The Minister for Competition Policy and Consumer Affairs, Chris
Bowen MP, has released the Productivity Commission’s
final report of the Review of Australia’s Consumer Policy Framework.

The Productivity Commission’s key recommendations include:

• a single national generic consumer law, based on the Trade Practices Act 1974 (TPA), which would apply in all States and Territories;
• identifying unnecessary or costly consumer regulation that only applies
  in a few States and Territories, or to one industry, and either
  removing them or, if justified, introducing nationally consistent
  rules;
• transferring regulation of credit providers
  and finance brokers to the Australian Government, with the Australian
  Securities and Investments Commission (ASIC) as the regulator;
• national laws to tackle unfair terms in consumer contracts;
• a national approach to product safety laws and enforcement; and
• new redress and enforcement powers for consumer regulators, including
  the ability to seek redress for non-parties, civil pecuniary penalties,
  banning orders and substantiation notices.

The Commission also recommended an enhanced role for the Australian Government in consumer policy.

The Government will consider the recommendations and, as agreed by the Council of
Australian Governments (CoAG), respond formally at the end of October
2008.