Wednesday, May 29, 2024

NSW Government to reform Retail Leases Act

NSW Minister for Small Business John Barilaro this week presented the Retail Leases Amendment (Review) Bill 2016 to NSW Parliament, aiming to make it easier to do business in the state and improve fairness in the marketplace.

One of the proposed amendments is the development of a sales reporting code under which NSW retailers would be able to request retail category values from landlords.

Australian Retailers Association Executive Director Russell Zimmerman says this enables retailers to understand real lease values that the Shopping Centre Council has agreed to through negotiation by the ARA and its industry partners at the Franchise Council of Australia, along with the Pharmacy Guild of Australia.

“Minister Barilaro and the NSW Government need to be congratulated for steering through changes which should make retail leases more transparent and fairer in NSW,” he said.

The retail industry in NSW accounts for almost 390,000 jobs and $36 billion in annual sales.

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