The changes are anticipated to result in an additional A$13.9bn in costs over the next ten years. Credit: jd8/Shutterstock.

Bradfield Member in the Australian Parliament Paul Fletcher has voiced concerns regarding the A$13.9bn ($9.36m) in new costs projected from the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill. 

In a speech to the Parliament, Paul Fletcher highlighted the potential economic strain the bill could place on small businesses across Australia.  

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The bill is set to extend its reach to include accountants, lawyers, real estate agents, and gemstone dealers among others. 

According to Treasury modelling, these changes are anticipated to result in an additional A$13.9bn in costs over the next ten years.  

Paul Fletcher emphasised the timing of these costs, noting that they come amid a cost-of-living crisis, which could further burden businesses. 

The Treasury’s estimates indicate that accounting services providers alone could face A$2.883bn in extra costs due to the bill.  

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Paul Fletcher said: “Almost 90,000 businesses across Australia will now be subject to this complex new regime. It is a massive step, and one that [the Coalition] takes very seriously.” 

“Who pays these costs? It’s the accountants who do the tax for cafes and bookshops and for mums and dads who engage someone for help with their financial affairs. It’s the real estate agents who manage sales and rentals. It’s the country lawyers who run small practices in rural and regional areas around our country. These are the people who will be pay. The odds are that these additional costs will be passed on to Australian families.” 

He cautioned that the benefits of the bill remain unclear, especially for the businesses impacted by the new regulations.