On Friday, 21 August 2009, the Senate Legal & Constitutional
Affairs Committee ("the Committee") tabled its report
("Report") in the Senate on the Personal Property
Securities Bill 2009 ("PPS Bill").
The Committee has recommended that, subject to a further period
of public consultation in respect of the PPS Bill until 30
September 2009, the PPS Bill be supported.
Over the past two years, we have updated you on the process that
has led to the PPS Bill being introduced into Parliament. The first
exposure draft of the PPS Bill was released in May 2008, followed
by a significantly amended further exposure draft in November
On 19 March 2009, the Committee tabled its report in the Senate
on the second exposure draft of the PPS Bill. In its report, the
Committee recommended, among other things, that the Federal
Attorney General's Department ("Department") delay
the commencement of the scheme by at least 12 months to May
The Department accepted most of the Committee's initial
recommendations and the PPS Bill was introduced into the House of
Representatives on 24 June 2009. The PPS Bill was then referred to
the Committee the next day for a further inquiry.
Update – the Report
In the Report, the Committee praises the Department for adopting
its previous recommendations by making vast improvements to the
exposure draft of the PPS Bill. However, the Committee also raises
concerns about the haste of the process and identifies unresolved
technical issues and general stakeholder concerns.
The Committee has endorsed the PPS Bill, subject to a further
brief consultation period ending 30 September 2009 during which it
recommends that the Government:
consider stakeholder concerns including the concerns
submissions raised to the Committee;
provide greater transparency in relation to policy
considerations and choices via the Department's website;
introduce a consequential amendments bill dealing with required
changes to the PPS Bill that are determined during the further
It remains to be seen what action the Government will take in
relation to Committee's recommendations. We note that the
Government has stated that it will consider delaying the
commencement of the scheme and is expected to make an announcement
shortly. We will continue to keep you updated on any further
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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