Interim Report on the Statutory Review of the Personal Property Securities Act
15 August 2014
Joint media release
Senator the Hon George Brandis QC
Parliamentary Secretary to the Prime Minister
The Hon Josh Frydenberg MP
We welcome Mr Bruce Whittaker's interim report on the statutory review of the Personal Property Securities Act 2009 (the Act).
The statutory review was announced as part of the Government's 2014 Autumn Repeal Day with Mr Whittaker appointed to consider the operation and effects of the Act with a particular focus on the experience of small businesses.
The Government will carefully examine the recommendations in Mr Whittaker's interim report for further community and industry education.
While much was achieved in the lead up to the Act's introduction, the report makes it clear that more could be done to help small business.
The interim report forms part of the first phase of the review and foreshadows the release of discussion papers covering issues for further consideration and feedback by stakeholders.
The report highlights that the Act is a technical area of law and any reform needs careful and expert consideration. The Government is keen to ensure that any future changes to the Act have a positive impact on businesses and welcomes the plan for further stakeholder engagement.
Mr Whittaker will deliver a final report to the Government on 30 January 2015 in which it is expected that he will make recommendations on how to improve the Act, including simplification where appropriate.
The report and further information regarding the review us available at www.ag.gov.au/ppsareview.