The deluge of insurance-related legislation pouring through Federal Parliament over the past couple of weeks also saw the previously troubled Corporations Act pass quietly through the Senate.

The Corporations Act and associated ASIC Act are historic, in that they formalise the States’ agreement to refer Corporations Law jurisdiction to the Commonwealth. That resolved a constitutional impasse caused by a number of High Court decisions. A dispute over the law’s applications caused a temporary halt to the introduction of the Financial Services Reform Bill, among others.

Attorney-General Daryl Williams said the new Act, which is expected to come into effect on July 15, is “the most significant reference of constitutional power by the states to the Commonwealth the federation has seen”.