External Reporting Australia Must Follow Accounting Standards and Directions, While Council and Board Must Meet New Conduct and Eligibility Rules
Treasury Laws Amendment (Financial Reporting System Reform) Bill 2026
House of Representatives
Senate
Assent
Topics
accounting standards auditing standards conflict of interest corporate governance financial reporting government accountability professional ethics sustainability standards
Introduced by: The Hon Dr Daniel Mulino MP (ALP)
Links to official parliament websites
Effects of this bill
If this bill passes, it means that:
The Debate
What different members said when this bill was debated:
Dr Daniel Mulino ALP
“I move: That this bill be now read a second time. This legislation delivers the biggest reform to our financial reporting standard setting institutions in over two decades. Integrity in our markets matters because, when people trust the system to be fair and honest, they’re more willing to invest, innovate and plan for the future. That confidence underpins a strong economy for everyone.”
Jerome Laxale ALP
“It’s great to see you up there in the chair, Deputy Speaker Sharkie, and I look forward to addressing the chair as we talk about this TLAB. It obviously has lots of schedules, but I’ll be focusing—as you would expect from a Labor member of parliament—on our wonderful reforms to super, not only located in this bill here today but also more broadly.”
Pat Conaghan NAT
“The Treasury Laws Amendment (Financial Reporting System Reform) Bill 2026 proposes a significant restructuring of Australia’s accounting and auditing standard setting system. This bill would abolish the longstanding audit and accounting standard setting bodies that have served Australia for decades and implement a new centralised bureaucracy.”
“The name of the Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026 speaks directly to core Labor values—values like equal opportunity for all Australians, values such as inclusive economic growth, values that prioritise reducing inequality and ensuring access to essential services like health and education, and values like security and fairness in retirement.”
“In my view, if I were to sum up what Australian workers were thinking at the moment, it would be that the income and taxation system is stacked against them. I often hear from workers that, no matter how hard they work, they feel that they just can’t get ahead, and they’re right.”
Gabriel Ng ALP
“I rise today to speak in support of the Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026. As the Australian people know, Labor is the party of superannuation.”
Justine Elliot ALP
“I too rise to speak in support of the Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026. Superannuation is one of the most significant social and economic reforms in modern Australian history. It reflects a simple but powerful idea: that working people deserve dignity, security and independence in retirement.”
Dr Jim Chalmers ALP
“Firstly, I want to thank the members who’ve contributed to this debate about the future of our superannuation system. In particular, I want to thank the Assistant Treasurer, who’s here with us today, and other members of the government’s economic team. I want to thank colleagues from across the parliament, but particularly colleagues in the Albanese government, for making the case here.”
Ali France ALP
“I rise to speak on the Treasury Laws Amendment (Financial Reporting System Reform) Bill 2026. The government committed to streamlining Australia’s financial reporting bodies. The bill delivers on this commitment by creating External Reporting Australia, ERA.”
“To quote Oscar Wilde, the bureaucracy is expanding to meet the needs of the expanding bureaucracy. Yes, I am being facetious; it’s not normally in my nature to do that. I could also quote the late Bert Lance, a Georgian banker and confidant of the 39th President of the United States of America, Jimmy Carter, who said, ’If it ain’t broke, don’t fix it.”
Jo Briskey ALP
“This legislation, the Treasury Laws Amendment (Financial Reporting System Reform) Bill 2026, represents an important and timely modernisation of Australia’s financial system. It ensures that the institutions safeguarding market integrity are as strong, credible and forward-looking as the economy they oversee.”
Madonna Jarrett ALP
“I rise to speak on the Treasury Laws Amendment (Financial Reporting System Reform) Bill 2026 today. For most people, this sort of legislation may be a bit abstract and foreign, but the truth is that every person and every business that puts their money into shares, a business or a super fund is affected by the players who are governed by these laws.”
“I rise today to speak in support of the Treasury Laws Amendment (Financial Reporting System Reform) Bill 2026, which represents the biggest reform to Australian financial reporting standard settings in 20 years, and, critically, it marks an important step in embedding sustainability reporting within Australia’s core financial reporting framework.”
Anthony Chisholm ALP
“I move: That this bill be now read a second time. I seek leave to have the second reading speech incorporated in Hansard. Leave granted. The speech read as follows— This legislation delivers the biggest reform to our financial reporting standard setting institutions in over two decades.”
Lisa Darmanin ALP
“At first glance, the Treasury Laws Amendment (Delivering an Efficient and Trusted Tax System) Bill 2026 contains a number of technical amendments across Australia’s taxation laws, but collectively these reforms tell a much bigger story. They’re about ensuring Australia’s tax system keeps pace with the modern economy.”
Matthew Canavan NAT
“The Treasury Laws Amendment (Financial Reporting System Reform) Bill 2026 is a little bit of a confusing bill, particularly at a time right now when people are struggling and doing it difficult—doing it tough. Our financial system certainly doesn’t seem to be working for average people. There are lots of issues in that sector.”
Susan McDonald LNP
“I suspect I’m one of the few certified practising accountants or chartered accountants in the parliament currently. As a CPA, there is a small part of me that reflects on the concept of accountants being described as ’cowboys’, ’marauding’ or anything vaguely interesting as probably good for our reputation!”
Kerrynne Liddle LIB
“The coalition strongly opposes the Treasury Laws Amendment (Financial Reporting System Reform) Bill 2026 because it tells Australians what they already know about this government’s priorities. We know what its record is like because we’ve seen it in the last few weeks. Here’s another Treasury bill, another sham.”