Overview of Business Law Legislations In Australia

Business law in Australia comprises of various laws which govern the several aspects relating to the business activities taking place within the country. Businesses need to comply with these laws in order to successfully conduct their operations in the country. These laws aim to protect the consumers and maintain the integrity and stability of the business environment in the country. It is necessary to comply with these laws, if you want to avoid legal disputes in your business, otherwise you might land yourself in trouble.

This blog’s objective is to give a brief overview of laws regulating the conduct and behaviour of businesses operating within Australia.

LEGISLATIONS GOVERNING BUSINESS LAW IN AUSTRALIA

Several statutes which govern the area of business law in Australia, both at the federal and state level are:

• The Corporations Act, 2001: This Act aims to provide for the establishment, management, and dissolution of the companies working in Australia. Additionally, it defines the rights and responsibilities of the directors, shareholders, and officers.
• The Competition and Consumer Act, 2010: This Act protects the consumers from unfair practices and unfair competition. It includes areas such as misleading conduct, unfair contracts, consumer guarantees, and product safety.
• The Fair Work Act, 2009: This Act aims at establishing the employment rights and obligations for both the employers and employees and also includes the terms and conditions relating to the minimum employment standards, unfair dismissal protections and workplace rights.
• The Privacy Act, 1988: This Act aims to regulate the use, collection and disclosure of the personal information with the sole objective of safeguarding individual’s right to privacy. It additionally outlines the obligations for carefully handling the personal data of individuals.
• The Australian Securities and Investments Commission Act, 2001: This Act establishes the regulatory framework for corporate governance, disclosure requirements and also supervision of financial services and markets.
• The Copyright Act, 1968: This Act aims to protect the original works from the unauthorized copying or use and includes works falling in the category of literary, artistic, musical, dramatic etc.
• The Patents Act, 1990: This Act grants the protection to inventors for their inventions which have novelty and utility. Patent is basically an exclusive right granted to inventors for their unique inventions.

CONCLUSION

In Australia, businesses have a key responsibility to fulfill and comply with all the applicable laws and regulations. By following these laws, businesses can substantially contribute to the sustainable development of the economy as well as build good trust in the society which can ultimately help them to grow their business potentially. Consumers are the king of the market. It is the duty of the businesses to maintain this status by following ethical practices and ensuring that consumer protection is kept as paramount important. Then only, the businesses in Australia can sustain in the society for long run.

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