The Government has introduced the Trade Practices Amendment (Australian Consumer Law) Bill 2009 into Parliament.
If passed, the Bill will amend the Trade Practices Act 1974 by adding the Australian Consumer Law dealing with unfair contract terms as a schedule to the Act.
It also introduces new penalties, enforcement powers and consumer redress options in the Trade Practices Act and amends the consumer protection provisions of the Australian Securities and Investments Act 2001. to make them consistent with the Trade Practices Act and the Australian Consumer Law.
Further provisions will be included in the Australian Consumer Law by means of a second Bill to be introduced in early 2010. All Australian jurisdictions will be required, in accordance with the National Partnership Agreement to Deliver a Seamless National Economy to apply the full Australian Consumer Law by 1 January 2011.
UPDATE 25 June:Treasury has set up an Australian Consumer Law website.