Andrew Leigh (Fenner, Australian Labor Party, Assistant Minister for Productivity, Competition, Charities and Treasury) Share this | Hansard source

I'd like to thank the members who have contributed to the debate, the members for Page, Maribyrnong and Moreton. I'd particularly like to thank the member for Forde for his generous words about me and for his wise words about phoenixing and for telling us the story of Les. There is no bigger champion of the working class in parliament than the member for Forde, and we're lucky to serve alongside him.

The Treasury Laws Amendment (Business Registries Stabilisation and Uplift) Bill is about strengthening the integrity of Australia's business registers as critical economic infrastructure. These registers underpin confidence in our corporate system by providing reliable information that supports informed decision-making by businesses, regulators and the public. The government's targeted registry stabilisation and uplift program is already delivering improvements following the cessation of the former Modernising Business Registers program, which was paused after it blew out to five times its projected cost. This bill is necessary to ensure that work can continue without disruption and that the significant investment already made delivers lasting benefits.

Schedule 1 strengthens the director identification number regime by embedding it more effectively into existing company registration and reporting processes. While directors are already required to hold a director ID, linking this information to the companies register ensures it can be used as intended—to strengthen transparency, improve the traceability of directors and reduce opportunities for misuse of corporate structures, including illegal phoenix activity. The schedule also includes appropriate safeguards, including notification and consent measures, and provides sensible transition arrangements.

Schedule 2 equips ASIC with a new and targeted set of registry powers, so it can administer the registers effectively in a contemporary digital environment and respond to external risks such as fraud and misuse. These powers support more efficient digital interactions, improve data quality and strengthen ASIC's ability to respond where registry information is inaccurate, misleading or being misused, while balancing transparency with privacy and safety.

Schedule 3 addresses a critical legislative issue by removing legacy provisions that would otherwise automatically commence and which would disrupt registry operations if they did so. The changes in this bill provide certainty and continuity, including ensuring ASIC remains responsible for the registers and the current uplift program can proceed as planned.

Taken together, the measures in this bill are practical, proportionate and necessary. They improve the integrity and usefulness of registry information, support transparency and market confidence, and ensure stability in the administration of Australia's business registers.

Finally, I acknowledge the Treasury officials who worked on this bill: Percy Bell, Michael Fitzgerald, George Kelleher, Michael Joost, Harry Braddick, Anne Nguyen, Mana Addepalli, David Haines, Angelina Kosev, Nelson Mendonca and Zoe Winston-Gregson. This bill ensures these important reforms remain on track and that Australia's business registers continue to be trusted, resilient and fit for purpose. I commend the bill to the House.

Question agreed to.

Bill read a second time.

Ordered that this bill be reported to the House without amendment.

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