Morrison Government delivers laws to strengthen and protect Australian consumers and businesses

The Morrison Government continues to implement its economic plan with the passage of six separate pieces of legislation through the Parliament to support bushfire affected communities and to better protect Australian consumers and businesses.

In the first sitting fortnight of the 2020 Parliamentary year, we have delivered laws to improve outcomes for consumers in financial services, insurance and superannuation, foster business innovation and crack down on illegal phoenixing activity by dodgy business operators who try to avoid their obligations to their customers, employees and creditors.

These laws are just the first in the Treasury portfolio’s ambitious 2020 legislative agenda which includes reforms to our financial services, banking and superannuation sectors and further improvements to the integrity of our tax system.

This sitting fortnight the Government passed the following bills:

  • The Treasury Laws Amendment (2019-20 Bushfire Tax Assistance) Bill 2020 makes disaster relief payments being made to individuals and businesses impacted by the devastating bushfires tax exempt. These reforms apply to the 2019-20 tax year.
  • The Treasury laws Amendment (2018 Measures No.2) Bill 2019 shows the Government’s commitment to promoting innovation and entrepreneurship in the financial system and beyond.
  • The Financial Sector Reform (Hayne Royal Commission Response – Protecting Consumers (2019 Measures)) Bill 2019 delivers another four recommendations from the Hayne Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
  • The Financial Sector Reform (Hayne Royal Commission Response – Stronger Regulators (2019 Measures) Bill 2019 strengthens the Australian Securities & Investments Commission’s investigation, enforcement and licensing powers, which represents the delivery of a further four additional commitments the Government announced when responding to the Royal Commission.
  • The Treasury Laws Amendment (Combatting Illegal Phoenixing) Bill 2019 strengthens our laws to deal with business operators who try to avoid their obligations when things take a turn for the worse.

While the Opposition continues to put its own self-interest ahead of the national interest and talk down the Australian economy, the Morrison Government is getting on with the job of implementing important reforms to build a stronger economy and create better outcomes for Australian consumers and businesses.

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