Treasury Laws Amendment (Financial Reporting System Reform) Bill 2026

Stage by Stage

Summaries in reported speech - not a transcript. In date order, both chambers.

1. Thursday 12 February 2026 · House of Representatives

   Second Reading

   The debate concerned the second reading of legislation to reform Australia's financial reporting standard-setting institutions. The Assistant Treasurer moved the motion, arguing that the bill would create a single body, External Reporting Australia, to replace existing boards and improve market integrity. The speech highlighted the need for flexibility, expertise, and accountability in the new framework. No other members spoke, and the debate was adjourned without a recorded vote in the transcript.

   Outcome: The debate was adjourned.

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2. Tuesday 3 March 2026 · House of Representatives

   Reference to Federation Chamber
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3. Tuesday 3 March 2026 · House of Representatives

   Second Reading

   The debate concerned the proposed restructuring of Australia's accounting and auditing standard-setting bodies. The shadow assistant treasurer argued that the bill abolished functioning institutions without evidence of systemic failure, raising concerns about governance and independence. The speaker highlighted neglected priorities in financial services, such as insurance affordability and advice reforms. The coalition opposed the bill and sought referral to the Senate Economics Legislation Committee for scrutiny. The debate concluded with the adjournment of proceedings.

   Outcome: The debate was adjourned.

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4. Wednesday 4 March 2026 · House of Representatives

   Second Reading

   The debate centred on the creation of External Reporting Australia (ERA), a single body replacing the Australian Accounting Standards Board, the Auditing and Assurance Standards Board, and the Financial Reporting Council. Government members argued the reform would streamline standard-setting, enhance market integrity, and embed sustainability reporting within the core financial framework. Opposition members contended the changes were unnecessary, increased bureaucratic power, and imposed undue compliance costs on small businesses. The bill was supported by the government and opposed by the coalition.

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5. Thursday 5 March 2026 · House of Representatives

   Report from Federation Chamber
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6. Thursday 5 March 2026 · House of Representatives

   Third Reading
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7. Wednesday 11 March 2026 · Senate

   First Reading
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8. Wednesday 11 March 2026 · Senate

   Second Reading

   The Senate debated the Treasury Laws Amendment (Financial Reporting System Reform) Bill 2026, which proposes significant changes to Australia's financial reporting standard-setting institutions. The legislation aims to consolidate existing bodies into a single entity called External Reporting Australia to improve flexibility, accountability, and transparency. The debate focused on the structural reforms designed to enhance market integrity and investor confidence through better governance arrangements. No opposition speakers were recorded in the provided transcript, and the bill was supported by the government minister.

   Outcome: The second reading speech was incorporated into Hansard and the member sought leave to continue remarks later, which was granted.

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9. Monday 29 June 2026 · Senate

   Limitation of Debate
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10. Monday 29 June 2026 · Senate

    Second Reading

    The Senate debated the Treasury Laws Amendment (Financial Reporting System Reform) Bill 2026, which proposes merging the Financial Reporting Council, the Australian Accounting Standards Board, and the Auditing and Assurance Standards Board into a single entity called External Reporting Australia. The government argued the reform would streamline reporting, enhance market integrity, and improve accountability. Opposition members opposed the bill, citing a lack of justification for dismantling a functioning system, concerns about politicisation, and fears that the changes would exacerbate shortages in the accounting profession. The Greens supported the bill but moved amendments to strengthen independence and ethics, while also calling for broader sector reforms.

    Outcome: The bill was not passed; the Greens moved a second reading amendment calling for broader sector reforms, which was recorded in the debate.

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11. Tuesday 30 June 2026 · House of Representatives

    Consideration of Senate Message
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