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Questions and Answers
What is the significance of laws in business?
Laws protect property and other rights, allowing certainty in economic pursuits.
Which of the following are examples of laws that affect business? (Select all that apply)
What is the Commonwealth of Australia Constitution Act?
It was enacted on 1 January 1901 and established the High Court of Australia.
Australia operates under a unitary government system.
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What does Section 109 of the Australian Constitution state?
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What are some of the areas where the Commonwealth has exclusive powers?
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What is an example of a law made by the Commonwealth government that regulates companies?
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The ______ of Australia provides the framework for its government.
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Study Notes
Legal System and Business in Australia
- Laws and regulations are vital for protecting and facilitating business and economic activities in Australia.
- Laws define permissible actions, safeguarding property and rights, contributing to certainty in economic endeavors.
Everyday Legal Involvement
- Businesses are engaged through various contracts such as:
- Mobile phone contracts
- Travel insurance contracts
- Employment contracts
- Lease agreements
- University contracts
- Purchase agreements for goods and services
- Laws also address cases of injury or damage, including motor vehicle incidents, workplace accidents, and natural disasters.
Types of Laws Affecting Business
- Key areas of law impacting businesses include:
- Employment law
- Contract law
- Consumer law
- Tort law
- Health and safety laws
- Environmental law
- Criminal law
Australia's Federation Structure
- Australia is a federation of states and territories with a central government (Commonwealth) that establishes laws for the entire nation.
- Comprises six states and two territories, each with its own governance.
Historical Formation of Federation
- The formation of a national constitution occurred after a 1899 referendum among six self-governing colonies.
- The Commonwealth of Australia Constitution Act took effect on January 1, 1901.
- Established the High Court of Australia and a bicameral parliament with:
- House of Representatives (151 members)
- Senate (12 representatives from each state, 2 from each territory)
Structure of the Australian Constitution
- The constitution outlines powers of the Commonwealth government across several chapters addressing parliament, executive governance, judiciary, finance, trade, and states.
Key Constitutional Powers
- Section 51 of the Constitution delineates major Commonwealth powers, including:
- Industrial relations
- Consumer protection
- Customs regulation
- Defense matters
- Section 109 ensures Commonwealth law prevails over conflicting state laws.
Exclusive and Concurrent Powers
- Exclusive powers of the Commonwealth include:
- Customs regulation
- Inter-state free trade
- Military jurisdiction
- Currency management
- Concurrent powers are shared, while residual powers are retained by the states, encompassing health, criminal law, education, transport, and industrial law.
Notable Commonwealth Legislation
- Significant laws made by the Commonwealth include:
- Corporations Act: governs company operations.
- Securities laws: regulate stock exchange-listed companies.
- Competition and Consumer Act (2010): governs consumer rights and fair trading.
Shift of Powers to Commonwealth
- In response to globalization, states have ceded regulatory powers to the Commonwealth for uniformity in business laws, including:
- Corporations Act
- Securities Law
- Fair Work Act: regulates labor conditions and wages.
- Australian Consumer Law (2010): enhances consumer protection and impacts business operations.
Power Evolution Pre- and Post-Federation
- Prior to federation, six colonies had individual governance and legal systems, resistant to ceding powers.
- The Constitution transferred some powers to the Commonwealth in defense, customs, and excise, classified as exclusive powers under Section 51.
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Description
This quiz explores the formation of the legal system and the development of laws in Australia. It covers the significance of laws and regulations in facilitating business and economic outcomes. Understand how legal frameworks protect property rights and ensure certainty in economic activities.
