Jerome Laxale (Bennelong, Australian Labor Party) Share this | Hansard source

They're still used sometimes, so we all need to update our communications practices. I'm here with my iPad, reading some very important notes so I can make this contribution on this bill, and updating our communication practices is important—

The DEPUTY SP EAKER: I have my fax here.

Hopefully, this bill contains measures which mean we don't need to go back to the fax and we can use some modern communications practices to deal with insurance acquisitions and takeovers. Other amendments will mean that regulators can prescribe the manner and form of certain notices to increase flexibility, and they'll move some provisions in insurance instruments into the primary legislation.

Schedule 5 rationalises the ending of ASIC instruments and amends a number of acts contained in the Australian Securities and Investment Commission's legislation. The long-term reliance on ASIC's exemption and modification powers to update the law for changing circumstances makes it difficult for regulated entities to understand the full state of the law as it applies to them. The amendments in schedule 5 improve clarity of the law, and they provide certainty for regulated organisation entities and consumers to understand their rights and obligations.

I'd like to use this opportunity to call out the good work of our regulators—ASIC, APRA and the ACCC. In my role on the House Economics Committee I often get the opportunity to hold private briefings and public inquiries with them, and they do a fantastic job with limited resources. Hopefully, putting some of these amendments through will enable them to focus on their core business and provide certainty for regulated entities and consumers so they can understand their rights and obligations.

Schedule 6 contains minor and technical amendments. These small changes amend various laws in the Treasury portfolio to ensure that those laws operate in accordance with the policy intent. They make minor changes to improve administrative outcomes and remedy unintended consequences, as well as to correct technical and drafting defects. The amendments have been identified by a number of Treasury portfolio agencies, and they are the result of consultation with affected users of the laws. These amendments made in schedule 6, even though they're very technical in nature, reflect the Albanese government's commitment to the ongoing care and maintenance of Treasury laws to rectify minor problems with the law that prevent it from operating as intended.

I'd like to call out the responsible ministers—the member for Whitlam and the Treasurer. As mentioned at the start of my speech, a lot of this content is very dense and very detailed, and it takes two very engaged ministers to be able to ensure the hard work of the Treasury law amendment bill is done.

I give a shout-out to them for the work that they do. Some of these technical amendments in schedule 6 were first supported by recommendations way back in 2008.

We know those opposite for 10 years took their eyes off the ball, particularly in the dying days of the former government, but that's not the case with the Albanese government. We've got two ministers in the Treasury portfolio who are doing a fantastic job. I commend this Treasury Laws Amendment bill to the House and I look forward to my next contribution on the following bill, Treasury Laws Amendment Bill (2023 Measures No. 3) Bill 2023.

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