Tag: Unfair Contract Terms

Unfair contract terms in standard form consumer or small business contracts are now illegal after after new laws took effect on 9 November 2023.

The National Farmers’ Federation said that the reforms will create a fairer playing field for farmers and small business.

Companies that violate consumer and competition laws may now be subject to new, more severe penalties, thanks to legislative changes approved by Parliament last week.

Under the current UCT rules, UCTs in specific standard form contracts formed with consumers or certain categories of small businesses may be declared void and unenforceable by a court.

Commonwealth and state and territory consumer affairs ministers have agreed to strengthen existing unfair contract term protections in the Australian Consumer Law, affording up to 99 per cent of businesses protection. “Evidence gathered through public consultation indicates that unfair terms remain prevalent in standard form contracts and there is uncertainty around the scope of the […]

The Australian Securities and Investments Commission (ASIC) has released a report detailing changes made by the big four banks to remove unfair terms from their small business loan contracts of up to $1 million. The report, Unfair contract terms and small business loans, also provides detailed guidance to bank and non-bank small business lenders about compliance with […]

The Victorian Small Business Commissioner, Judy O’Connell, provided Dynamic Business with insights into the state’s small business sector, including barriers to growth and the need for owners to prioritise mental health, ahead of her appearance at the Vodafone National Small Business Summit on Friday (25 August). DB: What will you be speaking on at the summit? O’Connell: […]

The government is seeking feedback from small businesses on new protections guarding them against “unfair contract terms” imposed by larger players.