The bill aims to increase the professionalism and standards of body corporate managers. It's estimated that bodies corporate manage annual levies of around $1 billion, as well as $1 billion in annual long-term maintenance funds and deposits. That's a big responsibility. Sector professionals need to have clear rules as to their obligations, which also allow for flexibility and creativity in their building, operating, and maintenance procedures. This bill requires body corporate committees to comply with a code of conduct to be prescribed in regulations and sets out the specific requirements of how body corporate managers must conduct themselves, including disclosure of conflicts of interest. Finally, this bill looks at long-term maintenance plans and the arrangements there, which many people currently operating in bodies corporate say have become unworkable, unwieldy, and require too much recourse to special resolutions for moderation. 