Regulatory Reform Omnibus Bill 2026

Senator GALLAGHER (Australian Capital Territory—Minister for Finance, Minister for the Public Service, Minister for Women, Minister for Government Services and Manager of Government Business in the Senate) (13:11): This amendment—which is different to the question you asked—reduces the disallowance period for the special levy determinations from 15 sitting days to five sitting days.

The advice I have is that this will make sure that eligible consumers can receive compensation more quickly. At the moment, ASIC cannot collect a special levy to fund the scheme until the disallowance period has expired, meaning, depending on when the instrument is tabled, lengthy disallowance periods can substantially delay compensation payments to consumers who have already suffered financial loss.

The amendment will preserve parliamentary oversight of levy determinations, and the instrument will remain subject to disallowance by either house of parliament, ensuring appropriate scrutiny and accountability are maintained. It means that compensation can be brought forward potentially by a number of months, which would make a meaningful difference to affected consumers.

The amendment does not alter the minister's obligation before determining a levy, including the requirement to consider relevant statutory matters. I think your question is when the next determination will be made. I would have thought that there is some statutory requirement about that, but I am advised it will be in the coming weeks, after there has been appropriate consultation with the sector.