The Institute has received welcome news for members in the above states and territories: the liability capping schemes will soon receive Commonwealth prescription. 
 
As reported in previous e-Bulletins, the Institute has been hard at work, lobbying the federal government to prescribe its liability capping schemes. This would reinforce the state and territory approval that has already been secured. 
 
Commonwealth prescription would make the schemes effective in relation to claims under the Trade Practices Act. Something that will give members and the public added peace of mind. 
 
What happens next? 
The Institute has been informed that the Assistant Treasurer, the Hon Chris Bowen, has instructed Treasury to prepare the necessary regulation to have the remaining Institute limitation of liability schemes prescribed within the next month.  
 
The prescription is being granted for an unspecified interim period, so that the merits of the schemes can be reviewed to see how they work in practice. 
 
This will mean the schemes are fully established 
Once the schemes have been formally prescribed by the Commonwealth, the caps on liability set out in these schemes will apply in relation to any claim made under the Trade Practices Act as well as in relation to any state-based claim. This represents the final stage in the establishment of an effective national framework for limitation of liability for the schemes in Queensland, Victoria, South Australia, the Northern Territory and the Australian Capital Territory. 
 
What about the other states and territory

• New South Wales: the scheme already has both state and Commonwealth prescription
• Western Australia: the scheme already has both state and Commonwealth prescription
• Tasmania: The Institute is continuing to lobby to achieve the legislative reform which will allow a consistent scheme to be approved in Tasmania. This month, the Institute will be sending a letter to CPP holders and affiliate members in Tasmania, explaining how members can assist in pressing for reform. Details will also be posted on the Institute website

• The Institute: liability capping schemes