Despite a clear and substantial increase in the amount and quality of information available to the modern consumer through globalisation, and communication advances, we still don’t always make decisions that are in our best interests, particularly in the areas where politicians and lawyers seem to spend a lot of time, such as financial, telecommunications, and even competition policy. So what can policy makers do to at least create an environment of better consumer outcomes?
The Trade Practices Act (TPA) is too big and too complicated. The Government has introduced phase I of their two-phase plan to implement a new Australian Consumer Law which will bulk up the Act even further (the Bill alone runs to 84 pages). The adds to the additional 90 pages of statutory text generated by the recent passage of the criminal cartel act. It cannot go on ... the annotated acts are bursting at their seems.