The Commonwealth, States and Territories agreed today to set up a working party to establish a common regulatory framework to deal with high pressure property investment marketers.
“This is a positive first step by all the parties to effectively tackle this problem,” the Parliamentary Secretary to the Treasurer, Senator Ian Campbell, said after the Ministerial Council on Consumer Affairs meeting in Sydney.
He said the Federal Government maintained its view that regulation of the real estate industry should remain the responsibility of the States and Territories and that a new regulatory framework should reflect that.
“The Australian Securities and Investments Commission suggested three years ago that a common States-based approach be adopted and that it be in line with licensing and disclosure provisions that apply to all other investment advisers now captured by the Financial Services Reform Act.
“That remains our position and although the parties may have different points of view we have resolved to work together to find the most effective way to address this issue.”
He said ASIC would join all States and Territories on the working group, chaired by Queensland. It would report by next March.
1 August 2003
Contact: Wayne Grant 08 9421 1755 or 0407 845280