Ben Morton (Tangney, Liberal Party, Assistant Minister to the Prime Minister and Cabinet) Share this | Hansard source

I would like to thank those members who have contributed to this debate on the Treasury Laws Amendment (2018 Measures No. 2) Bill 2019. The government remains committed to establishing Australia as a leading global fintech hub. This bill builds on our work to ensure we have the policy settings in place to foster innovation.

Schedule 1 to this bill amends the Corporations Act 2001 to lay the foundations for the government's enhanced regulatory sandbox by extending the regulation-making powers in the Corporations Act. This will support fintech businesses to test their products and services without a licence from ASIC under certain conditions. We believe this measure will reduce the initial burden faced by firms as they look to innovate in providing specified or specific financial services by retaining important measures to minimise risks for consumers. Schedule 2 to this bill makes a number of minor technical amendments to the early stage venture capital limited partnership and tax incentives for early-stage investor regimes to clarify the income tax law to provide certainty to investors and ensure these provisions operate in accordance with their original policy intent.

The measures contained in this bill demonstrate the government's continuing commitment to promote a culture of entrepreneurship and risk-taking in Australia and will help ensure innovative Australian businesses have access to the capital and expertise they need to grow and succeed. I commend this bill to the House.

Question agreed to.

Bill read a second time.

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