This bill became law on Sep 20th, 2023.
Budget, tax & economy
Australia’s corporations and financial services laws now use the current interpretation rules, put defined terms in one main glossary, and remove many redundant or confusing provisions so the law is easier to navigate.
Corporations and financial services laws had outdated interpretation rules, scattered definitions, rigid prescribed formsFixed statutory forms that the bill replaces with more flexible approval power for the Minister, APRA or ASIC., and redundant provisions that made them harder to use and risked changing how key deadlines worked. This bill updates those laws, keeps existing deadline-counting rules, and lets regulators and the Minister use clearer tests and more flexible administrative forms.
Australia’s corporations and financial services laws were still carrying outdated interpretation rules, scattered definitions, rigid prescribed formsFixed statutory forms that the bill replaces with more flexible approval power for the Minister, APRA or ASIC. and redundant provisions, and a review launched in September 2020 by the Australian Law Reform CommissionThe review body that examined how corporations and financial services law could be simplified and is the source of the reform recommendations used in this bill. set up a formal push to simplify that framework. Using recommendations from the review’s interim reports, the government introduced this bill in June 2023 to modernise and tidy the law without changing key deadline-counting practice, and Parliament passed it in September before it received Royal AssentThe final step that turns a bill into an Act, which the page says happened later in September 2023. later that month.
The main criticism was that the bill was too narrow and technical, cleaning up drafting and red tape without tackling bigger pressures on businesses and households. That view came mainly from coalition speakers who still backed the bill, so the recorded criticism was limited and did not amount to opposition to the package itself.
Stephen Jones MP introduced this bill. It passed on the voices.
Did it become law?
Yes
Became law 20 Sept 2023
Final passage
Passed without a counted vote
Members called out ‘aye’ or ‘no’ — no individual votes were recorded.
Passage speed
98 days
From introduction to the latest recorded parliamentary step
Meaning
Australia’s corporations and financial services laws now use the current interpretation rules, put defined terms in one main glossary, and remove many redundant or confusing provisions so the law is easier to navigate.
Company and ASICThe corporate and financial services regulator that keeps using its existing powers for forms and deadlines in the updated laws. deadlines keep the same practical counting rules as before, even though the broader interpretation law now updates automatically over time.
Insurance takeover decisions now rely on a clearer public interest testThe decision rule the Minister applies when considering insurance takeover matters under the updated law., with the Minister able to set relevant matters by legislative instrumentA type of legally binding rule made under an Act, used here for setting detailed matters that guide the insurance takeover test. instead of using the old Decision-Making PrinciplesThe old set of rules used for insurance takeover decisions, which this bill replaces with a clearer public interest test set by legislative instrument..
Life insurance companies can be penalised if they do not tell APRAThe prudential regulator for banks, insurers and superannuation, which gets new notice and form-related powers in this bill. where their records are kept, with a new offence carrying a maximum penalty of 100 penalty units.
Insurance and life insurance paperwork can now be approved by the Minister, APRAThe prudential regulator for banks, insurers and superannuation, which gets new notice and form-related powers in this bill. or ASICThe corporate and financial services regulator that keeps using its existing powers for forms and deadlines in the updated laws. in the required manner and form, instead of relying on detailed forms locked into regulations.
Schedules 1 to 3 to the Bill implement recommendations identified by the ALRC in Interim Reports A and B from the ALRC Review to simplify and improve the navigability of the law. This includes ‘unfreezing’ the application of the AIA to the Corporations Act and ASIC Act, creating a single glossary for all defined terms in the Corporations Act, repealing redundant definitions, addressing unclear or incorrect provisions and simplifying unnecessarily complex provisions in the law.Treasury Laws Amendment (2023 Law Improvement Package No. 1) explanatory memorandum
The Bill amends the bespoke rules for calculating time in the Corporations Act to ensure that the rules in the frozen AIA (as modified by the Corporations Act) continue to apply. The Bill also clarifies that this approach applies to instruments made under the Corporations Act.[Schedule 1, item 15, section 105 of the Corporations Act]Treasury Laws Amendment (2023 Law Improvement Package No. 1) explanatory memorandum
To give effect to the findings of the review, Part 7 of the IAT Act containing the enabling provision for the Decision-Making Principles is repealed. This also results in the repeal of the Decision-Making Principles. This is replaced with the ability for the Minister to determine, by legislative instrument, matters which inform the public interest test. Specifically, the Minister may determine matters to which regard must or may be had in determining whether a particular matter (such as the result of a trigger proposal under section 57 of the IAT Act) is:Treasury Laws Amendment (2023 Law Improvement Package No. 1) explanatory memorandum
New subsection 76A(7) of the Life Insurance Act provides that a life company commits an offence if it fails to notify APRA of the address of where the company’s records are kept as outlined above. The maximum penalty imposed for such a contravention is 100 penalty units.[Schedule 4, item 33, subsection 76A(7) of the Life Insurance Act]Treasury Laws Amendment (2023 Law Improvement Package No. 1) explanatory memorandum
giving the Minister, APRA or ASIC as relevant, the power to prescribe the manner and form of applications and notices in the IAT Act and Life Insurance Act, rather than have forms prescribed in regulations;Treasury Laws Amendment (2023 Law Improvement Package No. 1) explanatory memorandum
Context
Australia’s corporations and financial services laws were still carrying outdated interpretation rules, scattered definitions, rigid prescribed formsFixed statutory forms that the bill replaces with more flexible approval power for the Minister, APRA or ASIC. and redundant provisions, and a review launched in September 2020 by the Australian Law Reform CommissionThe review body that examined how corporations and financial services law could be simplified and is the source of the reform recommendations used in this bill. set up a formal push to simplify that framework. Using recommendations from the review’s interim reports, the government introduced this bill in June 2023 to modernise and tidy the law without changing key deadline-counting practice, and Parliament passed it in September before it received Royal AssentThe final step that turns a bill into an Act, which the page says happened later in September 2023. later that month.
ALRCThe review body that examined how corporations and financial services law could be simplified and is the source of the reform recommendations used in this bill. review of corporations and financial services law begins
The review’s terms of reference asked the Australian Law Reform CommissionThe review body that examined how corporations and financial services law could be simplified and is the source of the reform recommendations used in this bill. to examine how the legislative framework could be simplified and rationalised.
Hansard ↗Government introduces the law improvement bill
The Assistant Treasurer said the bill would keep Treasury portfolio laws current and fit for purpose and implement ALRCThe review body that examined how corporations and financial services law could be simplified and is the source of the reform recommendations used in this bill. recommendations from interim reports A and B.
Hansard ↗House passes the bill
The House agreed to the bill at second and third readingThe parliamentary stages where the House and Senate agreed to the bill, showing it had passed both chambers., sending the package of technical law changes to the Senate.
Parliamentary timeline ↗Senate passes the bill
The Senate agreed to the bill at second and third readingThe parliamentary stages where the House and Senate agreed to the bill, showing it had passed both chambers., completing Parliament’s approval of the same text.
Parliamentary timeline ↗Bill receives Royal AssentThe final step that turns a bill into an Act, which the page says happened later in September 2023.
Royal AssentThe final step that turns a bill into an Act, which the page says happened later in September 2023. turned the measure into an Act so the cleanup of corporations and financial services law could take legal effect.
Parliamentary timeline ↗Legislative route
The bill was formally presented to the chamber and read a first time, which starts its parliamentary journey.
Introduced and read a first time
A minister or sponsoring member moved the second reading, opening the main debate on the bill's purpose and principles.
Second reading moved
The bill reached this recorded parliamentary step.
Referred to Committee (22/06/2023): Senate Economics Legislation Committee; Committee report (28/07/2023)
Referred to committee
APH bill page notesThe chamber agreed to the bill at second reading, meaning it accepted the bill in principle and allowed it to continue.
Second reading agreed to
The chamber agreed to the bill at third reading, which completed passage through that chamber.
Third reading agreed to
The bill was formally presented to the chamber and read a first time, which starts its parliamentary journey.
Introduced and read a first time
A minister or sponsoring member moved the second reading, opening the main debate on the bill's purpose and principles.
Second reading moved
The bill reached this recorded parliamentary step.
The bill reached this recorded parliamentary step.
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
The chamber agreed to the bill at third reading, which completed passage through that chamber.
Third reading agreed to
Both houses passed the bill in the same form, completing parliamentary passage.
Finally passed both Houses
The Governor-General gave Royal AssentThe final step that turns a bill into an Act, which the page says happened later in September 2023., turning the bill into an Act.
Key criticism
The main criticism was that the bill was too narrow and technical, cleaning up drafting and red tape without tackling bigger pressures on businesses and households. That view came mainly from coalition speakers who still backed the bill, so the recorded criticism was limited and did not amount to opposition to the package itself.
No party represented in the debate opposed the bill, and criticism stayed narrow and mostly political.
Too limited to address bigger problems
Critics said the bill only makes modest technical and deregulatory fixes, and does not deal with broader regulatory, economic and cost pressures facing businesses and households. The concern was not that the clean-up measures were harmful, but that they were too small to make much practical difference beyond tidying the law.
Further sources
Votes
The bill passed both chambers on the voices, so there is no list of individual Aye and No votes for final passage.
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.
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.
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.
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.
Parliamentary debate
Start here — lead voices
Jones supports the bill as a technical cleanup package that keeps Treasury laws current, simpler and fit for purpose.
Read in Hansard ↗James Stevens says the coalition will support the bill because it reduces red tape and simplifies business law, while urging stronger safeguards for data protection and saying much broader reform is still needed.
Read in Hansard ↗Julian Hill supports the bill, saying it simplifies and clarifies complex corporate, insurance and ASICThe corporate and financial services regulator that keeps using its existing powers for forms and deadlines in the updated laws. laws while correcting errors and improving certainty for regulated entities and consumers.
Read in Hansard ↗Mulino supports the bill, saying it advances the ALRCThe review body that examined how corporations and financial services law could be simplified and is the source of the reform recommendations used in this bill.'s work to simplify and rationalise corporations and financial services law.
Read in Hansard ↗All speeches by bloc
13 speakers · 14 contributions · 13 support
“It's really important, as I said—and I will finish where I started—that, overall, these amendments flowed from the ALRC's work in relation to schedules 2 and 3, but they both have a mix of important policy measures such as in relation to insurance while improving the clarity and the understanding of the law for all those in the country who need to read it. And look, I apologise to the member for Forde. I haven't had time to read out the glossary of terms or to take you through the consultation that preceded the bill.”Read the full speech in Hansard ↗
“I have pleasure in rising to speak in support of the Treasury Laws Amendment (2023 Law Improvement Package No. 1) Bill. This is a very important bill, in part because it's part of a very important process that the Australian Law Reform Commission is undertaking in relation to the Corporations Law and a number of pieces of legislation regulating financial services.”Read the full speech in Hansard ↗
“In this case, since this is a bill that has bipartisan support and is relatively non-controversial, where there is consensus that these are sensible and measured approaches to improving not just our laws but our entire ecosystem of business and governance in these places and spaces, it's appropriate that the Treasury Laws Amendment (2023 Law Improvement Package No. 1) Bill 2023 be one of those that we take a little bit more time to examine.”Read the full speech in Hansard ↗
“I'm pleased to take this opportunity to also rise to speak on the Treasury Laws Amendment (2023 Law Improvement Package No.1) Bill 2023. As part of its regulatory stewardship role, the government is progressing amendments to ensure that Treasury portfolio legislation remains current and fit for purpose. The amendments in this bill are mostly technical but they will reduce the complexity in Australia's corporations and financial services law, increase its navigability and enhance its clarity, and they supplement the law improvement amendments in the Treasury Laws Amendment (Modernising Business Communications) Bill.”Read the full speech in Hansard ↗
Hansard records 2 separate contributions by Tony Sheldon on this bill. They are grouped here so the speaker is listed once.
Second reading speech
Sheldon supports the bill, saying it should cut red tape and help create a fairer playing field for businesses that do the right thing. He frames it as part of backing fair competition and better treatment of workers, rather than protecting bad operators.
“I'm very pleased to speak on the Treasury Laws Amendment (2023 Law Improvement Package No. 1) Bill 2023. I think the point my learned colleague was talking about was very fine—dealing with the red tape so we can have the red carpet out for business. I was just with businesses in the road transport industry, and small businesses, large businesses, owner-drivers and workers were turning around and saying they want to have a fair playing field. They want to have the red carpet out for those companies that do the right thing, look after their workforce and make sure that business can fairly compete, not the scoundrels who literally have people killed on our roads or are stealing money from workers.”Read this contribution in Hansard ↗
Second reading speech
Sheldon supports the bill, saying it will simplify Treasury and corporations law, remove redundant provisions, and make the system more efficient. He treats it as an important clean-up measure that reduces red tape and improves clarity.
“When we're looking at what we should be doing about regulation, this is an important bill, because it does start moving an efficiency within regulation, getting rid of red tape. This is an important aspect of how we make things more efficient. It says very clearly that there's a way and means of coming together and doing things in a smarter way. But when we start looking at cost-of-living questions right across the economy, we need to look at all the cost-of-living packages that can help Australian people.”Read this contribution in Hansard ↗
“I also rise to speak in support of the Treasury Laws Amendment (2023 Law Improvement Package No. 1) Bill 2023. I commend earlier contributions to this debate and also look forward to the contribution of the member for Bennelong on the next bill coming up for debate.”Read the full speech in Hansard ↗
“The bill demonstrates the government progressing amendments to ensure that Treasury portfolio legislation remains current and fit for purpose. It will take years to give effect to some of these measures. I would like to commend the work of the member for Whitlam, the Assistant Treasurer and the Minister for Financial Services, for his work in this space. I would also like to note some of the other contributions we've had. We heard this morning from the Manager of Opposition Business. His contribution suggested that the government did not have an economic plan. I refer the member for Bradfield to the May budget, where he will see an economic plan. The budget delivered in May was carefully calibrated with an eye to fiscal restraint and economic repair. The member for Bradfield might note that it also has projections to deliver a budget surplus.”Read the full speech in Hansard ↗
“I commend this Treasury Laws Amendment bill to the House and I look forward to my next contribution on the following bill, Treasury Laws Amendment Bill (2023 Measures No. 3) Bill 2023.”Read the full speech in Hansard ↗
“This piece of reform is an important piece of reform. It goes with the last piece of legislation that the chamber dealt with. I listened carefully to Senator Hume's contribution about red tape—another area where there is a constant refrain, constant sloganeering and constant moaning. They made no action in government to deal with unnecessary or burdensome regulation, no action in government to make dealing with government and regulation simpler.”Read the full speech in Hansard ↗
“So I commend the bill to the House and look forward to it passing.”Read the full speech in Hansard ↗
“The bill provides that the Acts Interpretation Act will apply to the Corporations Law and the ASIC Act, as it does generally to other acts. This change will remove uncertainty and make it easier for both lawyers and others to deal with, explain and apply the law. It provides for a single consolidated glossary which, surprisingly, does not yet exist in the Corporations Law. This will improve the navigability of the law. There is a wholesale reduction in the number and type of terms that need definition, as well as style changes to make the law more readable. Greater consistency between the Corporations Law and the ASIC Act is provided for.”Read the full speech in Hansard ↗
“This bill contains measures designed to maintain and improve Treasury portfolio legislation to ensure it remains current and fit for purpose.”Read the full speech in Hansard ↗
“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.”Read the full speech in Hansard ↗
4 speakers · 4 support
“As other coalition speakers have mentioned, we will support this bill. We would like to see a lot more reform in this area, and there are a lot more things this parliament could be taking action on than the important but limited elements of this bill.”Read the full speech in Hansard ↗
“The Treasury Laws Amendment (2023 Law Improvement Package No.1) Bill is a six-schedule Treasury omnibus bill. The coalition will be supporting this bill. The compliance burden and the complexity of the Corporations Act and the financial services legal and regulatory framework are consistent issues raised by stakeholders. Red tape is a growing challenge for business. Of course, support for the passage of this bill is no substitute for a government that is refusing to take responsibility for high inflation, rising mortgage payments, rising prices at the checkout and rising energy bills, just to name a few of the challenges facing Australians every day. Those challenges, sadly, are not addressed in this bill. We have a government that does not have the plan or the priorities to fix the economic problems facing Australians.”Read the full speech in Hansard ↗
“As I said at the outset, the opposition supports this bill, but it does so while noting that the government has failed to provide the necessary support to businesses and individual Australians to deal with the issues of high inflation, rising mortgage payments, rising rent payments, rising business loan costs and rising input costs in terms of electricity and supply chain issues.”Read the full speech in Hansard ↗
“The Treasury Laws Amendment (2023 Law Improvement Package No. 1) Bill 2023 is a six-schedule Treasury omnibus bill, and the coalition will be supporting this bill. The compliance burden and complexity of the Corporations Act and financial services framework is an issue that is consistently raised by stakeholders. Red tape is a growing challenge for business.”Read the full speech in Hansard ↗
Record
House · Introduced and read a first time
Introduced
The bill was formally presented to the chamber and read a first time, which starts its parliamentary journey.
House · Second reading moved
Second reading opened
A minister or sponsoring member moved the second reading, opening the main debate on the bill's purpose and principles.
House · Second reading debate
Second reading debate
The bill reached this recorded parliamentary step.
House · Second reading agreed to
Second reading agreed
The chamber agreed to the bill at second reading, meaning it accepted the bill in principle and allowed it to continue.
House · Third reading agreed to
Third reading agreed
The chamber agreed to the bill at third reading, which completed passage through that chamber.
Senate · Introduced and read a first time
Introduced
The bill was formally presented to the chamber and read a first time, which starts its parliamentary journey.
Senate · Second reading moved
Second reading opened
A minister or sponsoring member moved the second reading, opening the main debate on the bill's purpose and principles.
Senate · Second reading debate
Second reading debate
The bill reached this recorded parliamentary step.
Senate · Second reading debate
Second reading debate
The bill reached this recorded parliamentary step.
Senate · Second reading agreed to
Second reading agreed
The chamber agreed to the bill at second reading, meaning it accepted the bill in principle and allowed it to continue.
Senate · Third reading agreed to
Third reading agreed
The chamber agreed to the bill at third reading, which completed passage through that chamber.
Parliament · Finally passed both Houses
Passed both houses
Both houses passed the bill in the same form, completing parliamentary passage.
Assent · Assent
Assent
The Governor-General gave Royal AssentThe final step that turns a bill into an Act, which the page says happened later in September 2023., turning the bill into an Act.
Senate Economics Legislation Committee; Committee report (28/07/2023)
Referred to committee
Referred to Committee (22 June 2023): Senate Economics Legislation Committee; Committee report (28 July 2023)
APH bill page notes
