RLC’s submission took into account that any discussion about improving Australia’s law and justice framework relating to contracts will require careful consideration to any detail, and hence further consultation.
Many of our specialist areas involve an application of contract law, especially credit and debit matters, tenancy arrangements and matters involving working conditions and terms of employment.
Our view in summary
Changes to contract law would have a significant impact on our client group and any discussion of contract reform to make it easier for businesses causes concern that the reforms will result in consumer protections and standards to be lowered.
The legislative reforms resulting in the Australian Consumer Law, the National Consumer Credit Protection Act 2008 and the 2011 amendments to the Australian Securities and Investments Commission Act 2001 demonstrate how complex changing the law around consumer transactions can be.
Proposals that do not take into account the realities of the market place, point of sale conduct and the imbalance of information between the trader and consumer, and between other contracting parties, will fail consumers and vulnerable individuals. Efficiencies for business. which may otherwise result in lower costs and prices, will be outweighed by the adverse outcomes for consumers and vulnerable individuals.
Contract law affects the daily lives of people so any changes require careful consideration, as alterations are far-reaching.