27 March 2008
AGREEMENT REACHED ON KEY MICRO ECONOMIC REFORMS
Attorney-General Robert McClelland welcomed today’s agreement from his state and territory counterparts to advance key micro-economic reforms in the areas of personal property securities and electronic conveyancing.
The Standing Committee of Attorneys-General (SCAG) endorsed an inter-governmental agreement in personal property securities reform, which will underpin the legal framework for a national system.
The agreement will now be provided to the Council of Australian Governments for its consideration.
“We now have all jurisdictions agreeing on the fundamental elements for a national system, which has the potential to deliver real benefits to individuals and businesses,” Mr McClelland said.
“My attention will now turn to finalising the draft national legislation and releasing it publicly for comment”.
Mr McClelland also used today’s SCAG meeting to secure the commitment of all jurisdictions to the concept of a single national electronic conveyancing system, which has also received support from the Council of Australian Governments.
The new system would eliminate the confusion and complexities of deal with eight separate systems.
State and territory Attorneys-General also agreed to assist in developing model legislation to underpin a national system.
“We will now work to develop an appropriate corporate structure for moving a national electronic conveyancing system forward,” Mr McClelland said.
Both national systems (for personal property and electronic conveyancing) have the potential to reduce costs for everyday transactions and reduce red tape for business.
“The Rudd Government is committed to driving these key reforms in close cooperation with the States and Territories.”
Media Contact: Adam Sims 0419 480 224