Arbitral Law Reform in Australia: What Are the Signs of Progress to Date?
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Arbitration is an essential tool for enforcing resources and commodities contracts. Without it Australia’s international trade in resources would be vastly more complex and less efficient. With the revised domestic Commercial Arbitration Acts, and the updated International Arbitration Act, Australia now has a newly enhanced arbitration legislative regime which accords with international best practice. Whether it will actually deliver significant benefits to the resources industry will largely depend on how it is interpreted by the courts. Early signs are promising but there is some way to go yet. Even so, Australia appears to be keeping ahead of some of its neighbours. This chapter briefly surveys and discusses some recent judicial trends.