It is expected that a Federal election will be called this week for a date in mid-May.

Bills that were not passed by the Federal Parliament before it adjourned on 31 March will lapse and will have to re-start their progress in the next Parliament.

These include: 
• the Treasury Laws Amendment (Modernising Business Communications) Bill 2022;
• the Crimes Legislation Amendment (Ransomware Action Plan) Bill;
• the Treasury Laws Amendment (Enhancing Tax Integrity and Supporting Business Investment) Bill 2022;
• the Financial Accountability Regime Bill and the Financial Services Compensation Scheme of Last Resort Bills; and
• the National Consumer Credit Protection Amendment (Supporting Economic Recovery) Bill 2020.

While all of these Bills had an effect on regulatory planning, the deferral of the Financial Accountability Regime package which was due to start on 1 July 2022 will now not apply to the banking industry until 6 months after Royal Assent, a likely delay of at least 6 months.

The Security Legislation Amendment (Critical Infrastructure Protection) Bill 2022 was passed by the Senate on 30 March and given Royal Assent on 1 April. 

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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.