May 4, 2021 Australian Treasurer Josh Frydenberg arrives to speak to the media during a press conference at Parliament House in Canberra. Source: AAP/Lukas Coch. Insolvency practitioners have welcomed a federal government commitment to consult on further reforms for the industry, but say more “piecemeal” changes to Australia’s insolvency regimes could create even more complexity for business owners. Ahead of next week’s federal budget, Treasurer Josh Frydenberg has announced the government will look to introduce a number of reforms that build on the insolvency changes that came into effect in January. On Monday, Frydenberg revealed plans for a number of reviews aimed at “further simplifying and streamlining” insolvency laws to support viable businesses to restructure as the economy recovers from the effects of the pandemic.