Submissions to Government

REIA regularly makes submissions to Government on a range of issues likely to impact real estate practice and the property market. It also responds to Discussion Papers released by Government.

For more information on REIA submissions not detailed on this page, please

Property Investment Advice

In its submission to the Productivity Commission Review of Consumer Protection Policy Framework, the REIA has argued that the case for change is overwhelming. There are many instances of regulatory gaps, inconsistency and overlap that must be urgently addressed to ensure that consumers are empowered and protected while maintaining a competitive business environment.
For more information, click here. (.doc, 144KB)

Privacy Act

The Australian Law Reform Commission (ALRC) is conducting an inquiry into the extent to which the Privacy Act 1988 (Cth) and related laws continue to provide an effective framework for the protection of privacy in Australia. In its submission to the Issues Paper, the REIA argues that an appropriate balance must be struck between protecting the rights of individuals to privacy and allowing the free flow of information required to conduct business in a cost effective and timely manner. It specifically comments on residential tenancy databases, and exemptions under the Privacy Act 1988, including the small business exemption and the impact of the Privacy Act on the operations of property valuers.
For more information, click here. (.doc, 124KB)

Review of the consumer protection policy framework

In June 2007, the Victorian Parliament Law Reform Committee commenced an Inquiry into Property Investment. The REIA has submitted that the regulation of property related financial advice is primarily a responsibility for the Commonwealth rather than State and Territory governments. While the sale of property (including property law and real estate licensing) is regulated at the State and Territory level, matters relating to the provision of personal financial advice, whether in relation to property or other asset classes, should be regulated under the Financial Services Reform Act 2001, with ASIC as the single national regulator.
For more information, click here. (.pdf, 71KB)

Defining small business

The different definitions for small business used by Government is being reviewed. REIA has proposed that the Australian Government undertake a comparative analysis of all small business definitions contained in Commonwealth legislation with a view to establishing a single definition based upon annual turnover. This definition should be established within a stand-alone piece of legislation that is linked to all other Commonwealth legislation containing references to small business. The most appropriate threshold for the stand-alone small business definition should be determined by the Commonwealth in consultation with small business stakeholders. This threshold should be linked to a measure closely associated with the changing fortunes of small businesses over time. The REIA has further submitted that the proposed definition of small business contained within Tax Laws Amendment (Small Business) Bill 2007 be initially set at the same threshold level as that contained in the Privacy Act 1988 (i.e. at “annual turnover not exceeding $3 million”) to be subsequently reviewed as part of the process of establishing a single stand-alone small business definition.
For more information, click here. (.doc, 76KB)

Review of Class 2 and Class 3 building classifications

The Australian Building Codes Board is reviewing the current Class 2 and Class 3 building classifications made under the Building Code of Australia (BCA). The review is being undertaken as part of a process to establish a clearer distinction between the classes, to enable the classifications to be applied more effectively. REIA has proposed that common building standards be established across both classifications where feasible; and if necessary, conditions be introduced as part of the short-stay licensing regime to ensure that business entities operating Class 2 premises as serviced apartments are required to meet the same building standards as those operating Class 3 buildings constructed for this purpose.
For more information, click here. (.doc, 74KB)

Proposed superannuation changes in the Federal Budget

In the May 2006 Federal Budget, the Treasurer proposed significant changes to superannuation arrangements in order to simplify rules, increase benefits, and provide further incentives for superannuation. The REIA has made a submission to Government on the proposed changes. For more information, click here. (.doc, 99KB)

National Mandatory Disclosure Requirement of Energy Efficiency in Residential Dwellings

The Australian Greenhouse Office has published a draft report, A Study into the Potential for a National Mandatory Disclosure Requirement of Energy Efficiency in Residential Dwellings. To view the REIA response to the draft report, click here. (.doc, 84KB)

GST Treatment of Residential Premises

On 27 February 2006, the Minister for Revenue and Assistant Treasurer, the Hon. Peter Dutton MP, announced that the Commonwealth will amend the GST law to retrospectively continue the tax treatment of property that existed prior to the Full Federal Court ruling Marana Holdings Pty Ltd v Federal Commissioner of Taxation, 15 March 2004. The REIA considers that the change will have a negative impact on the attractiveness of affected property investments as well as the livelihoods of affected property investors.
To view the Executive Summary of the REIA submission, click here. (.doc, 52KB)
To view the REIA submission, click here. (.doc, 78KB)

Sustainability Charter

As the awareness of sustainability issues increases within the Australian community, the ‘sustainability’ of new and existing properties offered for sale or lease is likely to become increasingly important, and this will affect pricing and marketing these properties into the foreseeable future. In principle, the REIA supports the development of a National Aspirational Sustainability Charter. For more information on the REIA's submission to the House of Representatives Standing Committee on Environment and Heritage Inquiry into a Sustainability Charter, click here. (.doc, 66KB)

ACCC Guides to Authorisations and Notifications

The ACCC has released a draft Guide to Authorisations which outlines the basis and process by which the ACCC may grant immunity from legal action for anti-competitive conduct in certain circumstances. It has also released a draft Guide to Exclusive Dealing Notifications which details the basis and process by which the ACCC may grant immunity from legal action in circumstances where one trader imposes restrictions on another trader’s freedom to choose with whom, or in what, or where they deal. The REIA has provided a submission to the ACCC responding to the draft guides. For more information, click here. (.doc, 41KB)

Reducing the regulatory burden on small business

In 2005, the Commonwealth Government established a Regulation Taskforce to identify practical options for alleviating the compliance burden on business from government regulation.
Click here to see the REIA Submission. (.doc,43KB)

Improving superannuation savings of people under 40

The House of Representatives Economics, Finance and Administration Committee conducted an Inquiry into improving the superannuation savings of people under 40 in 2005.
Click here to see the REIA Submission. (.pdf,769KB)

Property Investment Advice

In its submission to the Ministerial Council on Consumer Affairs' Working Party on property investment advice, the REIA advocates that regulation of financial advice relating to investment in real estate is primarily a responsibility for the Commonwealth rather than State and Territory governments.
Click here to see the REIA submission (.doc,163KB)
The REIA is currently awaiting the release of the Ministerial Council on Consumer Affairs report.

The REIA has also made a submission to the Joint Houses of Parliament Inquiry into Regulation of Property Investment Advice. Click here to see the submission. (.doc,144KB) The final report was released 23 June 2005 and can be accessed via: www.aph.gov.au

Anti-money Laundering

The Commonwealth Government’s Financial Action Task Force has recommended that anti-money laundering requirements be extended to cover a range of business activities, including the real estate sector, in line with new international standards. An issues paper has been released outlining the implications for the real estate sector.
To read the REIA submission in response to issues paper,click here.

The Federal Government released the exposure draft of the anti-money laundering and counter-terrorism financing Bill on 16 December 2005, for public comment by 13 April 2006. The Bill is the first tranche of reforms covering a specified range of services primarily provided by the financial sector, gambling sector, and bullion dealers. The ordinary business activities of real estate agents are not covered under this Bill.

Once the first tranche of reforms is implemented, the Federal Government will consider a second tranche of reforms covering real estate agents, jewellers and professionals, such as accountants and lawyers, when they provide specific non-financial services.
For more information, see: www.ag.gov.au/aml

Review of Private Sector Provisions in the Privacy Act 1988

In 2005 the Privacy Commission reviewed the Private Sector provisions of the Privacy Act 1988. For further information on the REIA’s submission and the final report, see: Submissions to Government