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Thursday, 10 May 2007
Page: 108


Mr PEARCE (Parliamentary Secretary to the Treasurer) (4:24 PM) —I return to my summing up remarks on the Corporations (NZ Closer Economic Relations) and Other Legislation Amendment Bill 2007. I began these remarks before question time. In 2005-06, bilateral trade with New Zealand amounted to nearly $20 billion. The third and fourth initiatives in this bill enhance the ACCC’s ability to share information with certain bodies whilst also ensuring the protection of sensitive information against inappropriate disclosures. These changes will greatly assist the ACCC and other bodies in efficiently and effectively enforcing the law and in regulating industries in what is becoming a more global marketplace. They will also assist in reducing the regulatory burden on business by reducing duplication in the collection of information and by enhancing cooperation and coordination between regulatory agencies. I welcome the recent review of the bill undertaken by the Senate Standing Committee on Economics. I would like to take this opportunity to thank the committee for its timely consideration of the bill and its conclusion that the bill should be passed in its current form. In conclusion, the initiatives in this bill further support our close economic relations with New Zealand while reducing red tape and supporting the role of the ACCC in consumer protection and competition matters. The bill thereby further delivers on trans-Tasman integration for the benefit of all Australians.

Question agreed to.

Bill read a second time.