Farewell Trade Practices Act. Welcome Competition and Consumer Act

Key Points

• From 1 January 2011 the Trade Practices Act 1974 (Cth) has been replaced by the Competition and Consumer Act 2010 (Cth)
• Whilst most substantive amendments relate to fair trading and consumer protection, a broadening of the definition of a consumer means that many B-to-B transactions will be affected
• The implementation of the national Australian Consumer Law has led to a restructure of some parts of the Act, meaning many sections have been moved and received new numbering. Further, State fair trading legislation has been repealed
• As a consequence, all businesses should immediately review current agreements and their standard form contracts to ensure they are both compliant and refer to the correct legislative provisions.