Bill
Treasury Laws Amendment (2021 Measures No. 1) Bill 2021
passed, as at 2021-08-13. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2021-02-17
- second reading — 2021-02-17
- second reading — 2021-03-15
- second reading — 2021-03-17
- second reading — 2021-03-17
- committee — 2021-03-17
- third reading — 2021-03-17
- introduced — 2021-03-18
- second reading — 2021-03-18
- second reading — 2021-08-09
- second reading — 2021-08-09
- committee — 2021-08-09
- third reading — 2021-08-09
- other — 2021-08-10
- passed — 2021-08-10
- royal assent — 2021-08-13
Divisions
- The majority voted against an [amendment](https://www.openaustralia.org.au/senate/?id=2021-02-18.60.2) introduced by Tasmanian Senator [Nick McKim](https://theyvoteforyou.org.au/people/senate/tasmania/nick_mckim) (Greens), which means it failed. Senator McKim [explained that](https://www.openaustralia.org.au/senate/?gid=2021-02-18.62.1): > *This amendment would change the reporting date from 12 March to 7 May. The Australian Greens, to be frank, would prefer an even longer inquiry time and believe that this bill warrants an extremely thorough examination by the committee, but we are putting forward 7 May as a sensible compromise here.* ### Amendment text > *At the end of the proposed amendment, omit "12 March 2021", substitute "7 May 2021".* ### Original motion text > *At the end of the motion, add "and, in respect of the Treasury Laws Amendment (2021 Measures No. 1) Bill 2021, the provisions of the bill be referred to the Economics Legislation Committee for inquiry and report by 12 March 2021".* — 2021-02-18, Senate: negative, ayes 30, noes 32
- The majority voted in favour of a [motion](https://www.openaustralia.org.au/debate/?id=2021-03-17.127.6) that: > *the words proposed to be omitted stand part of the question.* In other words, they voted to keep the original question unchanged. The original question was that: > *That this bill be now read a [second time](https://peo.gov.au/understand-our-parliament/how-parliament-works/bills-and-laws/making-a-law-in-the-australian-parliament/).* To give a bill a second reading is to agree with its main idea. After a second reading, they can then discuss the bill in greater detail. This vote occurred after the following amendment was proposed: > *That all words after "That" be omitted with a view to substituting the following words:* > > *"whilst not declining to give the bill a second reading, the House:* > > *(1) notes that the Government's measures in Schedule 2 of the bill would strip shareholders of their rights to be adequately informed, damage Australia's corporate governance regime, and allow company directors to get away with failing to disclose important information; and* > > *(2) further notes these measures could damage Australian investment and hurt Australian investors and retirees"* — 2021-03-17, House of Representatives: affirmative, ayes 66, noes 57
- Treasury Laws Amendment (2021 Measures No. 1) Bill 2021 - Second Reading - Agree with the bill's main idea — 2021-03-17, House of Representatives: affirmative, ayes 66, noes 57
- Treasury Laws Amendment (2021 Measures No. 1) Bill 2021 - Consideration in Detail - Continuous disclosure obligations — 2021-03-17, House of Representatives: affirmative, ayes 65, noes 56
- The majority voted against an [amendment](https://www.openaustralia.org.au/senate/?id=2021-08-09.29.1) introduced by ACT Senator [Katy Gallagher](https://theyvoteforyou.org.au/people/senate/act/katy_gallagher) (Labor), which means it failed. The amendment would have added the text below to the usual [second reading](https://peo.gov.au/understand-our-parliament/how-parliament-works/bills-and-laws/making-a-law-in-the-australian-parliament/) motion *that the bill be read a second time* (parliamentary jargon for agreeing with the main idea of the bill). ### Motion text > *At the end of the motion, add ", but the Senate:* > > *(a) notes that the Government's measures in Schedule 2 of the bill would strip shareholders of their rights to be adequately informed, damage Australia's corporate governance regime, and allow company directors to get away with failing to disclose important information; and* > > *(b) further notes these measures could damage Australian investment and hurt Australian investors and retirees".* — 2021-08-09, Senate: negative, ayes 15, noes 18
- Treasury Laws Amendment (2021 Measures No. 1) Bill 2021 - Second Reading - Agree with bill's main idea — 2021-08-09, Senate: affirmative, ayes 28, noes 5
- The majority voted in favour of an [amendment](https://www.openaustralia.org.au/senate/?gid=2021-08-09.178.2) introduced by Victorian Senator [Jane Hume](https://theyvoteforyou.org.au/people/senate/victoria/jane_hume) (Liberal), which means it was successful. ### Amendment text > *(1) Schedule 2, item 55, page 37 (after line 16), at the end of Part 10.56, add:* > > *1683B Review of operation of laws* > >> *(1) The Minister must cause a review of the operation of the amendments made by Parts 1 and 2 of Schedule 2 to the amending Act to be conducted by an independent expert within 6 months after the second anniversary of the commencement of this section.* >> >> *(2) The person who conducts the review must give the Minister a written report of the review.* >> >> *(3) The Minister must cause a copy of the report to be tabled in each House of the Parliament within 15 sitting days of that House after the report is given to the Minister.* >> >> *Recommendations* >> >> *(4) The report may set out recommendations to the Commonwealth Government.* >> >> *(5) If the report sets out one or more recommendations to the Commonwealth Government, the report must set out the reasons for those recommendations.* >> >> *Government response to recommendations* >> >> *(6) If the report sets out one or more recommendations to the Commonwealth Government, as soon as practicable, and in any event within 3 months, after the report is first tabled in a House of the Parliament, the Minister must cause:* >> >>> *(a) a statement setting out the Commonwealth Government's response to each of the recommendations to be prepared; and* >>> >>> *(b) the statement to be published on the Department's website.* > > *1683C Amendments made by Schedule 2 to the amending Act cease to have effect if review of operation of laws is not conducted* > >> *(1) This section applies if the Minister:* >> >>> *(a) fails to cause a review to be conducted in accordance with subsection 1683B(1) within the period required by — 2021-08-09, Senate: affirmative, ayes 19, noes 16
- The majority voted in favour of an amended amendment. In other words, they were voting for a [Government amendment](https://www.openaustralia.org.au/senate/?gid=2021-08-09.178.2) (namely, amendment (1) on sheet RS134), which amended an original [Labor amendment](https://www.openaustralia.org.au/senate/?gid=2021-08-09.184.1) (namely, amendment (2) on sheet 1354). ### Text of original (Labor) amendment > *(1) ...* > > *(2) Schedule 2, page 25 (line 1) to page 38 (line 8), to be opposed.* ### Text of (Government) amendment to the original (Labor) amendment > *(1) Schedule 2, item 55, page 37 (after line 16), at the end of Part 10.56, add:* > > *1683B Review of operation of laws* > >> *(1) The Minister must cause a review of the operation of the amendments made by Parts 1 and 2 of Schedule 2 to the amending Act to be conducted by an independent expert within 6 months after the second anniversary of the commencement of this section.* >> >> *(2) The person who conducts the review must give the Minister a written report of the review.* >> >> *(3) The Minister must cause a copy of the report to be tabled in each House of the Parliament within 15 sitting days of that House after the report is given to the Minister.* >> >> *Recommendations* >> >> *(4) The report may set out recommendations to the Commonwealth Government.* >> >> *(5) If the report sets out one or more recommendations to the Commonwealth Government, the report must set out the reasons for those recommendations.* >> >> *Government response to recommendations* >> >> *(6) If the report sets out one or more recommendations to the Commonwealth Government, as soon as practicable, and in any event within 3 months, after the report is first tabled in a House of the Parliament, the Minister must cause:* >> >>> *(a) a statement setting out the Commonwealth Government's response to each of the recommendations to be prepared; and* >>> >>> *(b) the statement to be published on the Department's website.* > > *1683C Amendment — 2021-08-09, Senate: affirmative, ayes 19, noes 17
- Treasury Laws Amendment (2021 Measures No. 1) Bill 2021 - in Committee - Get rid of exemption to scrutiny — 2021-08-09, Senate: negative, ayes 17, noes 17
- Treasury Laws Amendment (2021 Measures No. 1) Bill 2021 - in Committee - Agree with bill as amended — 2021-08-09, Senate: affirmative, ayes 19, noes 17
- Treasury Laws Amendment (2021 Measures No. 1) Bill 2021 - Third Reading - Pass the bill — 2021-08-09, Senate: affirmative, ayes 19, noes 17
- Treasury Laws Amendment (2021 Measures No. 1) Bill 2021 - Consideration of Senate Message - Agree and so pass bill — 2021-08-10, House of Representatives: affirmative, ayes 43, noes 35
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2021-02-17.
The bill would extend temporary relief for companies and registered schemes until 31 March 2022.
It would end the obligation for these entities to tell members they can ask for paper documents.
ASIC could issue short-term exemptions from meeting and document rules when events like the pandemic make compliance unreasonable.
- Extends relief from 15 September 2021 to 31 March 2022.
- Removes the requirement to notify members of their right to choose hard-copy documents.
- Gives ASIC new powers to grant temporary relief from meeting or document requirements during exceptional circumstances.
Companies, registered schemes and their members are affected.
Sources
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