VECCI statement on the extension of unfair contract protections for small businesses

VECCI has welcomed the Commonwealth Government’s announced measures to support a fairer marketplace and assist Victorian small business growth. 

"The extension of unfair contract term protections for small business recognises that small businesses often do not have the time, legal expertise or bargaining power to scrutinise and negotiate contract terms that bigger businesses have," VECCI Chief Executive Mark Stone said.

"The new protections will enable the courts to declare void a contract term that is unfair for the small business, such as those allowing a bigger business to unilaterally change the prescribed price or main terms of the agreement.

"We commend the Commonwealth Government for conducting a public consultation process prior to this announcement, as it is important that such reforms sensibly balance the interests of both small and large sized businesses," he said.

"With small businesses in Victoria accounting for 98 percent of all businesses in the state, and almost half of all private sector jobs, small business growth is vital to job creation.

"We look forward to the release of further information on how this important reform will be implemented."

The Victorian Employers' Chamber of Commerce and Industry (VECCI) is the most influential business organisation in Victoria, informing and servicing more than 15,000 members, customers and clients around the state.

vecci.org.au

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