Opened the debate
Leigh argued that the bill delivers urgent reforms to strengthen business registers, which are critical national infrastructure for economic trust and transparency. Leigh stated that the legislation prevents legacy provisions from the former Modernising Business Registers program from automatically commencing on 1 July 2026, which would have transferred registry administration away from ASIC to the Commissioner of Taxation. Leigh explained that Schedule 1 links director identification numbers to the ASIC companies register to improve transparency and combat illegal phoenix activity, with requirements commencing from 1 July 2027. Leigh noted that Schedule 2 provides ASIC with targeted powers to manage digital registries, including enhanced privacy settings and enforcement tools. Leigh concluded that Schedule 3 repeals outdated provisions to ensure stability and that the bill reflects strong stakeholder support following public consultation.