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

ARTHY (—) (): Firstly, I would like to thank those senators who have contributed to this debate. The Treasury Laws Amendment (2023 Law Improvement Package No. 1) Bill 2023 contains measures designed to maintain and improve Treasury portfolio legislation to ensure it remains current and fit for purpose. It forms part of the government's regulatory stewardship role, the work of which is ongoing. Schedules 1, 2 and 3 to the bill make amendments to implement some of the recommendations made by the Australian Law Reform Commission in Interim report A and Interim report B of its review of the legislative frameworks for corporations and financial services regulation. The amendments improve the navigability and clarity of the law within existing policy parameters by unfreezing the Acts Interpretation Act 1901 so that the current version applies to the Corporations Act 2001 and the Australian Securities and Investments Commission Act 2001. The schedules will create a single glossary of defined terms in the Corporations Act, repeal redundant provisions, correct errors and make other amendments to improve clarity.

Schedule 4 to the bill makes amendments to the enabling acts of certain legislative instruments regulating the insurance industry that are due to sunset on 1 October 2023. The amendments will help to ensure that the sunsetting insurance instruments being remade will be up to date and fit for purpose. Schedule 5 to the bill transfers longstanding and accepted matters contained in ASIC instruments into the Corporations Act 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. The minor and technical amendments in schedule 6 to the bill will amend various laws in the Treasury portfolio to ensure those laws operate in accordance with policy intent, will make minor policy changes to improve administrative outcomes and will remedy unintended consequences, as well as correcting technical and drafting defects. I commend the bill to the Senate.

Question agreed to.

Bill read a second time.