Australia To Reform Personal Property Securities Law

The Commonwealth Attorney-General's Department has confirmed that reform of Australia's Personal Property Securities law remains an active item on the Government's legislative agenda. An exposure draft of a Personal Property Security Bill is now well advanced and will be released for public comment in the near future.

In its 2007 Budget, the Australian Government allocated $113 million towards the reform of the law of Personal Property Securities (PPS) in Australia. PPS reform was endorsed by the Council of Australian Governments as part of the Australian regulatory reform agenda in 2006.

In the first half of 2007, the Australian Attorney-General's Department released three Discussion Papers on PPS reform. DLA Phillips Fox has closely followed this reform agenda, and our PPS reform team discussed the option papers with the Attorney-General's PPS Team.