On 25 November 2021, the Senate referred the provisions of the Financial Accountability Regime Bill 2021, Financial Sector Reform (Hayne Royal Commission Response No. 3) Bill 2021, Financial Services Compensation Scheme of Last Resort Levy Bill 2021 and Financial Services Compensation Scheme of Last Resort Levy (Collection) Bill 2021 to the Economics Legislation Committee for inquiry and report by 15 February 2022.
The bill and explanatory materials
Copies of the bills can be found in the right-hand column of the inquiry webpage.
Further information on the bills can be found in the single overarching Explanatory Memorandum.
Submissions
The committee welcomes submissions to this inquiry.
However, it is important to note that the committee is not obliged to accept every document it receives as a submission. The committee has the option to accept a document as correspondence, or not accept it at all depending on its content.
Odgers Senate Practice clearly indicates:
"…a submission made to a committee becomes a committee document, and it is for the committee to decide whether to receive it as evidence and whether to publish it."
Further information can be found in our procedural documents.
Drafting a submission
To assist your document being received and accepted as a submission to the inquiry, we recommend your comments stay focussed on the provisions of the bills.
Documents that don't address the provisions of the bills and diverge into extraneous issues or personal details are unlikely to be accepted as submissions. Further guidance on making a submission can be found on the Senate’s How to make a submission webpage.
Form letters or documents containing repetitive themes
Form letters that are received as part of letter writing campaigns are likely to be received in the following way: a sample of the document may be accepted as a submission and published with a written indication of how many such documents were received.
Similarly, documents received that are not strictly form letters but demonstrate repetitive themes are also highly likely to be acknowledged in the same way: a certain number taken as samples with a written indication of how many such documents were received.
Treatment of correspondence
If your document is received as correspondence, the committee will consider its content and it will inform the committee's consideration of the bills. However, it will not be individually referenced in the final report of the inquiry.
The committee hopes this information will assist you in the drafting of your submission.