The Minister for Fair Trading’s application for additional funding for a dispute resolution service 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.
“It is going to impact 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.
For further information or to arrange an interview with REINSW President Malcolm Gunning, please contact: Helen Hull – 0419 642 961 or [email protected]