NSW Minister for Small Business Katrina Hodgkinson has released a Discussion Paper on the Review of the Retail Leases Act 1994 to ensure the Act continues to meet its original intent.
The Retail Leases Act 1994 was put in place to regulate the relationship between tenants and landlords by setting minimum standards for leasing retail space. Some of the key areas Hodgkinson’s office will look at in the review include:
- Potential misuse of market power.
- Negotiation of leases and issues relating to full disclosure of the terms and conditions of a lease.
- Information asymmetry in regard to leasing arrangements in comparable properties.
- Introduction of a standard retail lease.
“The Act also provides for cost-effective and timely resolution of retail disputes creating better outcomes for both tenants and landlords,” Hodgkinson said. “With the release of the Discussion Paper, the NSW Government will now undertake a period of public consultation to ensure the most up-to-date, relevant and comprehensive feedback is gathered. The process will include an open call for submissions.”
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