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ARTICLE · 20 JULY 2026

Funds Update - 17 July 2026

Herbert Smith Freehills Kramer LLP
Herbert Smith Freehills Kramer LLP
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Herbert Smith Freehills Kramer LLP

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In late June 2026, Treasury released a report on its review of amendments to the unfair contract terms (UCT) provisions introduced by the Treasury Laws Amendment...

AustraliaFinance and Banking
Fiona Smedley
Fiona Smedley
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Treasury releases final report on the 2023 unfair contract terms reforms 

In late June 2026, Treasury released a report on its review of amendments to the unfair contract terms (UCT) provisionsintroduced by the Treasury Laws Amendment (More competition, Better Prices) Act 2022 (Amending Act). The Amending Act, which commenced on 9 November 2023, amended the UCT provisions in both the Australian Securities and Investments Commission Act 2001 (ASIC Act) and the Australian Consumer Law (ACL) and increased the scope of the UCT provisions. 

The Treasury review largely supports the changes introduced by the Amending Act and

found that: 

  • the Amending Act’s introduction of civil penalties for breaches of the UCT provisions had enhanced the UCT regime, addressing a lack of deterrence in the previous penalty regime which was based solely on voiding unfair provisions; and 

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