Revised Explanatory Memorandum(Circulated by authority of the Treasurer, the Hon Josh Frydenberg MP)
General outline and financial impact
Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Bill 2018
Date of effect: Day after Royal Assent, except for the amendments made by Schedule 5, which commences on the happening of certain events.
Proposal announced: This Bill partially implements the measure boosting penalties to protect Australian consumers from corporate and financial misconduct announced by the Government on 20 April 2018.
Financial impact: Nil.
Human rights implications: This Bill does not raise any human rights issues. See Statement of Compatibility with Human Rights - Chapter 2.
Compliance cost impact: No compliance costs.