(1) The Governor-General may make regulations prescribing matters:
(a) required or permitted by Schedule 2 to be prescribed; or
(b) necessary or convenient to be prescribed for carrying out or giving effect to that Schedule.
(2) Before the Governor-General makes a regulation for the purposes of paragraph 25(n) of Schedule 2 prescribing a kind of term of a contract, or a kind of effect that such a term has, the Commonwealth Minister must take into consideration:
(a) the detriment that a term of that kind would cause to consumers; and
(aa) the detriment that a term of that kind would cause to businesses employing fewer than 20 persons; and
(b) the impact on business generally of prescribing that kind of term or effect; and
(c) the public interest.
(2A) Before the Governor-General makes a regulation prescribing a law for the purposes of subsection 28(4) of Schedule 2:
(a) the Commonwealth Minister must be satisfied that the law provides enforceable protections for businesses employing fewer than 20 persons that are equivalent to the protections provided by Part 2-3, together with Parts 5-1 and 5-2, of Schedule 2; and
(b) the Commonwealth Minister must take into consideration:
(i) any detriment to businesses of that kind resulting from prescribing the law; and
(ii) the impact on business generally resulting from prescribing the law; and
(iii) the public interest.
(3) Before the Governor-General makes a regulation under subsection (1) for the purposes of paragraph 65(1)(a) of Schedule 2 in relation to supplies of a particular kind, the Commonwealth Minister must be satisfied that:
(a) the laws of the Commonwealth; and/or
(b) the laws of the States and Territories;
adequately provide for consumer rights in relation to supplies of that kind.
(4) The regulations may, either unconditionally or subject to such conditions as are specified in the regulations, exempt from the application of Schedule 2 or of specified provisions of Schedule 2:
(a) conduct engaged in by a specified organisation or body that performs functions in relation to the marketing of primary products; or
(b) any of the following:
(i) a specified contract or proposed contract made;
(ii) contracts included in a specified class of contracts made;
(iii) specified conduct entered into;
pursuant to or for the purposes of a specified agreement, arrangement or understanding between the Government of Australia and the Government of a foreign country; or
(c) prescribed conduct engaged in in the course of a business carried on by the Commonwealth or by a prescribed authority of the Commonwealth.
(5) Strict compliance with a form of application or notice prescribed for the purposes of Schedule 2 is not, and is taken never to have been, required and substantial compliance is, and is taken always to have been, sufficient.