Unfair Contract Terms Regime: Uncertain, unclear and unstable and ultimately unfair?

• Publication date: June 2009

This strategic brief discusses the Unfair Contract regime that will be introduced into Australia in 2010 and the effects it will have on the financial sector. The brief is divided into four sections. The opening section presents an overview of the new Australian Consumer Law. The second section analyzes the broad effects that the unfair contract regime may have on the banks, the economy and consumers. The third section gives an overview of specif...

This strategic brief discusses the Unfair Contract regime that will be introduced into Australia in 2010 and the effects it will have on the financial sector. The brief is divided into four sections. The opening section presents an overview of the new Australian Consumer Law. The second section analyzes the broad effects that the unfair contract regime may have on the banks, the economy and consumers. The third section gives an overview of specific aspects of the regime which banks have explicitly expressed concern and confusion about. The final section will then discuss the legal ramifications for banks under the regime.

Banking Industry in Australia

Table of Contents:

Introduction
The Background to the Trade Practices Amendment (Australian Consumer Law) Bill 2009
The effects on the economy, banks and consumers under the unfair contract regime
Unclear and undefined aspects of the regime
Regulation and legal Consequences for banks under the regime
Conclusion