“We are pleased that the Consumer Credit Code (UCCC) will be re-enacted as a stand-alone Commonwealth statute and that the new regulation is not to be  incorporated into Chapter 7 of the Corporations Act (FSR).”

“This move will benefit consumers who are already familiar with the terms of the code and will benefit businesses by minimising transition and compliance costs.”

In addition, the ABA is pleased COAG has signed an intergovernmental agreement to clear the way for reform of Australia's personal property security laws.

However, we are disappointed that there was no mention in the COAG communiqué of the next steps to establish a single national electronic conveyancing system. The next key step that COAG had agreed should be taken (at its meeting in July 2008) is to establish a national entity comprising a skills- based board to progress the development and implementation of the national system.

The ABA would be concerned if the lack of mention of this important macro-economic reform in yesterday’s communiqué indicates a waning of COAG’s commitment and priority to the project.

Substantial progress on the groundwork for the national system has been made already through the National Electronic Conveyancing Steering Committee that comprises representatives of jurisdictions, the Australian Government and the private sector. 

To go forward, the governing national entity needs to be established urgently to keep the momentum for commencement of the national system in 2010.  

The electronic conveyancing system is designed to replace the paper system which currently exists for the transfer of ownership of property with a single electronic settlement and lodgement system.

The ABA said Australians would benefit from a national system. Building a national system may take some time but it would be hoped that once it is in place, efficiency benefits and cost savings, may be delivered to the community.

For further information:
Heather Wellard
Director, Public Relations
Phone: 02 8298 0411
Mobile: 0409 830 439