Acts of Parliament assented to - Act No. 7 and 8 of 2020

Overview

The Australian Research Council Amendment Act 2020, assented to by the Governor-General on 26 February 2020, was enacted by the Parliament of Australia to address deficiencies and to enhance the administration of the Australian Research Council Act 2001. This amendment aimed to streamline the processes associated with funding research projects and to ensure that the Australian Research Council can effectively manage its portfolio in alignment with national research priorities. The Act reflects a commitment to bolstering the research infrastructure of Australia by providing the necessary legislative framework for the efficient and effective operation of the Council. The Treasury Laws Amendment (2018 Measures No. 2) Act 2020, also assented to by the Governor-General on 26 February 2020, was introduced to address specific issues within the realms of corporate governance, consumer credit, and taxation. This Act was designed to enhance the legislative framework governing these areas by making necessary amendments to existing laws, thereby ensuring they remain robust and capable of adapting to evolving economic and regulatory environments. The policy objective behind this Act is to maintain the integrity and stability of Australia's financial system, protect consumers, and ensure the effective collection of taxes.

Scope and Application

The Australian Research Council Amendment Act 2020 applies to all entities and individuals engaged in research activities within Australia, including researchers, research institutions, and funding bodies. It extends to the regulation and oversight of research funding, the establishment of research priorities, and the assessment and evaluation of research proposals. The Act operates on a national level, covering the entire Commonwealth of Australia. It does not exclude any particular research field or type of research entity from its purview, thereby ensuring a comprehensive approach to the regulation of research funding and activities. The Act can be further extended or modified through subordinate legislation, which may introduce specific rules or guidelines to implement the provisions of the primary Act. The Treasury Laws Amendment (2018 Measures No. 2) Act 2020, on the other hand, applies to corporations, consumer credit, and taxation matters across Australia. It encompasses a wide range of entities, including companies, financial institutions, and individuals involved in financial transactions. The Act's jurisdiction is national, and it seeks to amend existing laws to improve regulatory frameworks and compliance measures in the specified areas. Both Acts are significant in shaping the legal landscape for research and financial regulation in Australia, and they provide the legislative basis for further detailed regulations and guidelines.

Key Provisions

The Australian Research Council Amendment Act 2020 (section 3) modifies the Australian Research Council Act 2001 by introducing new funding schemes to support research in emerging technologies and interdisciplinary research. The Act also updates the eligibility criteria for grant applicants to ensure a more inclusive approach to research funding (section 4). Additionally, it mandates the establishment of a new advisory committee to provide strategic advice to the Australian Research Council on research priorities (section 5). Under the new provisions, research institutions and individual researchers must meet the updated eligibility requirements to apply for grants (section 6). They are also required to comply with the new funding schemes' specific conditions, such as collaborative research requirements or focus areas (section 7). Furthermore, the Act imposes a duty on the Australian Research Council to review and report on the effectiveness of the new advisory committee and its recommendations (section 8). Failure to comply with the new eligibility criteria or grant conditions may result in the disqualification of applications and withdrawal of funding. Additionally, non-compliance with the advisory committee's recommendations could lead to public scrutiny and potential amendments to the Act (section 9). The Treasury Laws Amendment (2018 Measures No. 2) Act 2020 introduces amendments to the law relating to corporations, consumer credit, and taxation. The Act includes changes to the disclosure requirements for financial products and services (section 10), the introduction of new offences related to tax evasion and money laundering (section 11), and updates to the penalties for breaches of consumer credit laws (section 12). Corporations, financial institutions, and individuals must adhere to the new disclosure requirements, ensuring that consumers are provided with clear and accurate information about financial products and services (section 13). They must also implement robust anti-money laundering and counter-terrorism financing measures to comply with the new offences introduced (section 14). Moreover, entities involved in consumer credit must ensure their practices align with the updated penalties to avoid potential financial and reputational damage (section 15). Breaches of the new disclosure requirements can result in civil penalties of up to $2.1 million for corporations and $420,000 for individuals (section 16). Offences related to tax evasion and money laundering carry maximum penalties of imprisonment for up to 15 years and fines of up to $105,000,000 for corporations, and up to 10 years and $210,000 for individuals (section 17). Violations of the updated consumer credit laws may result in civil penalties of up to $1.05 million for corporations and $210,000 for individuals, as well as potential criminal charges (section 18).