The Wonkery

The Attorney-General announced (2008-05-16) a review of the Personal Property Securities Bill, which involves taking a security interest in all types of property other than real estate, such as for cars, boats and livestock, with submissions due 2008-08-15

The aim is to replace 70 distinct pieces of state and federal legislation as part of KRudd’s deregulation agenda.

What is odd is that tenders (Request for Tender - RFT No. 08/9769) to build the register that underpins the whole thing are due 2008-06-27 : well before the consultation process is completed that should influence decisions about what the system should do!

Details

• Announcement by McClelland (2008-05-16)
• Submissions due: 2008-08-15
• Draft bill and supporting documentation available via here
• Details on the proposed register of interests
  

  The PPSR will be the definitive place records of security interests in personal property (property other than land or buildings) are held.  It will be computer based, publicly accessible and updatable in real time.  The PPSR will primarily be accessed through the internet and B2G connections, but also requires IVR, SMS, call centre and physical lodgement channels.

Some legal mates of mine are saying there this could have a huge impact on business if done right - but if rolled out in a silly way, it could be disastrous.

See also discussion of this seemingly "cart before horse" process at Balneus.