The law would have to be changed first. There is no certainty that that is going to happen.
A bill was put up in 2017 to do this - it floundered.
The Attorney-General put out a recent discussion paper that included this topic (published on 13 January 2021). The discussion papers notes some issues with reducing the bankruptcy period to 1 year - notably that the period would be abused by 'rogue, reckless and repeat bankrupts'. There was 'mixed feedback'. Strangely, I can't find a due date for response. I could be wrong, but this would appear to indicate that it's a 'we want to know what people are thinking' exercise rather than a concerted effort to inform the shaping of legislation.
The TLDR version: No idea. May never come.
