Tenants and small business owners around NSW will benefit from a $41 million savings boost after the final part of the NSW Coalition’s Better Business Reforms passed Parliament today.
Minister for Better Regulation Matt Kean said the latest reforms will improve the rental bond system, repeal a range of redundant statutes and simplify uncollected goods laws.
“My Better Business Reforms are cutting red tape and putting more savings back into the pockets of hard working small business owners around NSW,” Mr Kean said.
“These reforms are helping to create a stronger, better future for NSW consumers and small business owners. Thanks to these common sense improvements, the NSW Coalition is saving them a total of more than half a billion dollars over 10 years.”
The three final Better Business Reforms to pass Parliament include:
- Simplifying the rental bond rollover process, saving $35 million over 10 years by allowing tenants to more easily transfer their bond from one lease to another;
- Cutting red tape for small businesses that have to deal with uncollected goods, by simplifying the process of disposing of abandoned items, saving $6 million in a decade; and
- Scrapping outdated and redundant laws, including, for example, an innkeeper’s liability for damage to guest’s horses and their harnesses.
“The new rental bond rollover system is a big win for tenants throughout NSW and we’re expecting to see it potentially benefit up to 300,000 new tenancies annually,” Mr Kean said.
“Having to fork out thousands of dollars for a new bond while waiting for the other to be released causes significant financial stress for families.
“With these changes, renting families will only have to lodge one bond, which can be transferred from one rental property to another.”
The Better Business Reforms are the culmination of a lengthy consultation process in which Mr Kean asked more than 100 business groups, academics and think tanks for ideas to remove red tape and make it easier to start and stay in business.
For more information on the Better Business Reforms, visit www.fairtrading.nsw.gov.au