Malarndirri McCarthy (NT, Australian Labor Party, Assistant Minister for Indigenous Australians) Share this | Hansard source

I would certainly like to thank those senators who have contributed to this debate. This bill contains measures designed to maintain and improve Treasury portfolio legislation to ensure it remains current and fit for purpose. Schedule 1 modernises several Treasury portfolio laws by amending prescriptive provisions that tie businesses to traditional inefficient methods of communication. It expands the scope of documents covered by the Corporations Act 2001 that may be signed and communicated electronically.

The relief currently provided by the Australian Securities and Investments Corporation, ASIC, to entities attempting to contact lost members will be legislated and amended. Requirements to publish notices in newspapers will also be replaced with the requirement to ensure the notices are published prominently and are easily accessible. Amendments to several Treasury portfolio laws will make it clear that electronic payment options are available, and that Treasury portfolio regulators can hold hearings and examinations virtually. These reforms will remove barriers to efficient business operations and reduce costs for consumers, businesses and regulators.

Schedule 2 reduces the complexity of Australia's financial services laws, as recommended by the Australian Law Reform Commission in its interim report A of its review of the legislative framework for corporations and financial services regulations.

The amendments address complexity in the design of definitions in the corporation and financial services law, including by removing redundant definitions and using consistent headings for definition sections. This is designed to facilitate a more adaptive, efficient and navigable legislative framework within existing policy parameters. Schedule 3 transfers long-standing and accepted matters contained in ASIC instruments into the Corporations Act 2001 and the National Consumer Credit Protection Act 2009. 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.

Schedule 4 makes minor and technical amendments to Treasury portfolio legislation and this includes amendments that clarify the law to ensure it operates in accordance with the policy intent, make minor policy changes to improve administrative outcomes or remedy unintended consequences and correct technical or drafting defects.

I'd just like to go to Senator McKim's amendments and to his speech. Thank you for your contribution, Senator McKim. I know you've been enormously passionate in pursuing this over a very long period. But I do have to say we will not be accepting the amendments that will be moved by the Australian Greens relating to continuous disclosure obligations. While Labor did not support this measure when it was introduced in 2021, amendments ensured there would be a statutory review after two years. That review is about to commence, and we will wait for the review's findings before proceeding with any further change in this area. I commend this bill to the Senate.

Question agreed to.

Bill read a second time.