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Monday, 25 June 2018
Page: 6209

Mr SUKKAR (DeakinAssistant Minister to the Treasurer) (17:39): We thank the opposition for their enthusiastic support of the bill. The government remains committed to establishing Australia as a leading global fin-tech hub. This bill builds on our work to ensure we have the right policy settings to foster innovation. In particular, schedule 1 of the bill amends the Corporations Act to lay the foundation for the government's enhanced regulatory sandbox by extending the regulation-making powers in that act. This will support fin-tech businesses to test their products and services without a licence from ASIC and under certain strict conditions. We believe this measure will reduce the initial burden faced by firms as they look to innovate in providing specified financial services, while at the same time retaining important measures to minimise risks to consumers.

Schedule 2 of the bill makes a number of minor technical amendments to the early stage venture capital limited partnership, venture capital limited partnership and tax incentives for early stage investor regimes to clarify the income tax law, to provide certainty to investors and to ensure these provisions operate in accordance with their original policy intent. The measures contained in this bill again demonstrate the government's continued commitment to promoting a culture of entrepreneurship and risk-taking in Australia, and will help ensure innovative Australian businesses have access to the capital and, importantly, the expertise they need to grow and succeed. I therefore commend this bill to the House.

Question agreed to.

Bill read a second time.