.

Schedule 7 to this Bill amends Schedule 1AB to the Financial Framework (Supplementary Powers) Regulations 1997 to establish legislative authority for government spending on new measures to assist employers to retain apprentices and trainees, and to provide financial assistance to participants in the Australian aviation sector to assist with the impact on the sector of the Coronavirus.

Date of effect: The day after this Bill receives Royal Assent

Proposal announced: The Government's economic responses to Coronavirus were announced on 12 March 2020, 18 March 2020 and 22 March 2020.

Financial impact: $1.3 billion was announced over two years from 2019-20 for the measure to assist employers to retain apprentices and trainees. $315 million between 1 February 2020 and 30 September 2020, was announced for the measure to assist the Australian aviation sector.

Human rights implications: Schedule 7 to this Bill does not raise any human rights issue. See Statement of Compatibility with Human Rights - Chapter 23.

Compliance cost impact: An exemption from Regulation Impact Statement requirements was granted by the Prime Minister as there were urgent and unforeseen events.

Schedule 8 - Providing flexibility in the Corporations Act

This Schedule was prepared by the Treasury.

Schedule 8 to this Bill amends the Corporations Act to establish a temporary mechanism to provide short-term regulatory relief to classes of persons that, due to the Coronavirus, are unable to meet their obligations under the Corporations Act or the Corporations Regulations.

Date of effect: The day after this Bill receives Royal Assent.

Proposal announced: The Government's economic responses to Coronavirus were announced on 12 March 2020, 18 March 2020 and 22 March 2020.

Financial impact: Nil

Human rights implications: Schedule 8 to the Bill does not raise any human rights issues. See Statement of Compatibility with Human Rights - Chapter 23.

Compliance cost impact: An exemption from Regulation Impact Statement requirements was granted by the Prime Minister as there were urgent and unforeseen events.

Schedule 9 - Child care

This Schedule was prepared by the Department of Education, Skills and Employment.

Schedule 9 to this Bill amends the Family Assistance Act and Family Assistance Administration Act to provide limited flexibility to manage the impact of the Coronavirus, as well as future disasters, on families and on business continuity for child care services.

Date of effect: These amendments generally apply in relation to the 2019-2020 financial year and later financial years.

Proposal announced: The Government's economic responses to Coronavirus were announced on 12 March 2020, 18 March 2020 and 22 March 2020.

Financial impact: The measures in Schedule 9 to the Bill do not have a discernible financial impact.

Human rights implications: Schedule 9 to the Bill is compatible with human rights. See Statement of Compatibility with Human Rights - Chapter 23.

Compliance cost impact: An exemption from Regulation Impact Statement requirements was granted by the Prime Minister as there were urgent and unforeseen events.

Schedule 10 - Superannuation drawdowns

This Schedule was prepared by the Treasury.

Schedule 10 to this Bill amends the SIS Regulations and RSA Regulations to give effect to the Government's announced measure to reduce the minimum payment amounts for account-based pensions (and for the equivalent annuity products) by half for the 2019-20 and 2020-21 financial years.

Date of effect: The day after this Bill receives Royal Assent.

Proposal announced: The Government's economic responses to Coronavirus were announced on 12 March 2020, 18 March 2020 and 22 March 2020.

Financial impact: The measure has the following revenue impact over the forward estimates period ($m):

2019-20 2020-21 2021-22 2022-23 2023-24
- * * * -

Human rights implications: Schedule 10 to this Bill does not raise any human rights issues. See Statement of Compatibility with Human Rights - Chapter 23.

Compliance cost impact: An exemption from Regulation Impact Statement requirements was granted by the Prime Minister as there were urgent and unforeseen events.

Schedule 11 - Additional support for income support recipients

This Schedule was prepared by the Department of Social Services.

Schedule 11 to this Bill amends the Social Security Act to provide additional financial assistance to Australians financially impacted by the Coronavirus. Australians can claim jobseeker payment or Youth Allowance (other) if they are an Australian resident (or exempt from the residence requirements) and satisfy the requirements outlined in a legislative instrument. If qualified, a person receives the current rate of jobseeker payment or Youth Allowance (other) along with a fortnightly supplement of $550 or such other amount determined by legislative instrument.

The supplement is also available to existing recipients of jobseeker payment, Youth Allowance (other), Parenting Payment, Special Benefit, and the Farm Household Allowance. The Minister for Families and Social Services may extend the supplement to other social security payments by legislative instrument.

The supplement is available for an initial six month period, commencing on 27 April 2020. The Minister for Families and Social Services may extend the six-month period and extend the supplement to other social security payments.

Recipients of jobseeker payment or Youth Allowance (other) (which includes new and existing recipients) and Parenting Payment are also exempt from the assets test, liquid assets waiting period, ordinary waiting period, newly arrived resident's waiting period and seasonal worker preclusion periods. The exemption from the newly arrived resident's waiting period also applies to special benefit.

Schedule 11 also amends the Farm Household Support Act 2014 to apply the supplement and exemptions to recipients of the Farm Household Allowance.

Date of effect: 27 April 2020.

Proposal announced: The Government's economic responses to Coronavirus were announced on 12 March 2020, 18 March 2020 and 22 March 2020.

Financial impact: This measure has the following financial impact over the forward estimates period ($m):

2019-20 2020-21 2021-22 2022-23 2023-24
-5,216.1 -8,841.3 -38.7 -21.9 -15.3

Human rights implications: Schedule 11 to this Bill does not raise human rights issues. See Statement of Compatibility with Human Rights - Chapter 23.

Compliance cost impact: An exemption from the Regulation Impact Statement requirements was granted by the Prime Minister as there were urgent and unforeseen events.

Schedule 12 - Temporary relief for financially distressed individuals and businesses

This Schedule was prepared by the Treasury.

Schedule 12 to this Bill provides temporary relief for financially distressed individuals and businesses.

Date of effect: The day after this Bill receives Royal Assent.

Proposal announced: The Government's economic responses to Coronavirus were announced on 12 March 2020, 18 March 2020 and 22 March 2020.

Financial impact: Nil.

Human rights implications: Schedule 12 to this Bill does not raise any human rights issue. See Statement of Compatibility with Human Rights - Chapter 23.

Compliance cost impact: An exemption from the Regulation Impact Statement requirements was granted by the Prime Minister as there were urgent and unforeseen events.

Schedule 13 - Early release of superannuation

This Schedule was prepared by the Treasury.

Schedule 13 to this Bill amends the SIS Regulations and RSA Regulations to allow individuals affected by Coronavirus to have up to $10,000 released from their superannuation or retirement savings account on compassionate grounds. Each person is permitted to have up to two releases - one for an application made during the 2019-20 financial year and another for an application made during the 2020-21 financial year.

Schedule 13 also amends the ITTP Act 1997 to ensure that any such amounts that are released are not subject to tax.

Date of effect: The day after this Bill receives Royal Assent.

Proposal announced: The Government's economic responses to Coronavirus were announced on 12 March 2020, 18 March 2020 and 22 March 2020.

Financial impact: Schedule 13 to this Bill is estimated to have the following financial impact over the forward estimates period ($m):

2019-20 2020-21 2021-22 2022-23 2023-24
-20.0 -250.0 -280.0 -290.0 -310.0

Human rights implications: Schedule 13 to this Bill does not raise any human rights issues. See Statement of Compatibility with Human Rights - Chapter 23.

Compliance cost impact: An exemption from the Regulation Impact Statement requirements was granted by the Prime Minister as there were urgent and unforeseen events.

Schedule 14 - Medicare levy and Medicare levy surcharge low-income thresholds

This Schedule was prepared by the Treasury.

Schedule 14 to this Bill amends the Medicare Levy Act 1986 and the A New Tax System (Medicare Levy Surcharge - Fringe Benefits) Act 1999 to increase:

the Medicare levy 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;
the Medicare levy low-income thresholds for individuals and families eligible for the Seniors and Pensioners Tax Offset (along with the dependent child/student component of the family threshold), in line with movements in the CPI; and
the Medicare levy surcharge low-income threshold in line with movements in the CPI.

Date of effect: The 2019-20 income year and later income years.

Proposal announced: Not previously announced.

Financial impact: The measure is estimated to have a cost to revenue of $240 million over the forward estimates period comprising ($m):

2019-20 2020-21 2021-22 2022-23 2023-24
- -90 -50 -50 -50

Human rights implications: Schedule 14 to the Bill does not raise any human rights issues. See Statement of Compatibility with Human Rights - Chapter 23.

Compliance cost impact: An exemption from Regulation Impact Statement requirements was granted by the Prime Minister as there were urgent and unforeseen events.

Schedule 15 - Delaying the next intergenerational report to 2021

This Schedule was prepared by the Treasury.

Schedule 15 to this Bill amends the Charter of Budget Honesty to delay the next intergenerational report from 2020 to mid-2021 to ensure there is adequate time to produce long term projections that are based on robust budget estimates.

Date of effect: The day after this Bill receives Royal Assent.

Proposal announced: On 20 March 2020, the Treasurer announced the next intergenerational report will be released in mid-2021 to ensure there is adequate time to produce long term projections that are based on robust budget estimates.

Financial impact: Nil

Human rights implications: This Schedule does not raise any human rights issue. See Statement of Compatibility with Human Rights - Chapter 23.

Compliance cost impact: An exemption from Regulation Impact Statement requirements was granted by the Prime Minister as there were urgent and unforeseen events.

Schedule 16 - Deferral of sunsetting

This Schedule was prepared by the Attorney-General's Department.

Schedule 16 to this Bill allows the relevant Minister for an Act or legislative instrument that is scheduled to sunset on or before 15 October 2020 to determine a new day on which the legislation sunsets. This new date must be no longer than six months after the original sunset date.

Date of effect: The day after this Bill receives Royal Assent.

Proposal announced: The Government's economic responses to Coronavirus were announced on 12 March 2020, 18 March 2020 and 22 March 2020.

Financial impact: Nil

Human rights implications: Schedule 16 to this Bill does not raise any human rights issues. See Statement of Compatibility with Human Rights - Chapter 23.

Compliance cost impact: An exemption from Regulation Impact Statement requirements was granted by the Prime Minister as there were urgent and unforeseen events.

Guarantee of Lending to Small and Medium Enterprises (Coronavirus Economic Response Package) Bill 2020

This Bill was prepared by the Treasury.

The SME Lending Guarantee Bill provides that the Minister may, on behalf of the Commonwealth, grant guarantees to financial institutions in connection with loans made, or to be made, to SMEs if granting the guarantee is likely to assist in dealing with the economic impacts of the Coronavirus.

Date of effect: The day after the SME Lending Guarantee Bill receives Royal Assent.

Proposal announced: The Government's economic responses to Coronavirus were announced on 12 March 2020, 18 March 2020 and 22 March 2020.

Financial impact: Unquantifiable.

Human rights implications: The SME Lending Guarantee Bill does not raise any human rights issues. See Statement of Compatibility with Human Rights - Chapter 23.

Compliance cost impact: An exemption from the Regulation Impact Statement requirements was granted by the Prime Minister as there were urgent and unforeseen events.

The Australian Business Growth Fund (Coronavirus Economic Response Package) Bill 2020

This Bill was prepared by the Treasury.

The Business Growth Fund Bill gives effect to the Government's commitment to increase the availability of patient capital for SMEs by authorising the contribution of $100 million to invest in an Australian Business Growth Fund.

The Business Growth Fund Bill also enables increases in the availability of patient capital for SMEs during the economic impact of the Coronavirus, when other sources of finance may become more difficult to access. It also gives effect to amendments to the Australian Business Growth Fund Bill 2019 as agreed to by the Senate.

Date of effect: The day after the Business Growth Fund Bill receives Royal Assent.

Proposal announced: The proposal to invest in an Australian Business Growth Fund was announced on 4 November 2019. The extension of the proposal to support an Australian Business Growth Fund that can provide patient capital for SMEs was part of the Government's economic responses to Coronavirus which were announced on 12 March 2020, 18 March 2020 and 22 March 2020.

Financial impact: The establishment of an Australian Business Growth Fund is estimated to have the following financial impact over the forward estimates period ($m):

2019-20 2020-21 2021-22 2022-23
.. -0.1 -0.4 -0.8

.. not zero but rounded to zero

Human rights implications: The Business Growth Fund Bill does not raise any human rights issues. See Statement of Compatibility with Human Rights - Chapter 23.

Compliance cost impact: An exemption from Regulation Impact Statement requirements was granted by the Prime Minister as there were urgent and unforeseen events.

Assistance for Severely Affected Regions (Special Appropriation) (Coronavirus Economic Response Package) Bill 2020

This Bill was prepared by the Treasury, and is to be administered by the Department of Infrastructure, Transport, Regional Development and Communications.

The Assistance for Severely Affected Regions Bill gives effect to the Government's commitment to set aside $1 billion to support regions, communities and industry sectors most severely affected by the Coronavirus. The funds will be available to assist during the next few months and over the year ahead to ensure these communities are well placed to recover from the economic effects of the Coronavirus.

Date of effect: The day after the Assistance for Severely Affected Regions Bill receives Royal Assent.

Proposal announced: The Government's economic responses to Coronavirus were announced on 12 March 2020, 18 March 2020 and 22 March 2020.

Financial impact: The measure has the following financial impact over the forward estimates period ($m):

2019-20 2020-21 2021-22 2022-23 2023-24
-100.0 -900.0 - - -

Human rights implications: The Assistance for Severely Affected Regions Bill does not engage any human rights. See Statement of Compatibility with Human Rights - Chapter 23.

Compliance cost impact: An exemption from Regulation Impact Statement requirements was granted by the Prime Minister as there were urgent and unforeseen events.

Structured Finance Support (Coronavirus Economic Response Package) Bill 2020

This Bill was prepared by the Treasury.

The Structured Finance Support Bill establishes the Structured Finance Support (Coronavirus Economic Response) Fund, initially consisting of $15 billion. The Fund will enable the Government to ensure continued access to funding markets impacted by the economic effects of the Coronavirus, and to mitigate impacts on competition in consumer and business lending markets resulting from the Coronavirus. In particular, this will ensure smaller lenders can maintain access to funding, by the Government making targeted investments in structured finance markets.

Date of effect: The day after the Structured Finance Support Bill receives Royal Assent.

Proposal announced: The Government's economic responses to Coronavirus were announced on 12 March 2020, 18 March 2020 and 22 March 2020.

Financial impact: The establishment of the Structured Finance Support (Coronavirus Economic Response) Fund has the following financial impact, including public debt interest, over the forward estimates period ($m):

2019-20 2020-21 2021-22 2022-23
-13.8 -160.6 59.6 143.2

Human rights implications: The Structured Finance Support Bill does not raise any human rights issues. See Statement of Compatibility with Human Rights - Chapter 23.

Compliance cost impact: An exemption from Regulation Impact Statement requirements was granted by the Prime Minister as there were urgent and unforeseen events.

Appropriation (Coronavirus Economic Response Package) Bill (No. 1) 2019-2020

This Bill was prepared by the Department of Finance.

The Appropriation Bill No. 1 proposes appropriations from the Consolidated Revenue Fund for the ordinary annual services of the Government in addition to amounts appropriated through the Appropriation Act (No. 1) 2019-2020 and the Supply Act (No. 1) 2019-2020.

Date of effect: The day that the Appropriation Bill No. 1 receives Royal Assent.

Proposals announced: The Government's economic responses to Coronavirus were announced on 12 March 2020, 18 March 2020 and 22 March 2020.

Financial impact: The total of the items specified in Schedule 1 to the Appropriation Bill No. 1 is $1,651,133,000.

Human rights implications: The Appropriation Bill No. 1 does not raise any human rights issue. See Statement of Compatibility with Human Rights - Chapter 23.

Compliance cost impact: An exemption from Regulation Impact Statement requirements was granted by the Prime Minister as there were urgent and unforeseen events.

Appropriation (Coronavirus Economic Response Package) Bill (No. 2) 2019-2020

This Bill was prepared by the Department of Finance.

The Appropriation Bill No. 2 is to propose appropriations from the Consolidated Revenue Fund for services that are not the ordinary annual services of the Government in addition to amounts appropriated through the Appropriation Act (No. 2) 2019-2020 and the Supply Act (No. 2) 2019-2020.

Date of effect: The day that the Appropriation Bill No. 2 receives Royal Assent.

Proposal announced: The Government's economic responses to Coronavirus were announced on 12 March 2020, 18 March 2020 and 22 March 2020.

Financial impact: The total of the items specified in Schedule 1 to the Appropriation Bill No. 2 is $744,197,000.

Human rights implications: The Appropriation Bill No. 2 does not raise any human rights issue. See Statement of Compatibility with Human Rights - Chapter 23.

Compliance cost impact: An exemption from Regulation Impact Statement requirements was granted by the Prime Minister as there were urgent and unforeseen events.


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