Miscellaneous amendments to Treasury portfolio laws 2023
The Financial Services Committee of the Business Law Section (the Committee) provided a submission in response to the exposure draft Treasury Laws Amendment (Measures for Consultation) Bill 2023 (Cth) (the Bill) and Treasury Laws Amendment (Measures for Consultation) Regulations 2023: Minor and technical amendments (the Regulations), and accompanying Explanatory Memorandum and Explanatory Statement. Treasury released these documents for consultation on 15 March 2023.
The Bill and the Regulations would make minor and technical amendments to a number of pieces of Treasury portfolio legislation to:
(a) correct typographical errors and numbering references;
(b) fix incorrect legislative references;
(c) reduce unnecessary red tape;
(d) address unintended outcomes;
(e) adopt modern drafting practices;
(f) enhance readability and administrative efficiency;
(g) repeal redundant and inoperative provisions; and
(h) make other technical changes.
The Committee supports these objectives on the basis that they would improve clarity and accuracy in the legislation, and reduce potential confusion associated with the laws in their current state (some of which have contained errors for a significant period of time).