David Bell, Chief Executive of the ABA, said: “The ABA sees the move by the three States to form NECDL as a key milestone on the way to delivering a significant new piece of business and economic infrastructure for Australia.”

“A single national electronic conveyancing system across all States and Territories will mean major efficiency gains for everyone involved in the conveyancing industry.”

“Benefits such as faster and more efficient processes, elimination of bank cheques, easier co-ordination of settlements and greater certainty for all involved, can be achieved with an e-conveyancing system and these benefits may  flow through to the consumers of conveyancing services,” Mr Bell said.

Mr Bell said NECDL is well positioned to expedite establishment of the national system by drawing on the collective expertise of its board members and industry stakeholders.

He said the inclusion of business, as well as government representatives, on the board ensured a balanced approach best suited to producing a successful and lasting outcome.

The ABA also welcomed the appointment of Mr Alan Cameron AM to chair the new company.  

Mr Cameron brings considerable business skill to the company that will be crucial as it makes important decisions about how the system will be established and governed into the future.

The ABA noted that the company will have access to the substantial work done to date on developing a single national system by the National Electronic Conveyancing Office under the guidance of the National Electronic Conveyancing Steering Committee and the National Project Team, and to the work done by Victoria in developing and commissioning its State-based system. 

The ABA is pleased to have the expertise of its membership on the board of NECDL to make the most of this work and looks forward to the positive developments ahead.

Mr Bell said the work done so far in developing a national system, particularly on operational requirements, risk and liability management, give NECDL a solid start and the opportunity to continue the productive engagement with stakeholders across the country.

He said this means NECDL can continue to draw upon the knowledge and understanding of the National Project Team in determining what is required for the system to be successful.

The active participation of the banking, legal and conveyancing professions ensures the system will be based on industry best practices and sound commercial principles.

Mr Bell concluded by saying that the objective of building a system that satisfied stakeholders was the right one and it will be important the States and Territories ensure the system secures maximum use by industry.