The Business Council of Australia today welcomed the agreement reached between the Commonwealth and the New South Wales and Victorian Governments on the operation of Australia’s Corporations Law.

The Executive Director of the BCA, Mr David Buckingham, congratulated the Prime Minister and Premiers Carr and Bracks for bringing the matter to an appropriate resolution.

Mr Buckingham said the agreement was a sensible outcome that would provide the business community with certainty.

“What is critical now is that the other states support the agreement and that it be legislated as a matter of urgency,” he said.

“Failure to do so has the capacity to compromise significantly the administration of large areas of business law.