The major impediment to the FSR legislation – opposition to Corporations Law changes by “states’ rights” advocates led by former WA Premier Richard Court – was weakened two weeks ago by the election of a less intractable ALP Government.

New WA Attorney-General Jim McGinty will side with Mr Hockey and the NSW and Vic Governments to introduce uniform corporate law legislation. That will leave other recalcitrant states out on a limb, and allow Mr Hockey to get the FSRB back on track with confidence.

The dramatic losses suffered by the conservative parties in the WA and Queensland elections are now likely to see the legislation safely through the parliamentary system before a federal election. Canberra observers say the Federal Government would have been tempted to call an early election if they had done well in the state elections. That may well have thwarted Mr Hockey and the FSRB yet again. Now the Government is likely to hold off an election until later in the year while it shores up its electoral support.