58AEMinister must consider matters, and consult, before designating a sector

58AE Minister must consider matters, and consult, before designating a sector

(1) Before making an instrument under subsection 58AC(1) about a sector of the economy, the Minister must:

(a) consider all of the following:

(i) scam activity in the sector;

(ii) the effectiveness of existing industry initiatives to address scams in the sector;

(iii) the interests of persons who would be SPF consumers of regulated services for the sector if the instrument were made;

(iv) the likely consequences (including benefits and risks) to the public if the instrument were made;

(v) the likely consequences (including benefits and risks) to the businesses or services making up the sector;

(vi) any other matters the Minister considers relevant; and

(b) consult the businesses or services making up the sector, or such associations or other bodies representing them as the Minister thinks appropriate; and

(c) consult such associations or other bodies representing the persons referred to in subparagraph (a)(iii) as the Minister thinks appropriate.

Note: For the meaning of SPF consumer, see section 58AH.

(2) A failure to comply with subsection (1) does not invalidate an instrument made under subsection 58AC(1).