ASIC did a media release today which announces the launch of a financial complaints data dashboard. The media release reads: Australians now have unprecedented access to consumer complaints data following the launch of ASIC’s new interactive dashboard. The Internal Dispute Resolution (IDR) data dashboard enables users to compare the complaints reported by individual financial firms for the first time, including their handling of complaints associated with specific […]
Unfair Contract Terms Legislation receives Royal Assent
The Treasury Laws Amendment (More Competition, Better Prices) Act 2022 became law on November 10, 2022. The Act reflects a key election promise of the Albanese Government to make unfair contract terms illegal and increase the maximum penalties for a breach of competition and consumer laws. What do these changes mean? With this legislation becoming law, the maximum penalties applicable to certain breaches of the Competition and […]
New legislation in WA affects statutory fines and penalties coverage
The following caught my eye from the WA Government’s Small Business Development Corporation, thought I would share with the community. The most important section has been bolded for readers’ convenience. You can also read about the legislation here. 4. Penalties have changed The WHS Act includes a new offence of industrial manslaughter (s30A). This offence involves substantial penalties for PCBUs in a business where a […]
Just how is insurance caught up in trade sanctions against Russia
Insurance really is a global industry and has many times been described as the oxygen in the lungs of the economy. With any insurance policy on commercial risks written out of the United Kingdom (UK) or the European Union there is a sanctions clause. In fact this appears in most if not all commercial contracts. The Financial Conduct Authority (FCA) in the UK issued the […]
Electronic Signing of Documents by Company officials extended to 31 March 2021
Under existing Australian law electronic transactions legislation provides that where signatures are required, the requirement for an electronic signatures was that the signatory consented to signing the relevant document(s) electronically, and that there was a reliable method that identifies the signatory and indicates their intention. However, as the Corporations Act 2001 (Cth) is excluded from the operation of the electronic transactions legislation, there has naturally been a […]
Changes to Australian Consumer Law
I thought it timely to provide a quick update on the changes coming in 2021 to Australian Consumer Law (“ACL”). First up, as it currently stands, the definition of ‘consumer’ under the ACL, which was set in 1986, captures any person who acquires goods or services for an amount not exceeding $40,000 (or where the goods were acquired for personal, domestic or household use). The […]
WA legislation for construction industry is long overdue.
A Building and Construction Industry (Security of Payment) Bill 2020 is to be introduced into State Parliament. In what I believe is an Australian first, the Building and Construction Industry (Security of Payment) Bill 2020 introduces a mandatory retention trust scheme. This will protect subcontractors’ retention money from being misappropriated or lost altogether in insolvency at each level of the contracting chain. The Bill also […]
Renew your Victorian Travel Permits for permitted workers
It is my understanding that any travel permits that were issued for claims adjusters or any other permitted worker for use in Melbourne – Victoria, expired at midnight last night. I do not want anyone to get caught with this. It is my understanding the form has not changed it just needs to be reissued with the current date. I assume it is because the […]
2 Companies face massive fines following a workplace drowning
It was reported today, a day of little good news, that two Perth companies face combined fines of up to $4.7 million over an incident in 2018 where a young plumber, Ryan Duffus drowned in a flooded trench on a Mosman Park construction site. Mr Duffus was allegedly working in a two by one-metre trench when it suddenly filled with water and mud. Workers tried […]
Two comments on NSW Tax Reform
It is widely reported today that the New South Wales Treasurer, Dominic Perrottet, is looking to scrap Payroll Tax and Land Tax. This is great news, which I fully support, but I have two comments. Do not believe it until the legislation is passed. We thought the Emergency Services Levy was going to be taken off insurance, as promised by the New South Wales Government, […]