Chartered Accountants Australia and New Zealand, CPA Australia and the Institute of Public Accountants welcome the opportunity to provide a submission to the Economics Legislation Committee on the Treasury Laws Amendment (2022 Measures No. 4) Bill 2022.

We acknowledge and thank the Government for acting on the feedback in our previous submission in its decision not to proceed with the introduction of interim financial reporting and sub-fund financial reporting for RSEs.

While we agree that there is a need to clarify the requirements around, and increase the transparency of, reporting by RSEs, we note that the Explanatory Memorandum states this measure has a “low” compliance cost impact.