What was debated in Parliament
Summarised using AI from the official Hansard transcript of the debate only. It is not a record of the debate and may leave things out. Read the Hansard below to check it.
This bill merges three bodies that set accounting, auditing and sustainability reporting standards into one new body called External Reporting Australia. It would be led by a governing council, with expert boards underneath, including a new board for sustainability standards. The debate focused on whether the change was needed, how independent the new body would be, and links to big audit firms.
Arguments made in support
Government members said a single body will be more flexible and better able to respond to changes in reporting standards in Australia and overseas.
Labor speakers said public meetings, conflict-of-interest rules and a cost-benefit test for each new standard will build trust in markets.
Government members pointed to past corporate collapses and a parliamentary inquiry that recommended merging the bodies.
The Greens supported the merger and secured amendments to keep current big four partners off the new body, add ethics expertise and require a public interest test.
Arguments made against, or for changes
Coalition speakers said the current system is respected and has not failed, so there is no case to abolish three bodies.
The Coalition said merging oversight and standard setting into one minister-appointed body risks political influence over technical standards.
Coalition members said the government should focus on insurance costs, bank closures and financial advice reforms instead.
Some Coalition senators said the bill could push climate and sustainability reporting onto business, and that the Greens' amendment would unfairly exclude skilled accountants.
The Greens said the bill still lets a New Zealand appointee tied to a big four firm sit on the body, and urged wider reform of audit firms.
35 speeches by 23 members in the House and Senate over 7 sitting days.
Hansard: House of Representatives, 12 Feb 2026 ›
The official Hansard (PDF), Parliament of Australia
Hansard: House of Representatives, 3 Mar 2026 ›
The official Hansard (PDF), Parliament of Australia
Hansard: House of Representatives, 4 Mar 2026 ›
The official Hansard (PDF), Parliament of Australia
Hansard: House of Representatives, 5 Mar 2026 ›
The official Hansard (PDF), Parliament of Australia
Hansard: Senate, 11 Mar 2026 ›
The official Hansard (PDF), Parliament of Australia
Hansard: Senate, 29 June 2026 ›
The official Hansard (PDF), Parliament of Australia
Hansard: House of Representatives, 30 June 2026 ›
The official Hansard (PDF), Parliament of Australia
Australia's Voice
0 Yes
0 No
1–
The last column counts members who did not vote. Party counts are for current members.
2 votes were cast by people who have since left Parliament.
Every party member who voted went with the majority of their party.