Loading ...Australia’s progress towards a single national e-conveyancing system is a step closer to reality following the setting up a new, government –backed development company.
Alan Cameron, AM
The new National E-Conveyancing Development Ltd (NECDL) is chaired by lawyer Alan Cameron AM.
Cameron is well-known both in Australia’s business community and in government circles, as a former Chairman of the Australian Securities and Investments Commission.
And his appointment is a major coup for the NECDL, instantly giving it both credibility and lobbying influence.
Cameron has six other non-executive directors joining him on the board of the new company, whose mission is to help establish a single national electronic conveyancing system.
Efforts to develop such a system have been going on for some years now under the guidance of a government-backed industry group known as the National Electronic Conveyancing Office (NECO).
But even with backing from both federal and state governments, it has proved extremely difficult to reach agreement on the basics of an electronic and on-line conveyancing system.
The institutional and vested interests involved in the traditional paper-intensive system for transferring formal ownership of land and real estate has proved extremely resistant to change.
Indeed a key question of whether technical components of the new system should be provided by the Victorian government’s e-conveyancing initiative remains largely un-resolved.
Nevertheless, after years of hard work developing technical standards by the NECO national steering committee and its various industry working groups, the e-conveyancing initiative is ready for its next step – actual implementation.
That will require some level of investment in computing and communications networks as well as other infrastructural components.
A formal company structure is better suited to managing and making those investments than NECO, which is why the new company has been set up.
Even so NECO and its work groups will continue as before during the transition period.
At this stage the governments of Australia’s three largest states – Queensland, NSW and Victoria – have come together to form the new company. The other five Australian state and territory governments are being promised the opportunity to join at a later date.
Industry groups, the Law Council of Australia and the Australian Bankers Association (ABA) have both welcomed the formation of the new company.
David Bell, Chief Executive of the ABA, described the formation of the new company as “a key milestone on the way to delivering a significant new piece of business and economic infrastructure for Australia.”
“A single national electronic conveyancing system across all States and Territories will mean major efficiency gains for everyone involved in the conveyancing industry” he said.
“Benefits such as faster and more efficient processes, elimination of bank cheques, easier co-ordination of settlements and greater certainty for all involved, can be achieved with an e-conveyancing system and these benefits may flow through to the consumers of conveyancing services.”
Law Council of Australia President, Glenn Ferguson, was similarly enthusiastic in his comments.
He said that the Council had been involved in the project since 2005 and was happy to be represented on the board of the new company.
“Today’s announcement, made by the governments of NSW, Queensland and Victoria, marks a critical step in this process with the commitment of $5 million by the three states to accelerate this development.”
“Enabling a lawyer in one state to conduct a property conveyance in another, electronically, has been one of the Law Council’s aims through its involvement in the development of NECS. Speeding up the conveyancing process in this way will benefit clients and the economy,” Mr Ferguson said.
Ferguson said that the Council has nominated experienced property lawyer and a past President of the Law Society of NSW, John McIntyre, to the Board of the new company
The other six non-executive directors are:
- Rowan Munchenberg, representing the Australian Bankers’ Association, is Executive General Manager for Service Delivery of the Commonwealth Bank of Australia
- John McIntyre, representing the Law Council of Australia, is a former President of the Law Society of NSW and a current member of its Property Law Committee
- Geoffrey Adam, representing the Australian Institute of Conveyancers, is Chief Executive of the SA Division of the Australian Institute of Conveyancers
- Leigh Sanderson, representing New South Wales, is a former Deputy Director-General and General Counsel of the NSW Department of Premier and Cabinet
- David Smith, representing Queensland, is Executive Director and Commissioner of the Queensland Treasury
- Chris McRae, representing Victoria, is Executive Director, Land Victoria of the Victoria Department of Sustainability and Environment.
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