The Council of Australian Governments has agreed to implement a new consumer policy framework, the Australian Consumer Law, which is designed to ensure nationally equivalent obligations for businesses and guarantee consumers rights, protections and expectations. This update provides an overview of the new law regulating unfair terms in standard form consumer contracts and implications for business arising out of the changes to consumer protection laws. The unfair contract provisions will affect any standard form consumer contracts which are entered into, renewed or varied. Businesses who supply goods or services to consumers must consider whether any terms in their current contracts may be considered unfair under the new laws [read more].