Statements by ministers of “expectations” of their designated government agency have been around for a while. They are said to assist departments and agencies to boost productivity.
The one just issued for AFSA is said to be aimed at reducing unnecessary regulatory burdens, unlocking investment and helping Australians return to economic participation.
AFSA is to take
“a more intelligence‑led approach to regulation, using data to identify emerging risks, harms and inefficiencies, target regulatory effort where it is most needed, and better identify vulnerable populations”.
It is also to give greater attention to the costs of regulation, particularly for small businesses and new entrants.
AFSA is to “within the law” make it easier for people to return to economic participation.
This one is a hard task given the strictures of Australian bankruptcy law, and the 3 year period of bankruptcy, recommended for reduction to 1 year by the Productivity Commission in its 2015 report but ignored
The prompt release of a person from bankruptcy is recognised internationally as supportive of business endeavour – dynamism if you like.
Twelve years on in 2026, the PC is back-tracking in its interim report, though it may well support a rather radical reform to allow debtors 21 days instead of 14 for some purposes.
In the context of a recent debate about the reasons for the increased complexity and volume in our laws over the last 25 years, a suggestion has been made that society has an increasing need to avoid risk, and seek protection from perceived dangers. Laws are seen to provide that.
Ameliorative changes to such laws are seen apprehensively. In the context of bankruptcy, tight parolee type constraints need to be maintained – you never know what a bankrupt might do next.
