Modernising business communications

On 21 April 2021, the Government announced a commitment to modernising laws within the Treasury portfolio so they are technology neutral.

The first phase of legislative reform will focus on the key areas raised by stakeholders which are implementation-ready. These include:

• expanding the range of documents that can be validly signed electronically;
• increasing the range of documents that can be sent electronically to shareholders and amending requirements to contact lost shareholders;
• improving flexibility for customers when changing address and consenting to electronic communication with credit providers;
• removing prescriptive requirements for notices to be published in newspapers, where suitable alternatives have been identified; and
• addressing provisions in Treasury legislation where only non-electronic payment options are in place.

Subsequent phases will consider reforms in additional areas that could benefit from greater technology neutrality, including:

• communication with regulators (for example, the conduct of hearings);
• reducing or removing Treasury portfolio legislation exemptions to the Electronic Transactions Act 1999; and
• product disclosure and recordkeeping requirements.

The Treasury prepared and certified a Regulation Impact Statement (RIS), which the Office of Best Practice Regulation (OBPR) assessed as good practice.

The RIS estimates the average annual regulatory savings at $48.1 million.

Please note – any accessibility queries should be directed to the Treasury.