Zali Steggall (Warringah, Independent) Share this | Hansard source

This omnibus bill, the Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Bill 2025, looks to improve corporate disclosure, widen transparency and extend the instant asset write-off for small business. I support these measures. They are welcome.

Schedule 1 delivers the first stage of a public beneficial ownership register to tackle tax avoidance. Schedule 2 allows for the ACNC to disclose investigations to prevent harm. Schedule 3 adjusts the frequency of the Financial Regulator Assessment Authority's reviews of ASIC and APRA from biennial to every five years. These measures, taken together, implement sensible changes to bring greater efficiency and transparency.

Schedules 4 and 5 make minor and technical amendments, including minor amendments to strengthen the Scams Prevention Framework. The government continues to tweak the operation of the Scams Prevention Framework, but I point out that there has been no movement to implement any of the regulatory rules that would put the Scams Prevention Framework into action. We've been contacted by local constituents who are being impersonated and scammed online without any recourse or ability to use the framework that was passed in this place earlier this year. It was supposed to be implemented by July 2025, and we are still waiting, so I call on the government to implement those rules without further delay.

See this speech in context