Submission to Supplementary Consultation on Unfair Trading Practices
20 December 2024
The Business Council of Australia (BCA) welcomes the opportunity to make a submission to Treasury's supplementary consultation paper on Unfair Trading Practices. The BCA previously made a submission to Treasury's initial consultation Regulatory Impact Statement in 2023.
Businesses across the Australian economy are currently experiencing a significant increase in the regulatory burden which impacts business activities, dynamism and long-term investment decisions and performance. At a time when business is calling on governments to focus on measures which enhance Australia's productivity and performance, regulatory measures which are overly and unnecessarily costly and complex will act as a drag on investment and innovation. Progressing any legislative changes without undertaking a comprehensive policy development or assessment process that follows best practice principles is irresponsible, wrapping businesses up in considerable uncertainty without demonstrating the proportionate gains to consumers. The Office of Impact Analysis (OIA) outlines this process in detail for new policies. The BCA acknowledges the consultation regulation impact statement process that Treasury has undertaken including the supplementary consultation. However, the BCA is concerned that absent undertaking a comprehensive and detailed "gap analysis" of existing laws that the consultation process is flawed and not in the interests of consumers or businesses.
Read our full submission here.