Debate resumed from an earlier hour.
Mr ANOULACK CHANTHIVONG (Macquarie Fields—Minister for Better Regulation and Fair Trading, Minister for Industry and Trade, Minister for Innovation, Science and Technology, Minister for Building, and Minister for Corrections) (15:34): The Property and Stock Agents Amendment (Underquoting and Other Agent Conduct) Bill 2026 delivers on the Government's commitment to ensure a fair property market that works for everyone. By significantly increasing penalties for underquoting, we are ensuring that misconduct can no longer be written off as a cost of doing business. Agents went unchecked under the former Government. In contrast, the Minns Labor Government has invested $8.4 million in the Strata and Property Taskforce to improve compliance with strata and property stock agent laws. Taskforce inspectors and investigators are on the ground, focused on raising professional standards and delivering better outcomes for consumers.
As a result of the taskforce's work, in April of this year NSW Fair Trading cancelled Joshua Tesolin's licence and disqualified him from the industry for 10 years. Tesolin Consulting Pty Ltd was also disqualified for 10 years. Mr Tesolin's conduct included underquoting on the selling price of residential properties, producing false documents to Fair Trading, failing to properly supervise the business, and engaging in unlawful, improper and unfair conduct. These are not practices that the Minns Labor Government will stand for, and are why we have taken such a strong approach to protecting consumers through our reforms. Any suggestion by the Opposition that the Government has failed to take action against underquoting is ludicrous.
I acknowledge the comments of the member for Pittwater during her contribution to the debate. The proposals raised by the member attempt to constrain the ability of Fair Trading to effectively regulate the conduct of real estate agents. They would limit the types of complaints that can be made, the investigations that Fair Trading can make into potential misconduct, and Fair Trading's ability to conduct audits and compliance activities. Property transactions are the biggest transactions of people's lives. It is crucial that there is effective regulation of the conduct of those transactions to protect the community and support confidence in the property industry. This bill supports Fair Trading to be a more effective regulator; the proposals from the member for Pittwater would limit this.
The member's proposals would limit the people from whom Fair Trading can accept complaints, despite there being no evidence that complaints are being used against competitors by other agents. Fair Trading will always take into account all the circumstances of the case, but if someone is breaking the law then they should not be excused simply because of the identity of the person who complains about their conduct. In taking any disciplinary action, Fair Trading always provides procedural fairness to the agent they are investigating and gives them an opportunity to respond to the evidence against them. For example, Fair Trading will generally always issue a notice to show cause, which sets out the evidence, and will provide an opportunity for the licence holder or former licence holder to respond when disciplinary action is proposed.
In some circumstances immediate disciplinary action will be taken, if it is in the public interest. NSW Fair Trading always prioritises the most serious financial, safety and other harms to the public. Similarly, Fair Trading always takes a proportionate approach to disciplinary action. It considers the severity of the offending conduct, whether a genuine mistake was involved, the consumer detriment caused and any mitigating factors. This is simply best practice from a regulator. The reforms in the bill are a significant step forward in protecting home buyers from unscrupulous real estate agents who are taking advantage of a tight housing market. They will make the New South Wales property market fairer and more transparent. The bill is another powerful step forward in the Government's ongoing commitment to improving protections for consumers.
These reforms are the result of extensive consultation. I acknowledge and thank everyone who participated in the consultation process, including the many stakeholders representing real estate agencies, buyers' agents and training providers, for their valuable insights.
I also thank all those in NSW Fair Trading who worked to support the development of this bill: Angus Abadee, Caitlin Maxwell, Megan Ward, Diana Holy, Katerina Pavlidis, Amy Stiles, Melissa Pinto, Elizabeth Weisske, Jasmin Chin, Casey Jacobs, Michael Brull, Nancy Kha and Felicity Kelly. I also acknowledge members of my own ministerial staff who worked on this, including Alicia Sylvester, Jonathan Stanbury, Brenna Lorkin and Brooke O'Rourke, along with departmental liaison officers Nisan Baysal and Sabitha Padikkel, who provided administrative support. I commend the bill to the House.
TEMPORARY SPEAKER (Ms Donna Davis): The question is that this bill be now read a second time.
Motion agreed to.
Consideration in detailrequested by Mr Tim James and Ms Jacqui Scruby.
Consideration in Detail
Amendment negatived.
TEMPORARY SPEAKER (Ms Donna Davis): The question is that clauses 1 and 2 and schedules 1 and 2 be agreed to.
Clauses 1 and 2 and schedules 1 and 2 agreed to.
Third Reading
Mr ANOULACK CHANTHIVONG: I move:
That this bill be now read a third time.
Motion agreed to.
