alleviating the compliance burden on business from Commonwealth Government regulation. The Taskforce will examine and report on areas where regulatory reform can provide significant immediate gains to business. It will be chaired by Mr Gary Banks, Chairman of the Productivity Commission, and will also include Mr Dick Humphry, the former Managing Director of the Australian Stock Exchange, Mr Rod Halstead, a corporate law expert with Clayton Utz, and Mrs Angela MacRae, a consultant to small business and Chairman of the Independent Contractors Association of Australia. The Taskforce will: identify specific areas of Commonwealth Government regulation which are unnecessarily burdensome, complex, redundant or duplicate regulations in other jurisdictions; indicate those areas in which regulation should be removed or significantly reduced as a matter of priority; examine non-regulatory options (including business for achieving desired outcomes and how best to reduce duplication and increase harmonisation within existing regulatory frameworks; and provide practical options for alleviating the Commonwealth's 'red tape' burden on business, including family-run and small businesses. The Taskforce will report by 31 January 2006. While the Taskforce will focus on areas that are predominantly the responsibility of the Commonwealth Government, it is to identify key areas in which the regulatory burden arises from overlaps with State and Territory legislation. The Taskforce will consult closely with business groups and other stakeholders. The Government also intends to introduce a new annual review process to examine the cumulative trial of Australian Government regulation and identify an annual red tape reduction agenda. Reviews will be undertaken by the Productivity Commission. The Commission will call for public submissions on areas of red tape concern, based on a direction from the Treasurer and will propose an agenda to the Australian Government. The Taskforce's website address is www.regulationtaskforce.gov.au 1.4 Insolvency reform On 12 October 2005, the Parliamentary Secretary to the Australian Treasurer, the Hon Pearce MP, announced an integrated package of reforms to improve the operation of Australia's insolvency laws. The package proposes a number of reforms, including: improved access to the General Employee Entitlements and Redundancy Scheme (GEERS); enhancing the
alleviating the compliance burden on business from Commonwealth Government regulation. The Taskforce will examine and report on areas where regulatory reform can provide significant immediate gains to business. It will be chaired by Mr Gary Banks, Chairman of the Productivity Commission, and will also include Mr Dick Humphry, the former Managing Director of the Australian Stock Exchange, Mr Rod Halstead, a corporate law expert with Clayton Utz, and Mrs Angela MacRae, a consultant to small business and Chairman of the Independent Contractors Association of Australia. The Taskforce will: identify specific areas of Commonwealth Government regulation which are unnecessarily burdensome, complex, redundant or duplicate regulations in other jurisdictions; indicate those areas in which regulation should be removed or significantly reduced as a matter of priority; examine non-regulatory options (including business for achieving desired outcomes and how best to reduce duplication and increase harmonisation within existing regulatory frameworks; and provide practical options for alleviating the Commonwealth's 'red tape' burden on business, including family-run and small businesses. The Taskforce will report by 31 January 2006. While the Taskforce will focus on areas that are predominantly the responsibility of the Commonwealth Government, it is to identify key areas in which the regulatory burden arises from overlaps with State and Territory legislation. The Taskforce will consult closely with business groups and other stakeholders. The Government also intends to introduce a new annual review process to examine the cumulative of Australian Government regulation and identify an annual red tape reduction agenda. Reviews will be undertaken by the Productivity Commission. The Commission will call for public submissions on areas of red tape concern, based on a direction from the Treasurer and will propose an agenda to the Australian Government. The Taskforce's website address is www.regulationtaskforce.gov.au 1.4 Insolvency reform On 12 October 2005, the Parliamentary Secretary to the Australian Treasurer, the Hon Pearce MP, announced an integrated package of reforms to improve the operation of Australia's insolvency laws. The package proposes a number of reforms, including: improved access to the General Employee Entitlements and Redundancy Scheme (GEERS); enhancing the trial
CORPORATE-LAW-ELECTRONIC-BULLETIN-October-2005.docx