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    • Technical update

    Details released: Consultation on a raft of Hayne legislation launched

    9 minute read + PDF download  04.02.2020 Kate Hilder, Mark Standen
    The government has released over 20 pieces of draft legislation for consultation proposing to implement 22 Hayne recommendations and other 'additional commitments'.      

    Key takeouts

    • Draft legislation released for consultation: On 31 January Treasury released a package of draft legislation for consultation proposing to implement the government's response to 22 Financial Services Royal Commission recommendations as well as two 'additional commitments'.   
    • Timing of the consultation?  The deadline for submissions to the consultation is 28 February. 
    • When is the legislation likely to be introduced? The draft legislation released for consultation proposes to implement measures identified in the government's Financial Services Royal Commission (FSRC) implementation roadmap as being consulted on/introduced by 30 June 2020.  
    • Proposed commencement dates?  The proposed commencement date for the majority of the measures is 1 July 2020.
    • Recap of progress towards implementing the Commission's recommendations: Announcing the consultation, Treasurer Josh Frydenberg provided a very brief recap of the actions taken over the year since the final report was released.  Mr Frydenberg said that to date the government has: implemented 16 commitments, legislation to implement a further eight commitments is 'before parliament' and 'substantially progressed a further 35 which have been, or are currently being, consulted on'.   Mr Frydenberg said that he considers that the government is 'on track to meet the accelerated timetable outlined in our implementation roadmap'.

    On 31 January, Treasurer Josh Frydenberg announced the release of a raft of draft legislation for consultation proposing to implement the government's response to 22 Financial Services Royal Commission (FSRC) recommendations as well as two additional commitments.

    The due date for submissions to the consultation on the draft legislation is the same in each case, the 28 February 2020.

    We have prepared a table providing a high level snapshot of the proposed changes and the proposed commencement dates.  You can download it in PDF by clicking the button at the end of this article. 

    'On track' to meet its own timelines for implementing the recommendations?

    Announcing the consultation, Treasurer Josh Frydenberg said that the government is 'on track to meet the accelerated timetable outlined in our implementation roadmap'. 

    Mr Frydenberg also provided a brief recap of progress toward implementing the Commission's recommendations to date.  He said that 'over the past 12 months since the Final Report was released, the Government has implemented 16 commitments, has legislation before parliament to implement another 8 and has substantially progressed a further 35 which have been, or are currently being, consulted on ahead of their introduction'.

    High level snapshot of the proposed changes and the proposed commencement dates

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    https://www.minterellison.com/articles/summary-of-hayne-legislation-launched-for-consultation-31-january-2020

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