The Minister for Superannuation and Corporate Law’s speech on Corporate Governance In Today’s Volatile Market Condition summarises the government’s caution about further regulation as a response to the sub-prime crisis:

"on the whole, our robust financial system has coped extremely well
with the recent global pressures. And our market regulators have been
doing a solid job in difficult circumstances.

… But I can
assure you that I am well aware of the need for caution before we
introduce any new regulation in this area.

We must look beyond immediate events and preoccupations. We must
consider the medium-term risks, opportunities, and vulnerabilities that
confront corporate law.

I am committed to pursuing reform of the regulatory and corporate
governance framework. Reform that is comprehensive, effective, and —
above all — sustainable.

The speech discusses:

• disclosure requirements for  equity derivatives
• short selling and securities lending
• directors’ conduct and obligations to their companies
• reforms to corporate offences, sanctions and personal liability for directors
• financial services consumer protection
• reform of regulation of credit-related financial  services
• financial reporting
• self managed superannuation funds