Australia: Implemented Treasury Laws Amendment (More Competition, Better Prices) Bill 2022 prohibiting the use of unfair contract terms

On 10 November 2022, the provisions outlined in the Treasury Laws Amendment (More Competition, Better Prices) Bill 2022, prohibiting the use of unfair contract terms, entered into force after receiving the Royal Assent on 9 November 2022. The Bill makes unfair contract terms unlawful and introduces penalties for unfair contract terms, giving powers to courts to impose civil penalties. It will apply to the News Media and Digital Platforms Mandatory Bargaining Code. The Bill expands the scope of SICA by removing the financial thresholds for assessing relevant contracts and modifying the definition of "small business" to include entities with up to 100 employees. The financial threshold would be increased from AUD 3 million to AUD 5 million.