Retail Leases Act review
The Retail Leases Act review and your business
If you are currently leasing or letting retail space, you’ll want to follow the review of the Retail Leases Act now being conducted by the Office of the NSW Small Business Commissioner (OSBC).
The review aims to ensure that the provisions of the act remain effective and appropriate in today's retail leasing market and guarantee a level playing field for all involved. The act was originally established to make sure that dealings between parties to retail leases were fair and efficient, addressing particularly:
- information asymmetries between landlords and tenants
- unclear retail leasing arrangements
- unequal negotiations strength
- effective and timely resolution of retail disputes.
In November 2013, OSBC published a discussion paper outlining eight key issues for the review, including recommendations for minimum standards for the leasing of properties, cost effective and timely dispute resolution, ways to reduce red tape and improve transparency, accountability and reducing unfair practices.
Interested parties have since had their say in an extensive consultation process that drew significant input from individuals and organisations including the Law Society of NSW, Shopping Centre Council of Australia, Property Council of Australia, and Australian Retailers Association.
Following the consultation, a report will be produced with recommendations to Cabinet, including a package of proposed legislative amendments to the Act.
These could affect you, so keep up to date with developments at OSBC‘s website.
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Last updated: Wednesday, 9 July 2014