Today, the Government is releasing a consultation paper seeking stakeholder feedback on regulatory impediments to modernising business communications.
The consultation will specifically consider Treasury laws, including the Corporations Act 2001, Australian Securities and Investments Commission Act 2001, Banking Act 1959, Insurance Act 1973, Life Insurance Act 1995, Superannuation Industry (Supervision) Act 1993, Consumer and Competition Act 2010 and National Consumer Credit Protection Act 2009.
Laws need to keep pace with how Australians want to communicate with each other when doing business, particularly where these laws prescribe outdated methods of communication. Making Treasury laws technology neutral will give Australians more choice and lowers the cost of doing business.
The COVID-19 pandemic demonstrated the importance of technology in supporting Australia’s ability to adapt and respond during the crisis. Reforms to make our laws more technology neutral will reduce unnecessary costs and burdens on Australian businesses and support Australia’s economic recovery.
Businesses and consumers are unable to harness the benefits of new technology when old methods of conducting business become entrenched in law. It is essential that our laws and regulations are fit-for-purpose as technology continues to evolve.
The consultation paper is available on the Treasury website, with consultation closing on 28 February 2021.