The Treasury Laws Amendment (2023 Law Improvement Package No. 1) Bill 2023 has been passed by both houses of Parliament and is awaiting Royal Assent.

UPDATE: Royal Assent given on 20 September 2023.

The Bill implements recommendations identified by the Australian Law Reform Commission in
Interim Reports A and B from the ALRC Review to simplify and improve the navigability of the law.

This includes ‘unfreezing’ the application of the Acts Interpretation Act to the Corporations Act and ASIC Act, creating a single glossary for all defined terms in the Corporations Act, repealing redundant definitions, addressing unclear or incorrect provisions and simplifying unnecessarily complex provisions in the law.

The changes commence on the later of the start of the 30th day after the Act receives Royal Assent and immediately after the commencement of Schedule 2 to the Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023 relating to publication of notices (see here).

The Bill also amends the Corporations Act and the National Consumer Credit Protection Act 2009 to transfer longstanding and accepted matters currently contained in ASIC legislative instruments into the primary law. The amendments will improve navigability of the law and provide industry and consumers with greater certainty and clarity when interacting with Treasury laws.

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