NSW commercial agents, have your say on changes to the Retail Leases Act
16 November 2022
NSW Fair Trading has advised in a media release this week that the regulator intends to review the NSW Retail Leases Act 1994 (‘the Act’). The changes will impact landlords, investors and tenants of retail/commercial property.
NSW Fair Trading reports on the issue as follows.
Have your say on review of NSW Retail Leases Act
Minister for Small Business Victor Dominello said it was timely to review the Act to consider the impact of any changes in the retail landscape and broader leasing practices and requirements.
Mr Dominello said the effective operation of the Act was a key requirement for many businesses and investors and the review would help ensure the legislation remained effective and constructive.
“The review will consider whether the Act continues to meet its policy objectives and whether any amendments should be made to improve certainty and the regulatory environment for retail landlords and tenants,” Mr Dominello said.
“Cutting red tape, improving certainty and reducing administrative costs are primary objectives of the review.”
Mr Dominello said the effective operation of the Act was a key requirement for many businesses and investors and the review would help ensure the legislation remained effective and constructive.
“I look forward to the review identifying practical measures that will support business and the broader retail property industry,” Mr Dominello said.
An industry reference group will be established representing landlords, tenants and other key stakeholders to support the review and provide industry expertise. An inclusive public consultation process will also ensure other stakeholders are afforded the opportunity to have their say.
NSW Small Business Commissioner Chris Lamont, who will be conducting the review, said he expected it would provide a renewed focus on improving business relationships between retail leasing tenants and landlords.
NSW Small Business Commissioner Chris Lamont, who will be conducting the review, said he expected it would provide a renewed focus on improving business relationships between retail leasing tenants and landlords.
“The Retail Leases Act should be clear, reflect industry expectations and promote confidence across the business sector,” Mr Lamont said.
Stakeholders are encouraged to participate in the review and can review the Discussion Paper, Terms of Reference and complete the online survey by visiting the Have your say website. The review is expected to be completed within nine months.