The Corporate Law Reform Alliance (Alliance), a group of professional associations including CA ANZ, peak business groups and distinguished corporate law academics, welcomes the government's commitment to work with the community and business to address the critical productivity and growth challenges ahead.

The Australian economy is facing a complex range of challenges and uncertainties from the rapid development of technologies, environmental change and geopolitical instability.

The reestablishment of a Corporations and Markets Advisory Committee (CAMAC)-like corporate law reform body is essential to the future of Australian corporate law reform. Australia requires an efficient and independent corporate law reform body that can draw on a diverse pool of experts to inform better legal design and holistic corporate law reform proposals.

Alliance members have been concerned for many years about the ballooning growth of the Corporations Law Act 2001 (the Act) and associated rules and regulation following years of ad hoc amendments. This has led to unnecessary complexity and uncertainty, increased costs for those who interact with the Act and a significant drag on economic productivity. In its assessment of the Corporations Law, the Australian Law Reform Commission found that this body of Law possessed 1,200 notional amendments, featured an incoherent hierarchy and structure and norms obscured by excessive prescription and unnecessary costs.