New Minister’s focus on confidence and quality regulation

Commerce and Consumer Affairs Minister Paul Goldsmith today outlined his commitment to completing and bedding in a suite of legislative and regulatory reforms to make it easier for consumers, investors and businesses to transact with confidence.

“In the coming months I will focus on progressing several key pieces of work which will help support fair, efficient and transparent markets and promote competition, consumer choice and protection.

“This work is an important part of the Government’s Business Growth Agenda, creating the conditions for businesses to invest for jobs and growth,” says Mr Goldsmith.

Mr Goldsmith’s priorities include:

• Implementing the Financial Markets Conduct Act regulations
• Implementing the Credit Contracts and Consumer Finance Act  regulations and  the Responsible Lending Code
• Progressing the Commerce (Cartels and other Matters) Amendment Bill
• Progressing the Standards and Accreditation Bill
• Progressing the Accounting Infrastructure Reform Bill
• Progressing the Trade (Safeguard Measures) Bill

“I will take a careful, considered approach to this work to ensure regulations are appropriate and that any costs imposed are minimised and outweighed by the benefits for consumers, investors and businesses.

“The completion of this work will represent the end of a period of significant regulatory reform in the fields of financial markets, competition, and intellectual property law.

“Looking ahead, I want to ensure we maintain a predictable, trusted and productive commercial environment where competition can thrive and consumers have confidence and choice. 

“I will be closely monitoring the implementation of these priorities to ensure they are achieving their purposes and identify any unintended consequences.

“As a new Minister I am looking forward to meeting with a wide range of consumers, investors and businesses in the lead up to Christmas,” says Mr Goldsmith.