Personal Property Securities Amendment Bill introduced – to minimise the need for registrations in respect of leases of a term of less than 12 months [119]

The Personal Property Securities Amendment (Deregulatory Measures) Bill 2014 was introduced in the House of Reps on Wed 19.3.2014. It proposes to amend the Personal Property Securities Act 2009 (the PPS Act) so that leases of serial numbered goods of 90 days or more will no longer be deemed to be PPS leases for the…

FOFA changes ‘paused’ by Senator Cormann [116]

Senator Cormann on Mon 24.3.2014, confirmed the Government remained committed to implementing its proposed FoFA changes “as soon as possible” noting the legislation before the House of Reps “will continue through the normal parliamentary process”. Senator Cormann also announced the implementation of the FoFA Regulations will be paused. “Now that the legislation has been referred…

FoFA amendments welcomed by FPA; SPAA positive on best interests duty amendments [115]

The Financial Planning Association of Australia (FPA) has welcomed the Government’s amended restrictions to the general advice exemption under FoFA. The FPA said it has consistently and clearly raised the issue of potential consumer risks – through its submissions to Government and in the public arena – particularly highlighting the general advice exemption and conflicted…

FoFA streamlining Bill introduced [114]

The Corporations Amendment (Streamlining of Future of Financial Advice) Bill 2014 was introduced into the House of Reps on Wed 19.3.2014, to give effect to the Government’s proposed FoFA reforms to reduce the regulatory burden on the financial services industry. The key amendments proposed to the Corporations Act 2001 include: Best interests duty – removing…

Public infrastructure: Draft Productivity Commission report released [112]

A draft report by the Productivity Commission on public infrastructure was released on Thur 13.3.2014. It found an abundance of flaws, mythologies and forgone opportunities in infrastructure financing, funding and procurement. The draft outlines a proposed process for improving infrastructure investment across all levels of government; and as a consequence attracting increased private investment. Peter…

Farm Household Support Bills introduced – income tested but assets test enough to allow for their farm [111]

The Farm Household Support Bill 2014 and the Farm Household Support (Consequential and Transitional Provisions) Bill 2014 were introduced in the House of Reps on Thur 6.3.2014. The Farm Household Support Bill provides the mechanism to implement a new Farm Household Allowance (FHA), an income support payment for farmers and their partners who are in…

*Unexplained Wealth Amendment Bill introduced [110]

The Crimes Legislation Amendment (Unexplained Wealth and Other Measures) Bill 2014 was introduced in the House of Reps this Wed 5.3.2014. It contains measures to implement recommendations made by the Parliamentary Joint Committee on Law Enforcement (the PJC-LE) in its final report on its inquiry into Commonwealth unexplained wealth legislation and arrangements. The inquiry took evidence…