ED HUSIC MP
SHADOW MINISTER FOR THE DIGITAL ECONOMY
MEMBER FOR CHIFLEY
EQUITY CROWDFUNDING A REALITY. FINALLY.
It only took five years, but equity crowdfunding looks set to finally become a reality.
Today the Parliament finally passed the Coalition government’s reforms to its equity crowdfunding laws, which is good news.
This is good news for startups and small businesses looking for new ways to raise capital to build stronger firms and create new jobs.
Labor has long recognised the value of equity crowdfunding. In 2013 we commissioned work to reform the Corporations Act to make it a reality.
We signalled for years our preparedness to work with the Coalition to fast track the introduction of equity crowdfunding.
We argued against the Government’s March 2017 laws, pointing out it would only be a matter of time before they had to be reformed – which was exactly what occurred.
Labor has urged the government to get its new equity crowdfunding laws passed since it first introduced this bill 12 months ago – in September 2017.
The only reason equity crowdfunding reforms didn’t kick off sooner is because the Coalition couldn’t be bothered to have these laws debated and passed quickly.
After stalling for a year, we’re pleased a new Treasurer took a constructive approach to the bill, agreeing with an Opposition amendment to help ensure the new laws take effect sooner than initially proposed.
This is the way the Parliament should work – especially when it comes to supporting laws to help smaller firms find new ways to finance future growth.
WEDNESDAY, 12 SEPTEMBER 2018
CONTACT: Natasha Bolsin (Husic) 0476 125 112