Senator GALLAGHER (Australian Capital Territory—Minister for the Public Service, Minister for Finance, Minister for Women, Manager of Government Business in the Senate and Vice-President of the Executive Council) (13:01): Firstly, I would like to thank senators who've contributed to the debate this morning. Schedule 1 to the Treasury Laws Amendment (2022 Measures No. 3) Bill 2022 amends the Foreign Acquisitions and Takeovers Act 1975 to double the maximum financial penalties for contraventions by foreign investors in provisions relating to residential property. The Foreign Acquisitions and Takeover Fees (Imposition Amendment) Bill 2022 amends the Foreign Acquisitions and Takeovers Fees Imposition Act 2015 to incorporate the cumulative total of indexation to date in the legislated maximum fee cap. This will align the indexation process in the FTA fees act with the indexation process in the Foreign Acquisitions and Takeovers Fees Imposition Regulations 2022. Schedule 2 of the bill amends the taxation secrecy provisions to enable the ATO to share taxation information with the Australian government agencies, including state and territory governments, for the purposes of administering major disaster support programs. These amendments will improve Australia's disaster readiness by cutting at red tape and improving the efficiency of disaster recovery processes to simplify and speed up payments to disaster victims. Schedule 3 of the bill extends the operation of a temporary mechanism in response to the COVID-19 pandemic, which allows arrangements for complying with information and documentary requirements to be altered under Commonwealth legislation, including requirements to give information in writing and produce witness and signed documents. The temporary mechanism responds to the ongoing challenges posed by restrictions on movement for individuals during COVID-19. Schedule 4 of the bill, along with the Income Tax Amendment (Labour Mobility Program) Bill 2022, sets out the income tax arrangements for the foreign resident workers participating in the Pacific Australia Labour Mobility, or PALM, scheme. The amendments specify that foreign resident workers participating in the PALM scheme will pay a final withholding tax of 15 per cent for each dollar of income earned under the scheme from the 2022-23 income year. Workers who are Australian residents for tax purposes will continue to pay ordinary resident tax rates. The government and I foreshadow that we'll be moving an amendment in the committee stage to remove schedule 5 of the bill, which would have introduced a supplementary performance test for the Australian Prudential Regulation Authority against which to benchmark faith based superannuation products. This was an election commitment of the government's to ensure that Australians of faith have the freedom to choose a fund that invests their super in line with their religious beliefs, but it is clear that the support for that schedule of the bill isn't here and we need to talk further with members and senators of this place about how to proceed with that part of the bill. We will let other processes and consultations continue, such as with the Your Future Your Super Review. I know there is a lot of interest from senators about the outcomes of the Your Future Your Super Review. This review will consider the broader question of value based investments, including, for example, ESG investments. I would like to thank Senator McKim and acknowledge his contribution in the remarks he just made but also in his representations to the government on this matter. This is a complex question, so the review is the appropriate place to give proper consideration to whether there are any reforms needed to avoid unintended consequences. To Australians of faith: we will look at how to deliver on our election commitment and, hopefully, be able to bring other senators with us to make sure that that reform can be implemented, but it's clear that it doesn't have the support of the Senate at this point in time. I commend the bills to the Senate. Question agreed to. Bills read a second time.