Australia’s competition law is complex. Metaverse platforms that are registered as a business, company or foreign entity in Australia or are carrying on business within Australia will have to comply with the Competition and Consumer Act 2010 (Cth). Competition law risk assessments should be undertaken before doing business in Australia to ensure compliance with the law and minimise the risk of significant penalties.
Read moreThe consumer guarantees provided under the Australian Consumer Law cannot be excluded, modified or restricted and are in addition to any manufacturer’s or supplier’s warranty – with high penalties applying for breach. Fitbit was recently ordered to pay penalties of $11million for making misleading statements about consumer guarantee rights.
Businesses can take steps to minimise the risk of contravention of the Australian Consumer Law relating to consumer guarantees.
Australia’s competition and consumer watchdog, the Australian Competition and Consumer Commission (‘ACCC’), has issued its 2024/25 Compliance and Enforcement Policy and Priorities. The ACCC’s 2024-25 priorities and focus reflect that cost of living issues and the digital economy are key challenges facing Australia’s economy and community.
Read moreThe Australian Securities and Investments Commission (ASIC), Australia’s company and financial services market regulator, released its latest Corporate Plan 2023-27. ASIC’s four year plan provides companies and organisations with useful insight into the regulator’s strategic priorities in respect of compliance and enforcement. This update provides an overview of ASIC’s plan.
Read moreThis Article provides an overview of Australia’s existing regulatory framework used to regulate AI technologies, the ongoing government consultations and proposed reforms to the laws. Using the failed Robodebt system as a case study, it also showcases the risks associated with failed AI systems, including claims for compensation in the billions of dollars and reputational damage that follows.
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