Consumers have voiced concerns about the new Digital Market Street (DMST) laws, which will see retailers subject to tougher requirements to post “good” and “bad” content, such as advertising.
Key points: The new laws are designed to make sure that consumers can make informed purchasing decisions, such from a safety perspective, and that they don’t fall prey to “stupid” or “invasive” marketing tactics The Australian Competition and Consumer Commission (ACCC) says it will be “reviewing” the proposed laws on the advice of industry experts to make changes to make them fit with the new Consumer Law changes.
Consumers and online retailers have expressed concern that the new rules would lead to businesses failing to comply with new Australian Consumer Law requirements that require them to put up appropriate signage and advertising.
The Australian Retail Federation (ARFF) and Australian Consumer Forum (ACF) have also raised concerns that the rules could make it harder for retailers to compete with smaller and local businesses.
“The Digital Market Stands” legislation was introduced in December last year and comes into force on July 1.
Under the new law, retailers will be required to post the following information on their websites: “Please note: This content is intended to assist consumers in making informed buying decisions, and it is not intended to promote, endorse or recommend a product or service.”
Advertisement The “Good” and the “Bad” sections of the signage will require retailers to include an “Advertising” section on their pages, which outlines the reasons why the content is bad or misleading, and what actions they are taking to prevent the content from being viewed.
The “Advertiser” section will state: “The information in this advertising is for informational purposes only.
If you find this advertisement to be harmful, you may withdraw your consent to receive further information by contacting us via the contact details below.”
The “Bad Advertising” section of the information will state, “This advertising is intended for informational purpose only.
Do not click on any links contained within this advertisement or any content from this advertisement.”
“Advertise” the information on the websites where the content was posted, as well as the content on the internet, and if you see it on another website, remove it immediately.
“Your information will be kept confidential, and you will be notified when we receive further notification of the violation of this information,” the Australian Consumer Council (ACC) says.
The ACCC says it is “review[ing] the proposed rules to make the legislation fit with current consumer legislation”.
“We will be reviewing the proposed Digital Market Rules and their impact on consumers,” the ACCC said in a statement.
“If we deem the Digital Market rules to be unlawful, we will bring an action under the consumer law against the Australian Government.”
The Australian Bureau of Statistics (ABS) said it was reviewing its advertising guidelines to ensure that content was not misleading.
“Content published on websites is often subject to scrutiny, including by the ATSB, and this could result in compliance notices being issued for misleading content,” the agency said.
“This review is taking place to assess whether the AHTP is meeting its obligations under the Act, and to make recommendations to improve the practice of the AFT and to reduce the risk of misleading content appearing on websites.”
The ABS is also reviewing the advertising guidelines for the Australian Competition Tribunal.
The AFT said the proposed legislation was not compatible with the AUT, and was designed to encourage and facilitate competition and improve consumer protection.
“As part of its overall consumer protection framework, the Australian Fair Trading Standards Act requires retailers to post information about the goods and services they sell on their sites that is consistent with the law,” a spokesperson for the AAFT said.
The National Australia Bank (NAB) said the new regulations would have an “impairment of competition”.
“The introduction of the Digital Markets Act will have a negative impact on the availability of online credit, as banks will be able to restrict the availability and the effectiveness of credit in the marketplace,” the NAB said.
It also said the changes could “disrupt” online lending.
“We expect the proposed changes will result in a greater level of competition in the online lending market, which would result in lower interest rates, higher consumer payments and lower transaction costs for consumers,” a NAB spokesperson said.
Consumers will not be forced to pay a fee under the new laws The Australian Tax Office (ATO) says that consumers will not have to pay any fees to access online banking services.
“Businesses and individuals will be free to use the internet to conduct business online without a charge,” ATO spokesperson Joanne Briscoe said.
But consumers are not free to choose to pay to access banking services, and the ATO says that “there is a risk that some of these services will be limited in terms of the amount of money you can make”.
“It may not be practical for