On behalf of the Legislative and Governance Forum for Corporations meeting as the Ministerial Council for Corporations (Ministerial Council), the Honourable David Bradbury MP, Parliamentary Secretary to the Treasurer and Chairman of the Ministerial Council, announced the further extension of the referral of corporations power.
"At the previous meeting of the Ministerial Council, Ministers endorsed an extension to the current references of corporations and related power from the States to the Commonwealth," said Mr Bradbury.
"All States have now completed the necessary legal formalities to extend the referral for a further five years."
The current arrangements commenced in 2006. The agreement announced today extends these arrangements until 2016.
"The referral of powers has played a significant role in the stability of our regulatory system and has provided certainty for Australia's corporate sector over the past decade," said Mr Bradbury.
"On behalf of the Commonwealth, I thank all the State governments for their ongoing cooperation in ensuring that we have a national framework for the regulation of corporations and financial services in Australia, based on a solid legal foundation."
24 August 2011