Economy

Treasury seeks feedback on extending unfair contract protections to SMEs; Kennett wants Rinehart trust gig: Midday Roundup

Eloise Keating /

The Federal Department of Treasury is calling for public submissions in response to a consultation paper about extending unfair contract protections to small businesses.

The consultation paper, which was published today, is open for submissions until August 1. Interested parties can submit a formal response to the paper, leave a comment or complete a short survey about their experience in negotiating business contracts.

The public consultation follows the government’s commitment in its 2014-15 budget to protecting small business from unfair contracts imposed by big business.

The government said earlier this month that it will spend $1.4 million on legislative reforms to make unfair terms in standard form contracts with small business void. Once the laws come into force, any remaining money will be used to provide education and compliance activities to small business, said the government.

Kennett wants Rinehart trust gig

Former Victorian premier and Equity Trustees director Jeff Kennett is eyeing off the job of managing Gina Rinehart’s $5 billion family trust, reports The Australian.

Kennett reportedly said in emails to his fellow directors last year that being appointed to manage the Hope Margaret Hancock Trust would be a “wonderful commission” and he had already suggested to one of Rinehart’s advisers his equity trustees would be “happy to take on the task”.

The trust, which holds 23.4% of the family’s flagship company Hancock Prospecting, is the subject of an ongoing bitter dispute between Rinehart and two of her children, John Hancock and Bianca Rinehart.

Shares up on open

Aussie shares are faring better today, following the release of some better-than-expected manufacturing trading data out of China.

The S&P/ASX200 benchmark was up 15 points to 5494.9 points at 12.00pm AEST. On Thursday, the Dow Jones closed 10 points higher, up 0.06% to 16543.1 points.

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Eloise Keating

Eloise Keating is the editor of SmartCompany. Previously, Eloise was news editor at Books+Publishing, the trade press for the Australian book industry.

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