A new law to allow Australians to sell goods online is setting off a flurry of activity on the Australian stock market, with the country’s biggest stockbrokers all weighing in on the law’s chances of passing.
Key points:A new law allowing Australians to buy goods online passed the Senate in March and is due to be passed by the House of Representatives in JulyThe law will give Australians the ability to buy online and sell goods directlyThe bill will allow Australians with a local store or online retailer to buy and sell products on an intermediary service like Amazon, eBay, or B&MAustralia’s largest brokerages have all taken a wait-and-see approach.
But many are confident that the law will pass, as the Federal Government has not indicated it will legislate the bill before the end of July.
“I think it’s pretty safe to say that the Government will pass this,” says Ian Murray, managing director of Perth-based broker BrokerMarkets.
Mr Murray says he sees it as “a positive”.
“There’s no need for a major event to happen,” he said.
“We have to wait and see what happens.”
The bill allows Australians to purchase and sell on an online platform such as Amazon, Amazon Prime, or eBay, but only in the country they live in.
“It’s not a national market,” says Mr Murray.
“Australia has more than a billion people and it’s not that big of a country.”
Mr Murray said his broker has been following the law closely for the past six months.
“You would be surprised how much people are really concerned about the law.
There’s no doubt that there’s a lot of people who have concerns about this, but that’s just the general public.”
MrMurray says brokers have not yet taken the time to put the legislation through a legal process.
The Australian Securities and Investments Commission has been notified of the law, but it has yet to make any changes.”
They’re not going to rush through it.”
The Australian Securities and Investments Commission has been notified of the law, but it has yet to make any changes.