With effect from 1 July 2021, the Treasury Laws Amendment (Acquisition as Consumer—Financial Thresholds) Regulations 2020 (Cth) amends the Competition and Consumer Regulations 2010 (Cth) (CCR) by inserting a new regulation 77A to increase the $40,000 threshold to $100,000.
This means that (subject to certain other provisions) from that date, a “consumer” for the purposes of the Australian Consumer Law will include persons who acquire goods where the amount payable for the goods or services is $100,000 or less.
The change to the threshold arises from:
- Significant consumer law changes that were recommended in April 2017 in the Australian Consumer Law Review: Final Report (ACL Review Report), following a two year review of the ACL by Consumer Affairs Australia New Zealand.
- A 2018 consultation by the Australian Government Treasury (see Consultation Regulation Impact Statement) to seek views on, and assess, a proposal in the ACL Review Report that the threshold be increased from $40,000 to $100,000.