The Government has released a list of priority Bills for introduction and passage before the end of 2019 including the following:
Currency (Restrictions on the Use of Cash) Bill
This Bill will introduce criminal offences for transacting in cash in excess of $10,000.
Transactions in excess of $10,000 would need to be made using the electronic payment system or by cheque.
It is expected that the $10,000 cash payment limit will remove the need for Threshold Transaction Reports.
Treasury Laws Amendment (Consumer Data Right) Bill
This Bill will create a right for consumers to access their banking (and other designated sectors) data in a form that facilitates its transfer and use and to instruct their banking (and other designated sectors) provider to share their data with nominated third parties.
Background.
Treasury Laws Amendment (Ending Grandfathered Conflicted Remuneration) Bill
This Bill will turn off the grandfathering provisions that allow financial advisers to receive conflicted remuneration under legacy remuneration arrangements and require entities that previously paid grandfathered conflicted remuneration to financial advisers to redirect the payment to consumers.
Background.
Other Bills, not marked as a priority, include the Anti-Money Laundering and Counter-Terrorism Financing and Other Legislation Amendment Bill which will
implement technical recommendations from the 2016 statutory review of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. But this Bill is not expected to regulate Designated Non-Financial Businesses and Professions, such as real estate agents, lawyers and accountants.
Re-introduced Bills
The Government has already re-introduced the following Bills which did not pass in the previous Parliament:
Treasury Laws Amendment (2018 Measures No. 2) Bill 2019 to expand the operation of the financial technology sandbox regime (Background);
Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 to prohibit creditor-defeating dispositions of company property (Background);
Treasury Laws Amendment (Putting Members’ Interests First) Bill 2019 dealing with superannuation fund insurance for low‑balance accounts and members under 25.
