Review Of The International Arbitration Act 1974 Announced

On 21 November 2008, the Australian Government announced a review of the International Arbitration Act 1974 (Cth), an essential and welcome step in improving its operation and promoting Australia as a place for international arbitration.

The Act is Australia's main legislation for international arbitration and incorporates the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards 1958 (New York Convention), the UNCITRAL Model Law on International Commercial Arbitration (Model Law) and the Convention for the Settlement of Investment Disputes between States and Nationals of other States (ICSID Convention ).

Since the Act was introduced in 1974 it has undergone only two significant changes: in 1989 for the incorporation of the Model Law, and in 1990 when the ICSID Convention was implemented into the Act.