Minister releases details of unfair contract terms law

05/06/2009

Consumer Affairs Minister Chris Bowen today outlined the details of the unfair contract terms law. "This is the first stage of the implementation of a new Australian Consumer Law, which will for the first time introduce a single national consumer law that applies to all Australians, providing consumers with more certainty and reducing compliance costs for business", he said.

The refinements to the unfair contract terms provisions include:

• an exclusion of a standard-form contract where the upfront price payable for the services (including financial services), good or land supplied under the contract exceeds $2 million;

• an exclusion of standard-form contracts that are shipping contracts, and are the constitutions of companies, managed investment schemes or other kinds of bodies.

View the minister's media release� | Visit Treasury's web site for the Australian Consumer Law: Consultation on draft provisions on unfair contract terms.

**5 June 2009 **