Elite AgentINDUSTRY NEWSNEWS

Prevent misuse of government funding: REINSW

The Minister for Fair Trading’s application for additional funding for a dispute resolutionservice at NSW Fair Trading is a misguided use of public money, according to the Real Estate Institute of New South Wales.

REINSW President Malcolm Gunning said additional resources should be directed toward the NSW Civil and Administrative Tribunal (NCAT), which replaced the Consumer, Trader and Tenancy Tribunal (CTTT) from 1 January 2014.

“The NSW Fair Trading service is a waste of time for all parties involved,” Mr Gunning said.

“This service will not work because there won’t be a binding resolution to disputes.

“All it is going to do is increase time. There is no compulsion, participants don’t have to take the advice and in the end most will end up at NCAT anyway.”

Mr Gunning said the serious consequences of the lost time and money should not be underestimated from what is proposed.

“It is going to effect the consumer because it will lengthen the resolution process. This could be the last straw for some property investors, which could spell disaster for a market that does not have enough stock.

“We call on the new Minister for Fair Trading Stuart Ayres and Premier Barry O’Farrell to stop this nonsense. It is not too late to direct the funding to the right place,” Mr Gunning said.

Show More

News Room

If you have any news for the Real Estate industry - whether you are a professional or a supplier to the industry, please email us: newsroom@eliteagent.com