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Small business update | September 30, 2022
30 Sep 2022
Unfair contract terms
On Wednesday, Assistant Minister for Competition, Charities, and Treasury Dr Andrew Leigh introduced the unfair contract terms bill into Parliament, called the Treasury Laws Amendment (More Competition, Better Prices) Bill 2022. It is the same bill that was introduced by the previous government and will make unfair contract terms illegal, and empowers the regulator to seek pecuniary penalties in civil courts. It will expand the class of small business contracts covered by the provision, to those businesses that employ fewer than 100 people or have a turnover for the previous income year of less than $10 million, more information here.
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