Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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).