Stephen Jones (Whitlam, Australian Labor Party, Assistant Treasurer) Share this | Hansard source

I thank all honourable members who have contributed to the debate. It's true that the Albanese government has a plan for a modern data enabled economy that extends the benefits of digital technology throughout the financial services sector and to every corporation in the country.

The Treasury Laws Amendment (Modernising Business Communications and Other Measures) Bill 2022 contains measures designed to maintain and improve Treasury portfolio legislation to ensure that it remains current and fit for purpose. It reflects the government's commitment to its regulatory stewardship role and is a step towards more modern and efficient legislative framework that supports businesses and consumers in their interactions with each other.

Schedule 1 of the bill modernises several Treasury portfolio laws by removing barriers to the use of digital communications, such as electronic signatures and virtual meetings. These amendments build on temporary changes that were introduced during the COVID-19 pandemic and will support a more effective use of technology, providing businesses with greater flexibility to respond to advancing technological changes.

Schedule 2 to the bill implements recommendations to reduce complexity in Australia's financial services laws that were made by the Australian Law Reform Commission, including by removing a whole heap of redundant definitions and using consistent headings for definition sections. Schedule 3 to the bill transfers longstanding and accepted matters contained in ASIC instruments into the Corporations Act and the National Consumer Credit Protection Act. The amendments will improve the clarity of the law, provide certainty and make it simpler for regulated entities and consumers to understand their rights and obligations.

Finally, schedule 4 makes minor and technical amendments to Treasury portfolio legislation, including amendments that clarify the law to ensure it operates in accordance with the actual policy intent of parliament and make minor policy changes to improve administrative outcomes, remedy unintended consequences and correct technical or drafting defects. With those words, I commend the bill to the House.

Question agreed to.

Bill read a second time.

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