Merger reforms, updated payment system regulation, and new cyber attack reporting rules are among the changes contained in dozens of bills yet to pass into law before Parliament breaks for Christmas, in what could be the final sitting week before a federal election.
Lawmakers are rushing to consider a cluster of Labor-led bills ahead of the year-end shutdown, to ensure legislation is resolved before the new year.
And with a federal election required at some point between now and mid-May 2025, there is a small chance this sitting week could be the last before Australians head to the polls, totally reshuffling the legislative agenda.
For small businesses and startups, this end-of-year rush is not quite as chaotic as 2022 and 2023, when the Labor government’s landmark industrial relations reforms were subject to last-minute changes to win over the crossbench.
Yet there are still a number of bills with significant consequences for the SME community waiting for the final sign-off in 2024.
Some are all but assured to pass into law: the Treasury Laws Amendment (Mergers and Acquisitions Reform) Bill 2024, which will bring proposed business mergers to the Australian Competition and Consumer Commission (ACCC), has the support of the Coalition and the Greens.
But as the government has shown through its abandonment of dis- and misinformation reforms, it is prepared to shelve legislation it does not believe will garner political support by year’s end.
Here is the status of some key Labor government legislation, as of Tuesday morning.
Effects for business: Establish tax credits for producers of hydrogen and critical minerals; expand the remit of Indigenous Business Australia to invest in First Nations businesses.
Status: Before the House of Representatives.
Effects for business: Modernise the Payment Systems (Regulation) Act 1998 to expand who qualifies as a payment system ‘participant’, accounting for new entries to the payments space; boosted powers for the Reserve Bank of Australia to penalise contraventions of the Act.
Status: Passed in the House of Representatives, now before the Senate.
Effects for business: Mandatory and compulsory merger approval system overseen by the ACCC.
Status: Passed in the House of Representatives, now before the Senate.
Effects for businesses: Permit employers to make single-touch payroll declarations for multiple lodgments at once, easing administrative workload; extend the time period in which small and medium employers can apply for their tax assessment to be amended.
Status: Passed in the House of Representatives, now before the Senate.
Effects for business: Enduring government funding for fee-free TAFE places in high-demand sectors.
Status: Before the House of Representatives.
Effects for business: Changes to how businesses market to young Australians; potentially increased compliance burden for digital startups.
Status: Before the House of Representatives.
Effects for business: Mandatory ransomware and ‘cyber extortion’ reporting requirements; limited use provisions for business information handed to National Cyber Security Council.
Status: Passed in both Houses.
Effects for business: Extend the Credit Code to buy now, pay later providers and establish BNPL as a form of low-cost credit; extend the instant asset write-off until June 30, 2025.
Status: Passed in the House of Representatives, now before the Senate.
Effects for business: Obligations on digital platforms to avoid hosting content “reasonably verifiable as false, misleading or deceptive”; new powers for the Australian Communications and Media Authority to enforce those rules
Status: Withdrawn from debate.
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Senior Business Journalist
Focused on the small business sector, David’s work covers the political, regulatory, and economic issues facing Australian entrepreneurs. Prior to joining SmartCompany, he was a reporter for Business Insider Australia. You can follow him on LinkedIn.
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