PROGRESS ON UNIFORM COMMERCIAL ARBITRATION REGULATION

Joint Media Release

Federal Attorney-General
Hon Robert McClelland MP

NSW Attorney General
Hon John Hatzistergos MLC

6 November 2009

Federal Attorney-General, Robert McClelland, and New South Wales Attorney General, John Hatzistergos, today welcomed progress in the development of new uniform commercial arbitration legislation.

“There is a widespread view that arbitration has become too litigious with proceedings increasingly resembling those of a court. We want to make sure that arbitration fulfils its potential as a genuinely quick and effective way to resolve commercial disputes,” Mr McClelland said.

That is why in April, the Standing Committee of Attorneys-General (SCAG) agreed to reform the uniform Commercial Arbitration Act, a model Bill adopted by each State and Territory to regulate domestic commercial arbitration.

The new model Bill, which is scheduled to be finalised at the next meeting of SCAG in April 2010, will be based on the internationally accepted Model Law on International Commercial Arbitration adopted by the United Nations Commission on International Trade Law (UNCITRAL).

“The new Bill will further promote arbitration as a cost-effective and timely way of resolving commercial disputes, avoiding delays and costs that can be incurred in the courts,” Mr Hatzistergos said.

The Commonwealth intends to introduce amendments into the Parliament before the end of the year to reform the International Arbitration Act 1974. These reforms will ensure the Act provides a comprehensive and clear framework governing international arbitration in Australia, promotes greater efficiency in the arbitral process, and adopts international ‘best practice’ in arbitration law.

By creating a more uniform framework for regulating commercial arbitration, the reforms to the International Arbitration Act and the domestic Commercial Arbitration Acts will be an important driver in establishing Australia as key centre for international arbitration.

Media Contact:
Daniel Gleeson (McClelland) 0409 562 425
Adam Bell (Hatzistergos) 0448 302 533