29 August 2022

Modernising business communications in Treasury portfolio laws

The Australian Government is committed to reducing costs for consumers and businesses by addressing unnecessary barriers to the use of digital communications in Treasury portfolio laws.

Giving people more choices in how business relationships are conducted is increasingly relevant in Australia’s current economic environment where traditional methods of communication have been hampered by the COVID‑19 pandemic.

That is why the Australian Government will reintroduce a revised Bill to modernise business communications across a range of Treasury portfolio laws. The legislation differs from the former Bill by removing the previously proposed changes to credit laws which will be considered at a later date. This will ensure that reforms to business communications affecting the credit sector are considered in a clear and consistent way for consumers and businesses.

The revised Bill will also clarify that Treasury portfolio regulators can hold hearings and examinations virtually. This will help ensure that hearings and examinations can be held in an expeditious and efficient way for the benefit of all parties.

Exposure draft laws regarding virtual hearings and examinations have been released today for consultation and are available on the Treasury website.

All interested stakeholders are encouraged to engage with the consultation process.

Consultations will close September 23, 2022.