Mr ALBANESE (Grayndler—Leader of the House, Minister for Infrastructure and Transport and Minister for Regional Development and Local Government) (13:24):  I thank the shadow minister for his support for this important legislation, the International Interests in Mobile Equipment (Cape Town Convention) Bill 2013 and associated bill. I announced this legislation on the Sunshine Coast at the Regional Aviation Association of Australia Conference. This has the support overwhelmingly of the airline industry.
The airline industry is a very important industry—not just in terms of tourism but also in terms of manufacturing in Australia, and in terms of its contribution to the national economy. The bills are part of the government's national aviation policy white paper. It had a commitment to maintain a vibrant Australian based aviation industry.
The bills will facilitate Australia's accession to the Convention on International Interests in Mobile Equipment and the associated protocol on matters specific to aircraft equipment. The bills give the convention and protocol force of law in Australia, and ensure that the convention and protocol prevail over other Australian laws to the extent of any inconsistency.
The legislation means that Australia will join the international community in having an internationally recognised legal framework for aircraft assets, which mitigates risks inherent with international aircraft finance. Passage of the bills will ultimately enable Australian airlines and other aircraft operators to upgrade more quickly to safer, more fuel-efficient fleets. So this is a decision that is good for our economy, good for employment, good for the environment and good for reducing the impact of aircraft noise.
I thank all members who have participated in the debate, and I thank the House for the support of this important legislation, which I commend to the House.
Question agreed to.
Bill read a second time.
Ordered that this bill be reported to the House without amendment.