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The Attorney-General has announced that the Australian Government will introduce bankruptcy law reforms including:

  • Increasing the threshold for involuntary bankruptcies from $10,000 to $20,000, with the threshold to be indexed each year;
  • Increasing the timeframe in which a debtor may respond to a bankruptcy notice from 21 days to 28 days;
  • Reducing the period a

The Australian Prudential Regulation Authority (APRA) has amended Prudential Standard SPS 515 Strategic Planning and Member Outcomes (SPS 515) and Prudential Practice Guide (SPG 515) Strategic Planning and Member Outcomes to reinforce trustees’ duty to act in the best financial interests of members.
Prudential Standard SPS 515 Strategic Planning and Member Outcomes (SPS 515) will

ASIC has issued its 2023-24 Cost Recovery Implementation Statement (CRIS) which outlines estimated regulatory costs and levies next year for each industry subsector it supervises.
Final levies will be published in December 2024 and invoiced between January and March 2025.
Examples include:

  • Deposit product providers: Minimum levy of $2,000, plus $1.75 per $1m

The Banking Code Compliance Committee (BCCC) which monitors compliance with the Banking Code of Practice has announced sanctions against 2 subscribing banks: one for failure to provide adequate support to customers following the closure of a country branch and another for not stopping or refunding fees for deceased estates, as well as not responding