FED: Changes to IMF and World Bank red tape a concern: Hockey
PARLY 018Tue Sep 8 02:18:26 EST 2009
Mon Sep 7 16:18:26 UTC 2009
Subject: [Fwd: FED: Changes to IMF and World Bank red tape a concern: Hockey] name="FED: Changes to IMF and World Bank red tape a concern: Hockey.eml" filename*0="FED: Changes to IMF and World Bank red tape a concern: Hocke"; Subject: FED: Changes to IMF and World Bank red tape a concern: Hockey FED: Changes to IMF and World Bank red tape a concern: Hockey
CANBERRA, Sept 7 AAP - Allowing the federal government to automatically adopt changes to the rules governing International Monetary Fund and World Bank members could undermine democracy in Australia, the opposition has suggested.
The lower house passed on Monday the International Monetary Agreements Amendments Bill, which slashes legislative red tape when it comes to the two global money managers.
The proposed laws mean amendments to the IMF and World Bank's articles of agreement will be approved automatically in future, without parliament having to pass legislation, as is currently required.
Opposition treasury spokesman Joe Hockey says while the coalition supports the bill he has some serious concerns.
"In my maiden speech I committed to parliamentary democracy so it does grate a little that the coalition would be in a position where it is supporting legislation that empowers international agreements to automatically flow through to Australia," he said.
"It is something I am uncomfortable with."
Mr Hockey suggested the Senate should examine ways of allowing "constant updates" to be provided to parliament as changes to the IMF and World Bank rules were enacted.
But Labor backbencher John Murphy said there would be parliamentary scrutiny, because the joint standing committee on treaties would consider any changes.
Outspoken Liberal backbencher Wilson Tuckey questioned whether the IMF, in praising the government's stimulus measures, really had Australia's interests at heart.
He said it was more interested in Australia stimulating the economies of other countries.
The IMF would have been pleased that many of the $900 stimulus cheques were spent on Chinese flat screen television sets or visits to Bali, Mr Tuckey said.
AAP jcd/apm =0A
FED: Changes to IMF and World Bank red tape a concern: Hockey