Treasury Laws Amendment (More Competition, Better Prices) 2022

# Treasury Laws Amendment (More Competition, Better Prices) Bill 2022 ## What it does This law strengthens Australia's competition and consumer protection rules by making it easier to challenge unfair contract terms and giving regulators more power to crack down on anti-competitive behaviour. It updates two key laws: the Competition and Consumer Act 2010 and the financial services law (ASIC Act). ## Why it matters If you've ever felt trapped by unfair fine print in a contract—like a gym membership that's impossible to cancel or a service that can change terms without warning—this bill is designed to help. It also aims to increase competition between businesses, which should lead to better prices and service for everyday Australians. ## Key details - **Unfair contract terms**: The law now specifically prohibits terms that aren't negotiated individually and would cause significant disadvantage (e.g., one-sided cancellation clauses or unreasonable liability limits) - **Who it applies to**: The protections cover both consumer contracts (between businesses and individuals) and small business contracts, giving small businesses similar protections to consumers - **Enforcement**: The Australian Competition and Consumer Commission (ACCC) and ASIC get stronger powers to take action against breaches, including seeking court orders and remedies for affected customers

🔒 Voting closed — this bill has been decided by parliament