By Emma Koehn and Dominic Powell
Australian businesses are set to see the rollout of new competition laws after the Senate passed the long-debated “effects test legislation this week.
The Competition and Consumer Act (Misuse of Market Power) bill was introduced to parliament at the end of 2016 after being on the table for a number of years, and is designed to change the Competition and Consumer Act to tighten the definition of when a business is misusing its market power.
The legislation is intended to extend the reach of the current laws to make it more difficult for big businesses to argue they did not intend to lessen competition when acting a certain way.
The policy is opposed by Labor, but passed the Senate on Monday night with support from crossbenchers, the Greens and Nick Xenophon. The House of Representatives signed off on an amendment from the Greens on Tuesday.
Australian millennials have been told time and time again that the real barrier to homeownership is nothing more than a few pieces of crusty sourdough slathered in avocado, so one Melbourne cafe is hoping to put some savings back into poor student’s pockets by offering free smashed avocado dishes to renters.
Time Out Melbourne reports Lux Foundry in North Brunswick will be giving away a free side of avocado on any meal to punters who show up to the cafe between September 4-8 with their rental agreement to prove their lack of home ownership.
Lux Foundry owner Daniel Amato tells Time Out the cafe was looking to give back to the community.
“We’re trying to do our bid to lift the spirits and give back to the local market,” he said.
A lawsuit first filed in 2013 has come to a close this week, with the New York Times reporting a federal judge has ruled in the US that bulk retailer Costco owes jeweller Tiffany & Co. $US19.4 million ($24.7 million) after selling a diamond ring labelled “Tiffany” in store and therefore infringing on Tiffany & Co’s trademarks.
Costco’s argument was that “Tiffany” was a generic style of ring, rather than one sold by the brand itself. But the jury found whilst a “Tiffany” ring was accepted general terminology, the retailer should have labelled them as “Tiffany-style” or “Tiffany setting”.
Costco is planning to appeal the decision, stating the trial had “multiple errors”.
“Tiffany & Co. did not claim in the lawsuit that it lost a single sale to Costco as a result of any sign,” the company said in a statement.
“This was not a case about counterfeiting in the common understanding of that word — Costco was not selling imitation Tiffany & Co. rings.”
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