This month’s ministerial forum on National eConveyancing has concluded that some of the reform issues facing the industry “are beyond the remit of states and territories to address effectively.”
“While reiterating their support for competition in the marketplace, ministers acknowledged the progress of the program faces significant challenges without these issues being resolved by the relevant parties.
“The Ministers will raise these issues with Commonwealth Government and regulators.”
The statement, posted to the website of the Australian Registrars’ National Electronic Conveyancing Council, did not elaborate on the issues or the challenges.
But the eight ministers met in the context of “reviewing the progress of the eConveyancing reforms, to support a sustainable, competitive market structure for eConveyancing.”
“Financial services aspects of the Interoperability Program”, ministers said, “are beyond the remit of state and territories to resolve.
“The state and territory ministers acknowledged the considerable work ARNECC has undertaken through its Interoperability Program and the contribution of ELNOs and industry stakeholders.
“The ministers noted the benefits that competition could bring, and the need for industry and consumer confidence in the system.
“Ministers also noted recent issues that have been raised by the banking industry in relation to the Interoperability Program, and that some of these are beyond the remit of States and Territories to address effectively.
“While reiterating their support for competition in the marketplace, ministers acknowledged the progress of the program faces significant challenges without these issues being resolved by the relevant parties.”
Ministers “also noted progress of the eConveyancing Payments Industry Code among banks and ELNOs, led by the Australian Payments Network.
“Ministers reiterated the criticality of ongoing stakeholder engagement and welcomed further discussions across Commonwealth, State and Territory agencies.”