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The Verge
09-07-2025
- Business
- The Verge
Appeals court strikes down ‘click-to-cancel' rule
A federal appeals court just threw out a new government regulation that would have required subscription services to give consumers an easy way to cancel. The Federal Trade Commission's click-to-cancel rule was set to take effect next week, and would have required everything from your gym membership to Amazon Prime subscription to let customers cancel their recurring payments as easily as they signed up, and through the same method. Last fall, industry groups representing companies that benefit from subscription revenue — including cable providers, entertainment studios, advertising companies, and home security firms — sought to block the rule in court, arguing the FTC aimed to 'regulate consumer contracts for all companies in all industries and across all sectors of the economy.' But in a unanimous ruling by a three-judge panel for the Eighth Circuit, the court found that the FTC under former Democratic Chair Lina Khan erred so gravely in its roll-out of the rule that it needs to be thrown out altogether. 'While we certainly do not endorse the use of unfair and deceptive practices in negative option marketing, the procedural deficiencies of the Commission's rulemaking process are fatal here,' the court wrote. Even though parts of the rule were technically salvageable, the court continued, vacating the entire rule is appropriate 'because of the prejudice suffered by Petitioners as a result of the Commission's procedural error.' The Eighth Circuit found that the agency skipped steps to issue the rule, including depriving stakeholders of 'a notable opportunity to dissuade the FTC from adopting the Rule as proposed.' Even though the court said the FTC's decision to skip some analysis 'was certainly not made in bad faith,' it found that the petitioners 'have raised 'enough uncertainty whether [their] comments would have had some effect if they had been considered,' especially in the context of a closely divided Commission vote that elicited a lengthy dissenting statement.' The court referenced those dissents by now-Chair Andrew Ferguson and Commissioner Melissa Holyoak, both Republicans, in its opinion. Holyoak had questioned the 'race to cross the finish line,' among the Democratic majority that voted for the rule at the time, and called it 'a missed opportunity to make useful amendments to the preexisting negative option rule within the scope of the Commission's authority.' Given that the Democrats who ushered the rule across the finish line are no longer at the agency, which currently consists of three Republican members including Ferguson and Holyoak, the future of the rule looks bleak. FTC spokesperson Juliana Gruenwald Henderson declined to comment on the ruling. Disclosure: Comcast — represented by NCTA - The Internet and Television Association, one of the parties to the case — is an investor in Vox Media, The Verge's parent company.
Daily Telegraph
02-07-2025
- Business
- Daily Telegraph
National Housing Accord 60,000 new homes short in first year
Australia is set to fall 60,000 homes short of the number of new home approvals needed to fix its housing crisis in the first 12 months of a five-year campaign to fix the problem. Major industry groups are predicting shortfalls of up to 285,000 on the 1.2 million homes needed to be built by the 2029 deadline set by the nation's leaders in 2024. Australian Bureau of Statistics data released today shows 168,981 new homes have been approved in the 11 months since the Accord commenced on July 1 to the end of May, including a 3.2 per cent rise to 15,212 given the go ahead by planners in the past month. RELATED: Australia predicted to miss National Housing Accord annual targets until 2028 'Train wreck' housing approvals mean nation needs to build 260k homes a year to meet target Federal budget 2025: Nation's biggest builder says housing crisis needs 'wartime response' In the most recent full year of data, from June 1, 2024, to May 30, 2025, there were 181,643 new homes approved — up from about 165,000 in the prior year. But a National Housing Accord that commenced on July 1 last year required at least 240,000 homes be built each year until 2029 in order to build the 1.2 million homes needed to address the housing crisis. And the cost of building a house is still becoming more expensive, hitting a $513,000 national average in May. Victoria has approved the most homes since the Accord began, with 51,876 in the 11-month period and 55,531 in the full year. New South Wales was next with 43,000 approvals since July, and 45,680 in the past 12 months. The shortfalls in approvals are just the tip of the iceberg, with industry groups warning the number of homes actually being built is substantially less than the number being given the green light for construction. The Housing Industry Association has calculated about one in six apartments approved nationwide not under construction within two years, while about 5 per cent of houses and townhouse approved are also not commenced in that timeline. With just 168,050 new homes started in 2024, the Housing Industry Association is predicting just 986,000 homes will actually be built over the five years. HIA senior economist Tom Devitt said interest rate cuts were likely beginning to help raise confidence among buyers, explaining a wider increase in housing approvals — but warned the figures were not all that they seemed. 'Multi-unit approvals in the last three months were 25 per cent higher the same quarter a year earlier, but recent activity is likely driven by 'phantom approvals',' Mr Devitt said. 'Some apartment projects that were already approved for construction but hadn't commenced yet, are returning for re-approval ahead of the introduction of the National Construction Code 2022 which will increase construction costs further. 'But you can't live in an approval. These projects, which have not been viable over recent years, are unlikely to get the necessary sales to commence construction over the next couple of years.' How 'phantom approvals' are hurting housing construction in NSW, Victoria and Queensland. The economist said approvals of apartments would need to double from current levels to reach those needed to reach the 1.2 million target. 'And, regardless of the increase in approvals, the volume of commencements will fall more than 20 per cent short of the government's goal of building 1.2 million homes,' Mr Devitt said. Master Builders Australia chief economist Shane Garrett said new home approvals were currently on track to deliver just 915,000 new homes in five years — a 285,000-home shortfall on the target. Despite this rising numbers of new homes are believed to be having an impact. 'Rents are still rising, but the speed at which they are doing so has slowed,' Mr Garret said. 'Conditions for renters could be improved further if we achieve further gains in higher density home building.' Master Builders chief executive Denita Wawn said governments should have one goal now. 'It's not governments that build homes, it's private businesses; what we need is for them to clear the path so we can get on with the job,' Ms Wawn said. Who is approving the most homes Victoria: Approved – 51,876; NSW: Approved – 45,680; Queensland: Approved – 34,301; Western Australia: Approved – 21,069; South Australia: Approved – 13,113; Tasmania: Approved – 2153; ACT: Approved – 2034; Northern Territory: Approved – 496; *Approval figures show 11 months from July to May Source: Australian Bureau of Statistics The Property Council of Australia's latest expectations are that we will fall short by 262,000 homes. The powerful lobby group's policy and advocacy group executive Matthew Kandelaars said while there had been a modest uptick in May, it was still a 'long way from mission accomplished' and too many projects were still being slowed by 'red tape, slow planning and environmental approvals' as well as high costs. 'To hit the Accord's 1.2 million homes target by mid-2029, we need to be approving at least 20,000 new homes every month and we're still falling short of that mark,' Mr Kandelaars said. 'Today's numbers confirm what we've long known – we don't just have a housing crisis, we have a productivity problem. 'As the Treasurer rightly plots a course to lift national productivity, we must remember that when building slows, the whole economy feels it. Productivity in property means productivity for the nation. We're building homes half as fast as we were 30 years ago. That must change.' Property Council of Australia chief executive Mike Zorbas added that it was also time for state governments to review property taxes. 'With states in debt through the next decade, we also need a grown-up conversation about state-based apartment-killing foreign investor taxes that drive institutional investors away from partnering with Australian companies on new housing, industrial and commercial projects,' Mr Zorbas said. Oxford Economics Australia lead economist Maree Kilroy said while they were now revising their forecasts for housing construction upward, they were not expecting the target to be reached by 2029. Ms Kilroy said improvements in apartment approvals in NSW and Victoria, as well as a lift in house approvals in Victoria were positive signs, 'but nothing you would right home about'. 'We are at the beginning of an upturn, and we would expect that the approval figures per state will pick up, particularly for housing as interest rates flow through,' she said. 'But it's still really muted for housing at the moment.' The economist added that it's likely numbers aren't accelerating more rapidly at least in part because the cost of building homes continues to rise, rising to $513,000 for the typical house around the country in May. Institute of Public Affairs research director Morgan Begg said they believed the National Housing Accord would come up 55,300 new homes short in its first year. 'In its first year of operation, the National Housing Accord as failed to hit a single target,' Mr Begg said. Further analysis of separate ABS data by the group shows the time it takes to build homes around Australia and the cost of them has risen by about 50 per cent over the past decade. From 2014 to 2024, their analysis shows Western Australia has had the biggest timeline blowout, with an 85 per cent increase in construction time, alongside a 45 per cent increase in material costs. South Australia was next with a 74 per cent increase in building times, and a 51 per cent lift in costs. Queensland has had a 58 per cent increase in material prices and timelines. NSW had a 39 per cent uptick in times and a 55 per cent cost increase, similar to Victoria where increases were pegged at 37 per cent and 56 per cent respectively. Tasmania had a 29 per cent increase in timelines for builds, with a 55 per cent increase in building costs. 'IPA research shows between the 2022 and 2024 calendar years, the housing supply shortfall in Australia was almost 180,000 homes, highlighting the huge effect of the construction slowdown,' Mr Begg said. Experts have varyingly suggested key ways to address the shortfalls in housing approvals would be to tweak property tax arrangements, particularly around international investment in property, increase tradie numbers both through training and migration, and to address land shortages and planning red tape. Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox. MORE: Behind the rent crisis: Agents reaching breaking point Australian home values hit record high as rates fall National housing accord on track to be at least 300k homes short
Yahoo
24-05-2025
- Health
- Yahoo
Kratom bill turns controversial as some call for governor to veto it
DENVER (KDVR) — A bill that passed just before lawmakers gaveled out of this year's legislative session could be in jeopardy. Industry groups are calling on the governor to veto a measure that supporters said will add more safeguards to a substance called kratom. 2 jailed after traffic stop leads to discovery of meth, suspect with 10 warrants: Police Lawmakers want to make sure people buying kratom products know exactly what they're getting. Some industry insiders said a bill they passed looking to do that could have unintended consequences. Kratom is an herbal substance that some people use to help relieve things like pain and anxiety; the DEA lists it as a chemical of concern. Some people also use it to help with withdrawals from drugs like opioids or fentanyl. The bill passed on the last day of session this year after a representative used a rarely used maneuver to stop the measure from dying on the calendar and get it on the House floor for a vote. It got bipartisan support from lawmakers in both chambers, but industry opponents of the measure worry the bill is not backed by science, and the measure would end up hurting consumers due to confusion surrounding which products the measure is trying to bill underwent some big changes regarding the regulation of the product, but sponsors said they worry kratom is too easily available without much oversight. 'What worries me about this bill is that it sets a bad precedent and it creates a framework that is going to have to be basically completely overhauled and reworked for it to create real protections for consumers. I worry this bill is too stringent on certain definitions that don't create meaningful protections or regulations and actually just generate confusion,' said Kyle Ray, Holistic Alternative Recovery Trust Board Member. 'This product that people say can do all these things for them can be bought on the gas station countertop or in your local smoke shop. I think that is really concerning. I think that when we have a product that mimics these things, that can replace these things for people, we need to make sure that we are keeping a close eye on it,' said Senator Kyle Mullica, a prime sponsor of the bill. 'What's still left in the bill is making sure that it is reported and identified what's in the product? Making sure that we have some potency limits in there, making sure that there are certain synthetic forms are the products that are not going to be sold in Colorado. I think ideally, you know, eventually, we still want to look at licensure, I think that's the ultimate enforcement mechanism, where our fiscal space was this year in the legislature. That wasn't possible.' Some HART members have reportedly urged community members to call for a veto in exchange for products. Mullica called that tactic bribery. Denver sues Trump administration over potential loss of transportation funding The Governor's Office has said he will review all the bills that passed this session. He has two weeks to make a decision. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
