Posted by NSW Finance, Services & Innovation
on 2 November 2018
Consumers and small business owners around the State will save more than half a billion dollars over 10 years thanks to the NSW Coalition's sweeping Better Business Reforms.
The package of reforms, which passed Parliament this week, includes significant red tape reductions for small businesses and better transparency measure for consumers.
Minister for Better Regulation Matt Kean said it's the biggest shakeup of NSW Consumer law in more than three decades.
"We'll be saving consumers at least $150 million in over 10 years by giving them greater transparency to help make them more informed decisions. This will save small business owners at least $495 million in over 10 years."
The key reforms to help small businesses thrive include:
Extending the durations of more than 70 licences, which will save more than 410,000 licence holders $216 million over 10 years;
Introducing specialised licenses for motor vehicle dealers and repairers, saving them $175 million in over 10 years and helping regional businesses keep their doors open; and
Making 13 types of home building licenses ongoing, meaning tradies will only have to notify Fair Trading every 5 years to confirm they want to maintain their licence.
The key reforms to empower consumers include:
Making businesses clearly tell consumers up front about the potential effects of terms and conditions which could prejudice their interests;
Giving consumers the right to report dodgy or dangerous products to Fair Trading, despite non-disclosure agreements; and
Making brokers and product comparison businesses come clean on the kickbacks and commissions they receive.
In May, Mr Kean has asked more than 100 business groups, academics, think tanks and members of Parliament for ideas to remove red tape and make it easier to start and stay in business.
The Better Business Reforms for small business and consumers are the culmination of this consultation process.