Historic referral of State powers to the Commonwealth

27/6/01
In an historic move, the Western Australian Parliament today agreed to refer power over corporations law to the Commonwealth Parliament.
Attorney General Jim McGinty said it had been more than 50 years since Western Australia had referred powers to the Commonwealth.
Legislation passed by the Parliament today will enable new national corporations laws to come into operation from July 1.
Mr McGinty said this would ensure Australia now had a nationally uniform and constitutionally secure basis for the enforcement and regulation of corporate activities throughout Australia.
"This is essential to ensure legal certainty, while also contributing to business efficiency and enforcement," he said.
"It will also promote consumer and investor confidence in the ability and activities of regulators."
The only other time that State powers have been referred to the Commonwealth was in 1943 and 1945 to enable the Commonwealth to deal with issues such as employment, rationing of goods, air transport, food and food commodity markets.
"Those powers were necessary to assist in the war effort and its immediate aftermath," Mr McGinty said.
As a result of today's referral of powers, Western Australia will now be able to participate in the new national corporations regime.
Media contact: Amanda O'Brien on 9220 5000