Richard Colbeck (Tasmania, Liberal Party, Parliamentary Secretary to the Minister for Finance and Administration) Share this | Hansard source

Firstly, I would like to thank senators who made a contribution to the debate on the Corporations Legislation Amendment (Simpler Regulatory System) Bill 2007 and supporting bills. The simpler regulatory system bills bring together a number of initiatives in the corporate and financial services fields that will reduce red tape for business while retaining important protections for investors. In developing the bills stakeholders were involved at an early stage. On behalf of the government I would like to thank them for their contributions and for helping to ensure that the initiatives in the bills achieved an important balance between maintaining investor protection and enhancing business productivity.

The inquiry by the Parliamentary Joint Committee on Corporations and Financial Services into the package provided an opportunity for stakeholders to comment on the details of the bills. The government welcomes the committee’s recommendations that the bills be passed without amendment and particularly thanks the committee members and the committee secretariat for preparing its report in such a timely manner. I commend the bill to the Senate.

Question agreed to.

Bills read a second time.