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Further consultation on personal property securities bill.

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Parliament House, Canberra ACT 2600  Telephone (02) 6277 7300  Fax (02) 6273 4102

17 November 116/2008

FURTHER CONSULTATION ON PERSONAL PROPERTY SECURITIES BILL Attorney-General Robert McClelland today welcomed the referral of the draft Personal Property Securities Bill 2008 to the Senate Standing Committee on Legal and Constitutional Affairs.

“I appreciate that the Senate has accepted my invitation to review the draft Bill, which is a key component of the Government’s personal property securities reforms,” Mr McClelland said.

“The Senate’s early consideration of the draft will provide important scrutiny in the development of this significant piece of legislation.”

“I encourage all interested stakeholders to participate to ensure that the new national system meets the needs of Australian businesses and consumers.”

Personal property securities reform will harmonise over 70 pieces of legislation into one Commonwealth Act and provide a single national online register of personal property security interests.

“This Bill will align Australian law with that of other major economies, boosting Australia’s international competitiveness,” Mr McClelland said.

The reform is one of the “regulatory hotspots” on the agenda of the Council of Australian Governments Business Regulation and Competition Working Group. It is also being progressed through the Standing Committee of Attorneys-General.

The draft Bill was developed after an extensive public consultation process, including the release in May of a consultation draft.

Further information about PPS reform can be accessed at

The Committee has invited written submissions by 10 December 2008 and will report in February 2009.

Information about the inquiry and how to make a submission can be accessed at the Committee’s website:

Media Contact: Adam Sims 0419 480 224