VECCI welcomes introduction of legislation extending unfair contract protections to small business

VECCI Chief Executive Mark Stone has welcomed the introduction of legislation to Federal Parliament that will extend unfair contract term protections to small business.

"This legislation will see the consumer unfair contract terms protections extended to cover contracts, fitting the prescribed criteria, entered into by small business," Mr Stone said.

"It will give a court the power to strike out a term of a small business contract that it considers unfair.

"The protections will apply to small business contracts where at least one party has fewer than 20 employees and the contract value is below the prescribed threshold of $100,000, or $250,000 for a multi-year contract.

"VECCI’s Small Business Taskforce report, Small business. Big opportunities, released in April this year, urged the Federal Government to commit to implementing the protections detailed in this legislation.

"Prior to this, leading-up to the 2013 federal election, VECCI, as part of the united chamber movement led by ACCI, ran the Small Business. Too Big to Ignore campaign in support of small business.

"The campaign highlighted the fact that there are over 2 million small businesses in Australia, employing more than 7 million Australians, which need government support to grow jobs and remain competitive.

"Today’s announcement demonstrates a commitment to help small business grow and we commend the Federal Government for this action."

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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