Our focus for 2024-25
Our broad statutory responsibilities and multiple functions across more than 30 pieces of legislation mean we must have clear priorities for our activities to meet the needs of the NSW community.
We have committed to developing annual regulatory priorities so that we can adapt and pivot to changes in the marketplace, new technologies and new risks and harms.
Our regulatory priorities outline the specific areas and consumer harms we aim to address proactively in the coming year. While these priorities guide our efforts, we remain responsive to new, emerging, or serious issues that arise within our regulatory scope. We are committed to taking appropriate action against any harmful conduct or breaches of the laws we enforce, ensuring consumer protection and market fairness.
Our regulatory priorities fall into the following sectors for 2024-25:
- the rental sector
- the property sector, including strata and community schemes
- consumer goods and services
- motor vehicles.
The rental sector
Why focus on the rental sector?
Around a third of all people in NSW rent their homes. Rental vacancy rates remain low across NSW, making it more difficult to find a home for many, and median weekly rents remain high, adding to housing stress across the state1.
A viable and sustainable rental sector is a key building block for a modern economy and stronger communities. NSW Fair Trading is working to improve and modernise the rental market. Our work aims to enable NSW tenants to access a rental market that offers security, quality and fairness, with rental providers able to see the NSW market as one they can invest in with certainty.
By informing people of their rights, ensuring agents and industry are aware of their responsibilities, and by taking appropriate compliance action, we aim to create a fair and quality rental market in NSW.
Regulatory priorities
Rent bidding
We will focus on eliminating the occurrence of solicited rent bidding to ensure a fair rental marketplace in NSW.
Evictions
We will focus on raising awareness of the laws related to ending a tenancy and introduce compliance monitoring programs to ensure that residential tenancy rights and responsibilities are complied with in NSW.
Rental repairs
We will focus on raising awareness and act on complaints and intelligence about landlords and agents failing to repair and maintain rental properties to improve the quality of rentals in NSW.
The property sector
Why focus on the property sector?
In NSW, almost two thirds, or 66%, of Australian households own their own home — 35% owned with a mortgage and 31% owned without a mortgage2.
The property market in NSW holds immense significance for Australian families, representing one of the most significant financial commitments many will ever make. Strata is the most rapidly growing sector of the residential real estate market, and confidence and accountability in strata is vital to delivering the NSW Government’s housing agenda. At present, 17% of people in NSW live in strata, which is up 2% from 2020 to 2022. It is estimated that the number of NSW residents living in strata will increase from around 1.2 million to 3 million in the next 15 years3.
NSW Fair Trading plays a crucial role as a regulator to ensure fairness and transparency in transactions and management in the property market. By providing information to homeowners, tenants, landlords, and agents, we aim to educate and engage stakeholders on their rights and responsibilities.
Regulatory priorities
Maintenance and repair of strata common property
We will focus on educating owners corporations on their obligations to maintain and repair common property and undertake available regulatory interventions to enforce these obligations.
Underquoting
We will continue to focus on unlawful underquoting in the property market so that the NSW community can buy with confidence.
Professional standards in the property sector
We will work across the property sector to raise standards and accountability for continuing professional development training providers and increase accountability of Licensees in Charge for compliance with mandatory Supervision Guidelines, including reporting of training plans and outcomes.
Consumer goods and services
Why focus on consumer goods and services?
The consumer market in NSW plays a pivotal role in the economic landscape of Australia, significantly impacting Australian families. With a population of over 8 million, NSW represents a substantial portion of the national market, driving consumer demand and economic activity.
Buying consumer products and services is a daily activity for most people in NSW. It affects all parts of our lives including consumer rights, safety and essentials such as food, clothing, furniture, transport and recreation. Whether buying online or in store, consumers engage with traders with the expectation that goods and services are safe and reliable. In 2023, general consumer complaints made up approximately 60% of complaints received by NSW Fair Trading. The top three issues were safety, supply and quality of goods.
Given the current cost of living crisis and the growing availability of online goods, maintaining consumer confidence, promoting transparency and fostering a balanced market is essential.
Regulatory priorities
Trader dispute resolution processes
We will focus on working with traders to improve their dispute resolution processes, engagement and outcomes for consumers so that consumers in NSW can shop with confidence and resolve disputes with traders.
Failure to supply
We will focus on reducing the instances of traders who fail to supply within a reasonable time or at all to ensure a fair and safe marketplace in NSW.
Lithium-ion batteries
We will focus on introducing appropriate safety standards and regulations to improve safety of lithium-ion batteries and products powered by lithium-ion batteries to reduce the occurrence of fires and accidents.
The automotive sector
Why focus on the automotive sector?
Motor vehicles are a significant purchase for NSW consumers. Many of us rely on our vehicles to get us to work, care for loved ones and attend important events, especially if we live away from areas with good public transport. We expect that motor vehicles offered for sale are safe and reliable. When this is not the case the impact can be significant. By addressing non-compliant traders, upholding licensing standards, enhancing information online and supporting NSW consumers to make informed purchases of second-hand vehicles, we aim to maintain a fair and safe marketplace for cars in NSW.
Motor vehicle complaints consistently rank among the top three complaints referred to NSW Fair Trading. There are significant social and emotional wellbeing impacts that come from owning a motor vehicle and it is often the second largest purchase most consumers make after a home purchase.
Regulatory priorities
Odometer tampering
We will continue to focus on and take action against traders who interfere with a motor vehicle odometer reading, so consumers can purchase a second-hand vehicle in NSW with confidence.
Sale of defective or unreliable used vehicles
We will continue to act on complaints and intelligence about traders selling poor quality cars, with a specific focus on online sales and unlicensed trading, so consumers can purchase a second-hand vehicle in NSW with confidence.
Electric vehicles and hydrogen vehicles
We will focus on the introduction of electric and hydrogen vehicles in the automotive market, ensuring that industry is prepared and upskilled for this change, so consumers can purchase electric and hydrogen vehicles in NSW with confidence.
How did we choose these priorities?
Our regulatory priorities have been developed with Fair Trading staff input and feedback, key stakeholder engagement, and data analysis. In selecting the regulatory priorities, consideration has been given to those matters which have one or more of the following factors:
- conduct that is of significant public interest or concern
- conduct that results in substantial consumer, owner/occupier or renter detriment
- conduct involving significant power imbalances in the NSW market
- conduct involving new or emerging issues where our intervention is likely to have an educative or
deterrent effect - where our data or insights show an increase in frequency or severity of an issue
- where we have received strong feedback from our people, consumers, community or industry stakeholders.
How will we measure progress?
Each of our regulatory priorities has a series of activities planned throughout the 2024-25 financial year. These activities include:
- data and information projects
- digital enhancement activities
- awareness and education campaigns
- compliance and enforcement activities and focus
- legislative changes.
Our NSW Fair Trading teams will deliver these activities with agreed metrics and milestones. Progress will be monitored regularly, updates on these activities will be reported monthly to our NSW Fair Trading Executive Leadership Team for oversight, and we will report externally on our progress.
1 Australia Bureau of Statistics (ABS): The Survey of Incoming and Housing (SIH): Housing Occupancy and Costs
2 Australian Bureau of Statistics (ABS): 2021 Housing Census: Information on housing type and housing costs
3 Future of Strata Living: Roundtable Event: Summary Report