Public consultation on reforms to the Personal Property Securities Act
The Albanese Government has today accepted the vast majority of the findings of the Whittaker Review of the Personal Property Securities Act 2009.
This important review was tabled by the Abbott Government in February 2015 but was ignored by successive Coalition governments for the next seven years.
The review, which was required by law, made 394 recommendations. There has not been a government response to this important work until today.
The Personal Property Securities Act 2009 aimed to make it easier for businesses and consumers by establishing a national regime for using personal property to secure credit. It replaced a complex and costly patchwork of over 70 Commonwealth, state and territory laws and 40 registers.
It is vital that this Act, which touches businesses and consumers around Australia, is kept up to date and is fit for purpose. Today’s government response is an important part of that task.
The response accepts 345 of the review’s recommendations and includes draft legislation designed to streamline the process of granting, validating and enforcing security interests in personal property.
I now invite feedback on whether the proposed reforms will meet the needs of lenders, consumers and business, especially small business, in the current commercial environment.
Read the Government’s response and draft legislation, and provide feedback, on the Attorney-General’s Department Consultation Hub. Submissions will be accepted until 11:59 PM on 17 November 2023.