Robert McClelland (Barton, Australian Labor Party, Attorney-General) Share this | Hansard source

in reply—I commend the member for Moreton and other speakers for their contributions to this debate. As mentioned throughout the debate the Personal Property Securities (Corporations and Other Amendments) Bill 2011 makes the final set of amendments to the Personal Property Securities Act 2009 and consequential amendments to a number of other acts before the personal property securities regime comes into effect later in the year. Personal property securities are currently governed by complex regulatory arrangements. The PPS Act, as it is known, will replace these with a single, national, functional approach. The PPS reform will simplify over 70 Commonwealth, state and territory laws and replace the many existing registers of interests that complement these laws, with one PPS register.

PPS reform is essential for making secured financing more accessible and efficient by lowering risks for lenders, increasing competition between finance providers and providing greater certainty for both lenders and borrowers. This bill has been developed with the assistance of stakeholders including business, consumer advocates, state and territory governments, lawyers and financiers. Essentially, the amendments to the PPS Act will regulate the use of the PPS register, ensure that the regime is consistent with commercial practice, facilitate consumer access to data held on other databases, and correct minor errors and update certain definitions. In short, the amendments in the bill to the Corporations Act will also clarify that the intention of the regime is not to interfere with existing rights under that act.

In conclusion, the PPS reform is a key aspect of the government’s deregulation agenda. I would like to acknowledge the assistance of the states in achieving this reform. New South Wales, Victoria, Queensland and South Australia have already passed referral legislation, and Tasmania and Western Australia will be passing their referral legislation in the coming months. The states and territories have also made consequential amendments to their legislation dealing with personal property securities interests. The passage of this bill, and the commencement of the PPS regime later this year, are significant achievements and will deliver major benefits to many sectors in the Australian economy. I commend the bill to the House.

Question agreed to.

Bill read a second time.

Ordered that this bill be reported to the House without amendment.

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