business law assignment help australia

business law assignment help australia

The Impact of Business Law on the Australian Economy

1. Introduction to Business Law in Australia

Australia has little in the way of written history. In the past, it was seen as the ‘workingman’s paradise’. The basic law, enshrined in the Australian Constitution, was inherited in 1901 from Britain. Since then, Parliament has been responsible for lawmaking, whether they involve laws about contracts, companies, trade practices, the environment, or industrial relations. Each of these laws and more either is ‘business law’ themselves or has an impact on commerce. Coming of age in 1901, the constitution gave few powers to the Federal (Commonwealth) Parliament in respect of business law. This has changed over time and, today, most of the areas of business law are within the purview of the Commonwealth.

A functioning and competitive economy is dependent on a robust and established system of law. Laws and legal rule-making provide for the setting up and conduct of commerce in a fair, competitive, and efficient manner. They give business predictability and the ability to rely on the terms of a bargain. The operation of business law is part of the larger economic framework in Australia. This introductory section locates the area of business law within the wider frame of the economy and reflects on Australia’s development. It may be useful reading for those readers not familiar with the Australian context.

2. Key Legal Principles and Frameworks for Businesses

Many commercial statutes and legal principles are so imperative to this area of practice that they establish fundamental legal considerations for businesses to observe and adhere to on a day-to-day basis. Some of these essential statutes, common law principles, and judicial decisions that influence and shape the operation of businesses in Australia include corporations law and directors’ duties, trading (including consumer protection, unfair trading practices, and the operation of misleading or deceptive conduct provisions), contract, and consumer credit regulation.

(a) Statute—The primary source of business and commercial regulation in Australia today is statute. However, the application of the common law, or the development of the common law where statutes do not provide an answer, is where some of the most crucial advances have occurred or where disputes regularly arise. (b) Common Law—This primarily refers to legal rules that come from judges’ decisions transmitted out of procedural requirements such as precedent. (c) Statute and Common Law—Where legislation is passed by a Parliament that supplements or changes the existing common law, the new rule applies. Furthermore, it is also possible to initiate legislation to override the common law.

The Australian legal system has a profound impact on the national economy. It is essential for businesses, as economic actors, to understand their legal rights and obligations and how the laws and legal principles of Australia can influence the day-to-day operation of their enterprise. A concern for many businesses operating in an environment as complex as that of today is understanding and ensuring compliance with the variety and breadth of statutes, regulations, or common law requirements that may bear upon their operation. Law, in general, refers to either the body of regulatory rules within a society or the way in which this body of regulatory rules is enforced. Commercial, business, or mercantile law is a body of rules aimed at regulating and directing businesses and commercial transactions. These rules may arise from:

3. Regulatory Compliance and Corporate Governance

In summary, compliance with the large number of specific regulations which the modern corporation encounters involves a significant trade-off between legal security, compliance costs and getting around the rules. The changes brought about by the rise of the modern ‘secular’ corporation have had a major effect in Australia. The corporate system has grown increasingly complex, requiring the enfranchisement of company officers with significant powers and accountabilities. The law recognizes the principle that officers should take on the ‘moral hazard’ associated with these powers, both as a rational response to economic incentives, and also eusocially, as a consequence of an ethos of stewardship. Any associated failures can be addressed through the structure of management oversight and judicial supervision. Courts and corporations are jointly engaged in a process of continuously refining the rules and the common law principles to adapt to this task in the most effective way.

The Australian Securities and Investment Commission (ASIC) administers laws requiring higher standards of conduct from public companies and their officers. For proprietary companies, there is no obligation to prepare and file an annual report with ASIC, but because two or more shareholders run most proprietary companies, this will not eliminate all pressure for good corporate governance. Today, being conscientious and aware of one’s rights and obligations is not only advisable but increasingly necessary. An individual’s experience with a company, industry or employer can be extremely unpleasant or rewarding, depending on the effectiveness with which sound business practice is conducted. Moreover, for those planning to start a business or to provide assistance to someone who is, knowledge of corporate law will prevent potential liabilities and create the ideal platform for success.

4. Case Studies and Practical Applications

A case study of the first 5 years of its operation provided a detailed look at the legislation and various applicable commercial law contained in the Act. The pioneering structure of limited liability company has proven to have complex effects. In the first year, a flurry of commercial activity saw the formation of many companies. This period of ‘joint stock mania’ was followed a few years later by the bursting of the bubble and the ‘Great Crash’. This financial crisis saw fortunes and families ruined, and it created economic and political repercussions that would be felt in Australia for many years. Although in the modern period, the modern structure of the limited liability company has matured into the world’s dominant business form. It first suffered colonization, and then rapid adoption and adaptation to the Australian economy in the gold rushes. The business law and corporate legislation, in particular, has continued to influence (and is influenced by) the Australian economy in various ways over time. Members of the public also provide many suggestions for further application and essays. These range from better corporate governance, potential restructuring, and commercial issues such as work-family respect policy. In sum, essay proposals also suggest a rich mix of theory in use today within the Australian economy.

Some of the most important contributions of business law in Australia have been its impact on some wildly successful companies. This has involved both the implementation of various business law concepts, but also saw the development and application of our recommendation of governance practices in those Australian companies; see member contributions by Allens Arthur Robinson (AAL) (CWR-ALL-001) and Stockland (CWR-STOCK-001).

Practical application

In addition to the contribution, policymakers, case writers, and academics are interested in the practical application of business law concepts, and so you must also consider these aspects.

Case studies and practical applications

5. Future Trends and Developments in Business Law

Let us briefly examine the interconnectedness of this draft trend and its likely effect on individuals or businesses. “Parliaments and the courts do not operate in an organizational or cultural vacuum, and during the 1990s, a number of approaches, particularly those developed in relation to corporate therapy, have been based on management practices.” “Business ethics brings into sharp focus the individual role in the process of governance. An effective governor achieves a balance between conflicts of interest, legal requirements, and management controversies. Business ethics addresses both the method used to reach this equilibrium and the desired end – the creation of wealth while maintaining a positive corporate image.” The director, as the governor of the enterprise, is ideally positioned to determine how these principles are articulated and implemented in practice. In the 21st century, it is expected that boards will demonstrate these principles.

Finally, we can expect changes in taxation law with the proposed introduction of a goods and services tax (GST) around 2000.

Walsh has identified several emerging legislative initiatives, including: – The linking of licensing and quality assurance schemes along with national mutual recognition legislation – The harmonization of occupational health and safety legislation across Australia – The use of experts to provide information in courts, tribunals, and arbitrations – The relationship between Australian laws and the laws of Islamic nations regarding commercial laws – Legislation to ensure equal opportunities for disabled people to access goods and services – Legislation designed to eliminate racial discrimination in various areas of Australian society, including some aspects of commercial activities – The enactment of legislation creating a merger authorization regime

Over the next 5-10 years, I think there will be changes in business law in Australia. There is already a trend in Australia and overseas to encourage corporations to adopt more varied forms of social responsibility. If businesses decide to consider social responsibility issues when forming their own rules, we may see a greater level of compliance not only with their own rules but also with public policy objectives. The focus on small businesses will likely result in laws and regulatory frameworks that cater to their needs and consider the impact of compliance costs.