A Productivity Commission inquiry has produced a draft report reviewing the laws that govern consumer protection. The inquiry highlights inconsistencies between Commonwealth law and that of the states and territories.
The report recommends that Australia adopt one set of consumer laws and use a national body to deal with product safety issues. It also makes provision to license finance brokers and consumer credit providers as well as improve consumer complaint processes.
"Consumers and businesses deserve a more efficient and responsive consumer protection system with less duplication and inconsistency between the different states and territories and the commonwealth," remarked presiding Commissioner Robert Fitzgerald.
Ironing out inconsistencies could save over $4 billion a year. The Australian Competition and Consumer Commission (ACCC) are tipped to become the sole national regulator.
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