FED Companies With $200 Million Revenue, $500 Million in Assets, or 250 Staff Must Report on Sustainability; Fewer Statements Protected from Legal Action

Treasury Laws Amendment (Scrapping Scope 3) Bill 2026

Opposition Bill

14 Oct 2026: MPs in the first house are debating whether this bill is a good idea in principle.

Senate

House of Representatives

Assent

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Topics

climate change corporate governance environmental protection government accountability sustainability reporting

Introduced by: Senator Jane Hume (LIB)

Links to official parliament websites

Official page: progress through parliament

Effects of this bill

If this bill passes, it means that:

Fewer statements now qualify for limited immunity from legal action.
Companies must report on their sustainability if they meet any of these thresholds: yearly revenue of $200 million or more, gross assets of $500 million or more, or 250 or more employees.
One of the specific reporting requirements for sustainability reports is removed.
Sustainability reporting rules now apply to financial years starting on or after 1 July 2026.
The law removes the definitions of 'financed emissions' and 'scope 3 greenhouse gas emissions'.
The law replaces the 'first' and 'second' transitional periods with a single 'transitional period' that ends on 30 June 2026.