The Final Report – Personal Property Securities Act 2009 (Cth) makes recommendations for improvements to the accessibility and performance of the PPS Act and improvements to the Personal Property Securities Register. The Report has been tabled before Parliament and we will continue to monitor its progress.
The Final Report - Personal Property Securities Act 2009 (Cth) by Bruce Whittaker (Report) was released and tabled before Parliament on 18 March 2015.
In summary, the Report found that the Personal Property Securities Act 2009 (Cth) (PPS Act) has improved consistency in Australia’s secured transactions but that more can be done to improve the workings of the PPS Act to remove complexity and to better accommodate the operating practices of the Australian marketplace.
Among other things, the Report considers:
- the effect of the reforms introduced by the PPS Act;
- the level of awareness and understanding of the PPS Act;
- the incidence and causes of non-compliance with the PPS Act;
- opportunities for minimising regulatory and administrative burdens including cost; and
- opportunities for further efficiencies.
In looking at these matters, the Report also considers:
- the scope and definitions of personal property;
- the desirability of introducing thresholds; and
- the interaction of the PPS Act with other legislation.
The Report makes 394 recommendations for improvements to the accessibility and performance of the PPS Act and improvements to the Personal Property Securities Register, and recommends a renewed focus on education about the PPS Act.
The Report also urges the Government to take a more collaborative approach in drafting any amendments to the PPS Act, involving not only the Office of Parliamentary Counsel, but also the Attorney-General’s Department and the private sector.
See also the Attorney-General’s media release dated 18 March 2015.