NSW and QLD to take the lead on National eConveyancing Competition Reform

11 July 2024 – New South Wales and Queensland have announced that they will take the lead to continue the national eConveyancing interoperability reform despite ARNECC pausing the program.

In letters sent to industry last week, NSW and Queensland announced that as the jurisdictions releasing interoperability first, they would be “jointly and proactively exploring options to resolve the issues facing the Program with a view to recommending the design, build and testing of interoperability functionality as soon as possible.”

This comes after ARNECC announced that they would pause the program to resolve issues raised by the banking industry, with a call out to the Federal Government for additional support.

This announcement reaffirms NSW and Queensland’s initial plan to deliver competition first in their States by December 2025 through interoperability, a reform which has been nationally legislated and supported by independently verified and industry regulated dates.

Competition through interoperability has been shown to be the best way of delivering benefits to industry and consumers, notably fee savings, innovation, and choice for practitioners.

Sympli recognises that interoperability is a national reform which has been confirmed by successive Australian Governments and calls on other States to support NSW and Queensland in continuing the interoperability program.

Sympli Chief Executive Officer, Philip Joyce, said:

“We are encouraged to hear that NSW and Queensland will push ahead with this national reform and deliver what successive Governments have committed to – competition for the eConveyancing market.”

“Competition will deliver savings, innovation and choice for industry and consumers alike – we look forward to working with the NSW and QLD Governments to deliver this by December 2025, including the use of enforcement powers to compel the incumbent monopoly to come to the table.” “We look forward to working closer with industry to deliver choice for practitioners across the country.”

Media Inquiries: Jerome Boutelet, Public Affairs Manager at media@sympli.com.au, or 0411 045 119

About Sympli
Sympli is the result of a collaboration between InfoTrack and ASX. We want to create more opportunity, add value and represent the market with an e-Settlements service from which practitioners across Australia can benefit.

InfoTrack is Australia’s leading provider of e Conveyancing technology and services and has been creating software for the legal and financial industries for over 18 years. InfoTrack has a focus on simple, end-to-end solutions, leveraging expertise to craft a truly integrated e-settlements platform that you can trust.

As one of the world’s leading financial exchanges, the ASX bring experience in clearing and settling transactions with security, speed, reliability, and cutting-edge technology. The combination of the two brings you Sympli: the next-generation e-settlements solution delivering healthy competition, reliability, security and value to the industry. For more information visit www.sympli.com.au