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Treasury Laws Amendment (Modernising Business Communications and Other Measures)

Current status

This bill became law on Sep 14th, 2023.

Policy area

Budget, tax & economy

What does this bill do?

Companies can now sign documents required under the Corporations ActThe main company law this bill updates, especially rules about signing documents, sending notices and handling member communications. electronically as well as with pen and paper.

Why was it introduced?

Outdated laws still relied on paper signatures, postal or newspaper notices, and in-person regulatory processes, which created delays and unnecessary costs. This bill lets companies and regulators use electronic signing, digital document delivery, online hearings, and other simpler notice and disclosure methods.

Broader context

Australian business and Treasury laws still depended on paper signatures, posted documents, newspaper notices and in-person processes, so a 2021 federal deregulation push began replacing those older requirements with technology-neutral communication rules. After those pre-election measures lapsed, the government reintroduced them in late 2022 and added an initial response to the Australian Law Reform CommissionThe body whose review of financial services law is mentioned as part of the policy background for this bill.’s financial services legislation review, with Parliament passing the package in September 2023 so electronic signing, digital delivery and online regulatory processes could be embedded in law.

Key criticism

The main recorded criticism was not of the bill’s digital communication reforms themselves, but that it missed a chance to tighten separate continuous disclosureThe rule that listed companies must keep the market informed about important information, which some speakers wanted to tighten through amendment. rules and add stronger investor-facing protections. That concern appears to have been raised narrowly by the Australian Greens through Senate amendment efforts, while no party represented in the debate opposed the bill as a whole.

Who supported it?

Jones MP introduced this bill. It passed on the voices.

Introduced in House 23 Nov 2022
Passed House 06 Feb 2023
Passed Senate 04 Sept 2023
Became law 14 Sept 2023

Did it become law?

Yes

Became law 14 Sept 2023

Final passage

Passed without a counted vote

1 recorded amendment or procedural vote was found, but no counted vote on the bill itself was recorded.

Passage speed

295 days

From introduction to the latest recorded parliamentary step

Official record

View on APH

Parliament of Australia bill page

Meaning

What does this bill do?

  1. Companies can now sign documents required under the Corporations ActThe main company law this bill updates, especially rules about signing documents, sending notices and handling member communications. electronically as well as with pen and paper.

  2. Companies and similar bodies can send more Corporations ActThe main company law this bill updates, especially rules about signing documents, sending notices and handling member communications. documents electronically, let members choose paper or digital copies, and stop sending documents when all known member contact details are wrong.

  3. Treasury regulators can run hearings and examinations in person, partly online, or fully online, but the technology used must be reasonable.

  4. Government and businesses can meet many legal notice rules without using newspapers, as long as the notice is easy for the public to find and prominent enough.

  5. Insurance sellers giving a general insurance quote by phone do not always have to provide a product disclosure statementThe key information document some financial products must give customers, and this bill changes when it must be handed over in phone sales of general insurance. straight away, but they must give key information and provide it if the customer asks.

Show source excerpts
  1. all documents which are required or permitted to be signed under the Corporations Act can be signed electronically or in wet-ink;
    Treasury Laws Amendment (Modernising Business Communications and Other Measures) explanatory memorandum
  2. extending the global communications regime, allowing members of certain entities to elect to receive documents in either hard copy or electronic form, and providing relief to entities that are unable to contact members under the Corporations Act (Part 1);
    Treasury Laws Amendment (Modernising Business Communications and Other Measures) explanatory memorandum
  3. The regulator has the discretion whether to hold a hearing or examination in a physical, hybrid or virtual form, but if they hold a hearing or examination using virtual enquiry technology, they must ensure that the use of the technology is objectively reasonable. This obligation is designed to protect the person’s rights, while also giving the regulator the necessary flexibility to hold hearings or examinations efficiently.
    Treasury Laws Amendment (Modernising Business Communications and Other Measures) explanatory memorandum
  4. Generally, where a Commonwealth entity is required or permitted to publish a notice in a newspaper, the new law now permits the Commonwealth entity to publish the relevant notice in a manner that results in the notice being accessible to the public and reasonably prominent.
    Treasury Laws Amendment (Modernising Business Communications and Other Measures) explanatory memorandum
  5. To take advantage of the exemption in new section 1012GA a regulated person must meet conditions associated with the issuing of the quote and provide the retail client with specified information. However, if a retail client requests a PDS in relation to the quote, the regulated person must provide them with the PDS. [Schedule 3, item 30, paragraph 1012GA(2)(a) of the Corporations Act]
    Treasury Laws Amendment (Modernising Business Communications and Other Measures) explanatory memorandum

Context

Broader context for this bill

Australian business and Treasury laws still depended on paper signatures, posted documents, newspaper notices and in-person processes, so a 2021 federal deregulation push began replacing those older requirements with technology-neutral communication rules. After those pre-election measures lapsed, the government reintroduced them in late 2022 and added an initial response to the Australian Law Reform CommissionThe body whose review of financial services law is mentioned as part of the policy background for this bill.’s financial services legislation review, with Parliament passing the package in September 2023 so electronic signing, digital delivery and online regulatory processes could be embedded in law.

  1. 10 Jan 2021

    Treasury outlines plan to scrap paper signatures and newspaper notices

    A federal consultation detailed plans to end mandatory cheques, paper signatures, physical records and newspaper notices in favour of digital channels for business communications.

    Australian Financial Review ↗
  2. 23 Nov 2022

    Government reintroduces business communications overhaul

    The bill was introduced to revive pre-election modernisation measures and start putting electronic signing, digital communications and simpler notice rules back before Parliament.

    Hansard ↗
  3. 06 Feb 2023

    House passes the bill with amendments

    The House approved the bill after debate that framed it as a red-tape reduction measure and an initial response to the Australian Law Reform CommissionThe body whose review of financial services law is mentioned as part of the policy background for this bill.’s review of financial services legislation.

    Parliamentary timeline ↗
  4. 04 Sept 2023

    Senate passes the bill

    The Senate completed passage of the bill, backing permanent changes to electronic document delivery, online hearings and more practical public notice requirements.

    Parliamentary timeline ↗
  5. 14 Sept 2023

    Royal AssentThe final step that turns a bill into an Act, which is why the page says the reforms are now law. makes the reforms law

    Royal AssentThe final step that turns a bill into an Act, which is why the page says the reforms are now law. turned the bill into an Act, locking in technology-neutral business communications and related Treasury law updates instead of temporary or piecemeal workarounds.

    Parliamentary timeline ↗

Legislative route

How did it move through Parliament?

House Senate
Introduced 23 Nov 2022

The bill was formally presented to the chamber and read a first time, which starts its parliamentary journey.

Introduced and read a first time

Second reading opened 23 Nov 2022

A minister or sponsoring member moved the second reading, opening the main debate on the bill's purpose and principles.

Second reading moved

Economics Legislation Committee; Committee report (03/03/2023) review 24 Nov 2022

Referred to Committee (24/11/2022): Senate Economics Legislation Committee; Committee report (03/03/2023)

Referred to committee

APH bill page notes
Second reading debate 06 Feb 2023

The bill reached this recorded parliamentary step.

House second reading agreed 06 Feb 2023

The chamber agreed to the bill at second reading, meaning it accepted the bill in principle and allowed it to continue.

Second reading agreed to

House agreed to amendment packages 06 Feb 2023

The chamber considered amendments before the bill moved to the next stage.

Consideration in detail debate

House third reading agreed 06 Feb 2023

The chamber agreed to the bill at third reading, which completed passage through that chamber.

Third reading agreed to

Introduced 07 Feb 2023

The bill was formally presented to the chamber and read a first time, which starts its parliamentary journey.

Introduced and read a first time

Second reading opened 07 Feb 2023

A minister or sponsoring member moved the second reading, opening the main debate on the bill's purpose and principles.

Second reading moved

Second reading debate 04 Sept 2023

The bill reached this recorded parliamentary step.

Senate second reading agreed 04 Sept 2023

The chamber agreed to the bill at second reading, meaning it accepted the bill in principle and allowed it to continue.

Second reading agreed to

Committee of the Whole debate 04 Sept 2023

The bill reached this recorded parliamentary step.

Senate third reading agreed 04 Sept 2023

The chamber agreed to the bill at third reading, which completed passage through that chamber.

Third reading agreed to

Passed both houses 04 Sept 2023

Both houses passed the bill in the same form, completing parliamentary passage.

Finally passed both Houses

Assent 14 Sept 2023

The Governor-General gave Royal AssentThe final step that turns a bill into an Act, which is why the page says the reforms are now law., turning the bill into an Act.

Key criticism

The main case against this bill

The main recorded criticism was not of the bill’s digital communication reforms themselves, but that it missed a chance to tighten separate continuous disclosureThe rule that listed companies must keep the market informed about important information, which some speakers wanted to tighten through amendment. rules and add stronger investor-facing protections. That concern appears to have been raised narrowly by the Australian Greens through Senate amendment efforts, while no party represented in the debate opposed the bill as a whole.

Criticism was limited and mostly about what the bill did not include.

Missed chance to strengthen disclosure rules

The clearest reservation was that the bill should also have been used to change continuous disclosureThe rule that listed companies must keep the market informed about important information, which some speakers wanted to tighten through amendment. obligations, rather than only modernising business communications and related technical rules. This was a concern about omitted safeguards and broader corporate accountability settings, not a broad case against the bill’s core measures.

Raised by Australian Greens, through proposed Senate amendments moved by Senator McKim Source ↗

Further sources

openaustralia.org.au ↗

Votes

Recorded votes

How the bill itself passed

The bill passed both chambers on the voices. The counted divisions below were about amendments or procedure, not final passage.

Passed

House passed the bill

House agreed to the bill's third reading on the voices, so there is no list of individual Aye and No votes for final passage in that chamber.

06 Feb 2023

Passed on the voices

In a voice vote, members call out Aye or No and the presiding officer judges which side has it. Individual names are only recorded if a formal division is called.

Passed

Senate passed the bill

Senate agreed to the bill's third reading on the voices, so there is no list of individual Aye and No votes for final passage in that chamber.

04 Sept 2023

Passed on the voices

In a voice vote, members call out Aye or No and the presiding officer judges which side has it. Individual names are only recorded if a formal division is called.

Amendments at a glance

Amendments grouped by chamber. These cards include amendment outcomes recorded without a counted division.

House

Carried

Government removed optional wording from provisions

The House agreed on voices to two government amendments deleting the words “that may be” from two Schedule 2 provisions.

Carried on voices

The chamber decided this amendment without a counted division, so there is no list of individual Aye and No votes.

Hansard record ↗

Senate

Defeated

Back continuous disclosure reforms

Aye 13 No 22

Defeated 13 to 22. Support came from Greens and Jacqui Lambie Network. Opposition came from Labor, Liberal Party, One Nation, and UAP. Minor-party and independent votes were split.

04 Sept 2023

The defeat meant the bill left the Senate without those proposed continuous disclosureThe rule that listed companies must keep the market informed about important information, which some speakers wanted to tighten through amendment. changes.

Party Recorded votes Aye / No
Labor 0 / 14
Greens 11 / 0
Unknown 1 / 3
Liberal Party 0 / 3
Jacqui Lambie Network 1 / 0
One Nation 0 / 1
UAP 0 / 1

These are amendment votes, not the final passage vote on the bill itself. The bill passed both chambers on the voices.

The parliamentary record also shows 2 Government amendments agreed without a counted division.

Parliamentary debate

Who spoke, and what they said

Start here — lead voices

Sponsor speech Supports

Jones

MP 23 Nov 2022

Mr Jones supports the bill, saying it will modernise Treasury laws, remove outdated paper-based requirements, and make the framework clearer and easier to use.

Read in Hansard ↗
Lead supporting voice Supports

Angus Taylor

Liberal Party • MP 06 Feb 2023

Taylor says the opposition will support the bill because it modernises business communications, improves the navigability of financial services law, and cuts red tapeA shorthand used throughout the speeches for paperwork and compliance steps the bill is meant to reduce. for businesses.

Read in Hansard ↗
Lead voice Supports

Aaron Violi

Liberal Party • MP 06 Feb 2023

Violi supports the bill because it modernises business communications, makes temporary COVID-era changes permanent and should cut red tapeA shorthand used throughout the speeches for paperwork and compliance steps the bill is meant to reduce. and improve efficiency for businesses.

Read in Hansard ↗
Lead voice Supports

Bert Van Manen

Liberal Party • MP 06 Feb 2023

Van Manen supports the bill, saying it will cut red tapeA shorthand used throughout the speeches for paperwork and compliance steps the bill is meant to reduce. and update business communications rules in a way that helps small and medium businesses operate more efficiently.

Read in Hansard ↗

All speeches by bloc

Labor

3 speakers · 3 support

  1. Tim Ayres Ayres supports the bill and says it will modernise Treasury laws so they are technology-neutral, clearer, and easier for businesses and consumers to use.
    “Schedule 1 to the Bill will modernise several Treasury portfolio laws to improve their technology neutrality and address unnecessary barriers to the use of digital communications.”

    Australian Labor Party • Senator • 07 Feb 2023

    Read the full speech in Hansard ↗
  2. Malarndirri McCarthy McCarthy supports the bill and says it will modernise business communications, simplify financial services laws, and reduce red tapeA shorthand used throughout the speeches for paperwork and compliance steps the bill is meant to reduce..
    “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.”

    Australian Labor Party • Senator • 04 Sept 2023

    Read the full speech in Hansard ↗
  3. Stephen Jones Stephen Jones supports the bill, arguing that finally, schedule 4 makes minor and technical amendments to Treasury portfolio legislationThe collection of laws and regulations managed through the Treasury portfolio, which this bill updates in several small ways., 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.
    “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.”

    Australian Labor Party • MP • 06 Feb 2023

    Read the full speech in Hansard ↗

Coalition

4 speakers · 4 support

  1. Angus Taylor ★ Taylor says the opposition will support the bill because it modernises business communications, improves the navigability of financial services law, and cuts red tapeA shorthand used throughout the speeches for paperwork and compliance steps the bill is meant to reduce. for businesses.
    “We will be supporting this bill and the amendments proposed by the government.”

    Liberal Party • MP • 06 Feb 2023

    Read the full speech in Hansard ↗
  2. Aaron Violi ★ Violi supports the bill because it modernises business communications, makes temporary COVID-era changes permanent and should cut red tapeA shorthand used throughout the speeches for paperwork and compliance steps the bill is meant to reduce. and improve efficiency for businesses.
    “This legislation reintroduces measures advanced before the election to modernise AGM and other business communication rules and provides an initial response to the Australian Law Reform Commission review into financial services legislation. The bill implements law-improvement measures across four streams: technology-neutral communications in schedule 1, recommendations of the ALRC review in schedule 2, the rationalisation of ASIC instruments in schedule 3 and minor and technical amendments in schedule 4. The amendments in schedules 2 to 4 are made largely within existing policy parameters. Temporary changes, where necessary, were enacted by the government during COVID, and showed the ability of businesses to adapt and respond quickly to changing environments. These changes were around virtual meetings and the electronic execution of documents to ensure businesses could continue to operate and meet their legal obligations. These measures have now been made permanent. This is an important change, which will continue to drive efficiency for businesses, which is so crucial to our future economic success as a nation.”

    Liberal Party • MP • 06 Feb 2023

    Read the full speech in Hansard ↗
  3. Bert Van Manen ★ Van Manen supports the bill, saying it will cut red tapeA shorthand used throughout the speeches for paperwork and compliance steps the bill is meant to reduce. and update business communications rules in a way that helps small and medium businesses operate more efficiently.
    “This bill revives a bill that was put into this place by the previous government. I'm pleased to see that the government is taking this on board and proceeding with this legislation because, if we can free up our regulatory environment and ensure that it is fit for purpose not only for big business but also for our small to medium-sized businesses—which are the predominant type of business across my electorate of Forde—it will make those businesses more profitable, more efficient and more able to focus on their day-to-day needs in terms of servicing their customers, developing new products and building and growing our economic wealth.”

    Liberal Party • MP • 06 Feb 2023

    Read the full speech in Hansard ↗
  4. Dean Smith Dean Smith says the coalition will support the bill because it cuts red tapeA shorthand used throughout the speeches for paperwork and compliance steps the bill is meant to reduce., lowers business costs and modernises business communications.
    “I rise to speak on the Treasury Laws Amendment (Modernising Business Communications and Other Measures) Bill 2023. The coalition will be supporting this legislation. This legislation implements reforms led by the former coalition government that reduce red tape, lower the cost of doing business and support digital innovation in the delivery of core business functions.”

    Liberal Party • Senator • 04 Sept 2023

    Read the full speech in Hansard ↗

Unknown

1 speaker · 1 support

  1. Jones ★ Mr Jones supports the bill, saying it will modernise Treasury laws, remove outdated paper-based requirements, and make the framework clearer and easier to use.
    “This bill contains measures designed to maintain and improve Treasury portfolio legislation to ensure it remains current and fit-for-purpose.”

    MP • 23 Nov 2022

    Read the full speech in Hansard ↗

Record

Full record

Full chat