Woohoo!!! Virgin will be very pleased.Public release of an exposure draft of the amending Bill and draft explanatory memorandum
The Parliamentary Secretary to the Treasurer, the Hon Chris Pearce MP, today announced that the amendment to the Trade Practices Act 1974 (TPA) to respond to component pricing has been drafted and released for public consideration.
“These amendments are intended to help consumers, assisting them to compare the price of similar products and make informed purchasing decisions” said Mr Pearce.
“The draft amendments will mean consumers will not have to perform a calculation to determine the total price they will be required to pay for goods or services.”
The amendments implement the Australian Government’s announcement in April 2005 that it would amend the TPA to respond to the increased use of component pricing. Businesses will be required to include a prominently displayed, singlefigure, total minimum price when making price representations.