Business Payment Practices Bill

Members, we come now to our final debate. This is the debate on clauses 1 and 2, the title and commencement.

Thank you, Madam Chair. Before I ask my questions, I’ll just summarise the discussions the Economic Development, Science and Innovation Committee had about when this bill should come in to effect, because, as it was introduced and referred to the committee, it had, effectively, the ability to come into effect on the day after it received Royal assent. There were concerns expressed by submitters that the reporting entities did need time to prepare. So with the exception of some of the set up requirements that the registrar needs to do, the bill itself, according to clause 2, substantively won’t come into effect until six months after the day on which it receives Royal assent, which is, in my view, the minimum amount of time that the reporting entities will need in order to develop systems for compliance.

My question—noting that the External Reporting Board’s conventions for the introduction, for example, of new accounting measures is that there be a 12- to 24-month lead-in to changes of that nature—is: is the Minister confident that the reporting entities, who are subject to infringements if they don’t comply, will have sufficient time to comply? And secondly, what has she done to have that confidence; and has she ascertained that, given the submissions that the select committee heard, six months will indeed be enough time for them to prepare?

The question is that the Minister’s amendments to clause 2 set out on Supplementary Order Paper 363 be agreed to.

Mr Speaker, the committee has considered the Business Payment Practices Bill and reports it with amendment. I move, That the report be adopted.

Motion agreed to.

Report adopted.

This bill is set down for third reading immediately.

Third Reading