The Australian Registrars’ National Electronic Conveyancing Council (ARNECC) will not proceed with its planned interoperability program, prompting concern from the Law Council of Australia about the future of competition and efficiency in the property market.
State and Territory governments had been progressing reforms to enable interoperability between Electronic Conveyancing Lodgment Operators (ELNOs), but have now stepped back, with ARNECC confirming the program will not move forward at this time.
Law Council of Australia President Tania Wolff said the decision was disappointing, given the clear benefits interoperability could deliver to consumers and the profession.
“Buying and selling property in Australia now relies on digital platforms known as Electronic Conveyancing Lodgment Operators,” Ms Wolff said.
“These platforms are used for the vast majority of property transactions – whether that be a family purchasing their first home or a business acquiring a new factory or office space.”
Interoperability would allow users on different ELNO platforms to transact seamlessly with one another, removing the need for lawyers and conveyancers to subscribe to multiple systems.
The Law Council has long supported reforms to increase competition between ELNOs, arguing that greater connection between platforms would deliver real choice, improve efficiency and drive innovation across the sector.
“Interoperability between ELNOs is critical to achieving that outcome,” Ms Wolff said.
“It has the potential to strengthen competition, reduce costs through greater efficiency, drive innovation and maintain downward pressure on prices.”
Industry participants, including the Law Council, have invested significant time over several years to progress interoperability reform.
“We do not accept that the challenges of achieving interoperability outweigh the potential benefits to consumers and the broader property market,” Ms Wolff said.
The Law Council said it would continue to work with Australian Registrars’ National Electronic Conveyancing Council and governments to support regulatory settings that promote competition, efficiency and better outcomes for both the profession and its clients.
