On 1 March 2017 the Government introduced the Personal Property Securities Amendment (PPS Leases) Bill 2017 in the House of Representatives. This Bill would amend section 13 of the Personal Property Securities Act 2009 to extend the minimum duration of PPS leases from more than one year, to more than two years. This Bill would also amend the Act to provide that leases of an indefinite term will not be deemed to be PPS leases unless and until they run for a period of more than two years.
The Bill is currently awaiting Second Reading debate in the House of Representatives. Full text and explanatory memorandum can be found here.