Commonwealth Numbered Regulations - Explanatory Statements

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TRADE PRACTICES AMENDMENT REGULATIONS 2002 (NO. 1) 2002 NO. 22

STATUTORY RULES 2002 No. 22

Issued by the authority of the Parliamentary Secretary to the Treasurer

Trade Practices Act 1974

Trade Practices Amendment Regulations 2002 (No. 1)

The Trade Practices Act 1974 (the Act) provides protection against unfair practices for consumers and business, and provides a remedy where there has been a contravention of the Act.

Section 172 of the Act provides that the Governor-General may make regulations, not inconsistent with the Act, prescribing all matters required or permitted by the Act to be prescribed, or necessary or convenient to be prescribed for carrying out or giving effect to the Act.

Section 51AC prohibits a corporation from engaging in unconscionable conduct. The Trade Practices Amendment Regulation 2000 (No 2) inserted Regulation 28AA into the Trade Practices Regulations 1974 to increase the transactional limit in subsections 51AC (9) and (10) from $1 million to $3 million. Regulation 28AA was a temporary measure to give effect to the recommendations by the Joint Select Committee on the Retailing Sector. Regulation 28AA came into effect on 1 July 2000.

Schedule 1, item 2 of the Trade Practices Amendment Act (No 1) 2001 increased the transactional limit specified in subsections 51AC (9) and (10) from $1 million to $3 million. The amendment commenced operation on 26 July 2001, making Regulation 28AA unnecessary. The purpose of these Regulations is to remove Regulation 28AA from the Trade Practices Regulations 1974.

Details of the Regulations are set out in the Attachment.

The Regulations commence on Gazettal.

ATTACHMENT

Trade Practices Amendment Regulations 2002 (No. 1)

Regulation 1 - Name

This regulation provides that the amending regulations are the Trade Practices Amendment Regulations 2002 (No. 1).

Regulation 2 - Commencement

This regulation provides that the regulations commence on Gazettal.

Regulation 3 - Schedule

This regulation provides that Schedule 1 amends the Trade Practices Regulations 1974 as specified.

SCHEDULE 1        AMENDMENTS

Item 1

Item 1 repeals Regulation 28AA.