Treasury is consulting with industry and consumer groups on the implementation of the reforms. The Government has announced the key principles of its policy objectives. However, there is significant detail needed to support those key policy objectives. This will be the focus of implementation consultation. Legislation implementing the reforms will commence on 1 July 2012.
The consultation process is being managed through a Treasury peak consultation group, comprising key industry and consumer stakeholders (as well as ASIC), and through additional targeted consultation. In both June/July 2010 and February/March 2011, Treasury held public information sessions on the reform package in Adelaide, Brisbane, Melbourne, Perth and Sydney. Consultation papers will also be released from time to time on particular issues.