Robert McClelland (Barton, Australian Labor Party, Attorney-General) Share this | Hansard source

in reply—I would like to thank members for their contributions to the debate on the International Arbitration Amendment Bill 2009 and I would certainly like to thank the opposition for their support of the bill and indeed for facilitating its passage through this simplified process of the Main Committee.

The bill is the most significant reform to the International Arbitration Act 1974 since Australia implemented the UNCITRAL model law in 1989. Arbitration facilitates international trade and commerce by providing a quick, cost-effective and enforceable means for commercial players to resolve their disputes. As I said in introducing the bill into the House, the measures contained in the International Arbitration Amendment Bill will ensure the act remains at the forefront of international arbitration practice.

In summary, the bill will provide guidance to the courts on the operation and interpretation of the act, it will adopt key amendments to the UNCITRAL model law made in 2006, it will provide a wide range of additional tools to assist an arbitral tribunal to resolve disputes to the mutual benefit of the parties, it will clarify the relationships between the act and the state and territory laws regulating domestic arbitration, and it will make a range of other amendments to improve the operation of the act. The bill, along with other initiatives such as the establishment of the Australian International Disputes Centre in Sydney, will spark a fundamental change in the way international arbitration is conducted. I thank the state and territory attorneys-general and in particular the New South Wales Attorney General for the drive he has shown in this area.

The bill provides a strong legal framework for arbitration practitioners to find creative solutions to commercial disputes—solutions that are tailored to the dispute at hand and the real needs of the parties. The bill is not just about helping Australian businesses to resolve their disputes quickly and efficiently, although this is of course very important; it is also about making Australia a regional centre for international commercial arbitration. With the reforms contained in the bill and the strong support of our expert and highly regarded practitioners, Australia can certainly become a significant centre for international commercial arbitration in the Asia-Pacific region.

Question agreed to.

Bill read a second time.

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