Hi
@WeGotThis! first of all I wanted to mention I am not convinced testing commercial awareness is the main purpose of this question.
Generally, a healthy starting point is that you should interpret a question on an application form by giving it the most natural/literal reading. Since the firm has not chosen to limit the scope of the question to laws related to commercial matters, I would not assume you should limit the scope of what you could discuss in this way either. I also certainly do not think you should be only seeking a legislative change proposal that you can connect to the firm's clients - only draw such links if they are indeed clear and direct consequences from something you would have wanted to discuss even if it were not for this connection.
I think it is quite unlikely the main point here is to assess your knowledge of the firm, its clients, or the recent business news; instead, I
think what the firm truly wants to see with this question is whether you can write a compelling and well-reasoned argumentative piece despite the tight word limit. As you may have expected by this point, my answer to your question as to what you should seek to include is that there are no right or wrong answers. There are many different causes you could advocate for - to list but a few that come to my mind: provide access to free/decrease costs of higher education, increase aid for humanitarian causes, change the current planning and development legislation to increase the supply of residential housing, make structural changes to the tax system to ease the burden on middle class taxpayer and increase it on the ultra-wealthy, provide for tighter limits on government borrowing to reduce the burden of repayment interest on the Budget, increase awareness of and promote general public investment in securities, etc.
As for your structure, I think once again different approached can work, and what is optimal will certainly be influenced by the topic you choose. Nonetheless, some key things I would advise you to address are the following:
- A short introductory sentence expressing the core point of the legislative change you will advocate for.
- A brief description of how the new law would actually work (ie you should elaborate a bit on what you mean if you express your desired change in broad terms such as "a fairer tax system").
- Present the arguments in favour of this change; here, besides arguing that the change in legislation would have net positive effects, you should also seek to explain why exactly you consider these benefits to be so important that you would choose to change the law in this particular way and not another way which could also be beneficial (thus, you could look to demonstrate pervasive benefits that positively impact many aspects of life).
- Address any major counterarguments or objections: you want to show awareness of the other sides' points and an ability to provide a thorough analysis. As such, seek to explain and respond to at least one major objection to your points (eg if you argue to tax the ultra-wealthy more, you should consider addressing the argument that they may simply move to a different country with a friendlier tax regime, taking their wealth and business with them).