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Government releases draft Personal Property Securities Bill



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ATTORNEY-GENERAL THE HON ROBERT McCLELLAND MP

NEWS RELEASE

Parliament House, Canberra ACT 2600  Telephone (02) 6277 7300  Fax (02) 6273 4102 www.attorneygeneral.gov.au

16 May 2008 027/2008

GOVERNMENT RELEASES DRAFT PERSONAL PROPERTY SECURITIES BILL

Attorney-General Robert McClelland today released a draft of a comprehensive Commonwealth Bill for personal property securities (PPS) to replace over 70 pieces of Commonwealth, State and Territory law.

Mr McClelland said the reforms, which are part of the Rudd Government's broad deregulation agenda, would deliver the PPS system Australia needs in the 21st Century.

“Currently, PPS is regulated by inconsistent and duplicate laws and registers. A streamlined national system will deliver greater certainty and cheaper finance to individuals and business”, Mr McClelland said.

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

PPS involves taking a security interest in all types of property other than real estate, such as for cars, boats and livestock.

The Attorney-General today met the PPS consultative committee, which continues to provide valuable input to the project.

The Bill is available at www.ag.gov.au/pps and submissions are invited by August 15th 2008. Information is also available at that website on public seminars to be held in Sydney, Melbourne, Perth and Brisbane in late May.

The Commonwealth PPS Bill will be underpinned by a national Register so security interests can be searched easily on one online database.

A Request for Tender (RFT) to build this national Register is available at AusTender www.tenders.gov.au closing on June 27th 2008.

PPS is one of the 27 “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.

Media Contact: Adam Sims 0419 480 224