Treasury Laws Amendment (Business Registries Stabilisation and Uplift) Bill 2026; Second Reading

Briskey explained that the bill prevents legacy provisions from a failed program from automatically commencing, which would have transferred registry responsibility away from ASIC. Briskey highlighted the $527.2 million investment in the RegistryConnect program to stabilise registers. Briskey detailed how linking director IDs to company records improves transparency and helps trace fraudulent activity, while also introducing privacy protections such as alternative service addresses.

Campbell argued that reliable business registers are critical economic infrastructure that underpin market confidence and trust. Campbell noted that the bill strengthens the director ID regime to combat illegal phoenix activity, which harms workers and suppliers. Campbell emphasised that the reforms balance transparency with privacy safeguards and modernise ASIC's administrative capabilities to reduce red tape for businesses.

Holzberger focused on the impact of illegal phoenixing on the construction industry, particularly on small subcontractors. Holzberger cited historical data and personal anecdotes regarding the financial devastation caused by corporate restructuring and non-payment of debts. Holzberger referenced a class action victory by Les Williams against a bank involved in a phoenixing case to illustrate the human cost of such practices and the importance of the legislation.

Leigh described the bill as necessary to ensure the continuity of registry stabilisation efforts after the cessation of the previous modernisation program. Leigh outlined how the three schedules of the bill strengthen director ID integration, equip ASIC with modern digital powers, and remove disruptive legacy provisions. Leigh acknowledged Treasury officials involved in drafting the legislation and commended the bill for maintaining the integrity of economic infrastructure.