The Government’s short-term holiday letting plan will embrace the sharing economy and give consumers more choice while cracking down on bad behavior.

The reforms recognised the estimated $31 billion annual contribution of online booking platforms like Airbnb and HomeAway (formerly Stayz) to the Australian economy, while stamping out party houses through a mandatory Code of Conduct.

The Government has consulted widely with industry and the community to make sure our nation-leading regulatory framework is the very best approach to short-term holiday letting.

The plan also includes changes to the Strata Schemes Management Act, which will allow owners corporations to adopt a by-law, with a 75 per cent majority, preventing short-term letting in their block if the host does not live in the unit they are letting out.

The mandatory Code of Conduct for online accommodation platforms, letting agents, hosts and guests would address impacts like noise levels, disruptive guests and effects on shared neighbourhood amenities.

The Code will also include a new dispute resolution process to resolve complaints, and NSW Fair Trading will have powers to police online platforms and letting agents.

Under the ‘two strikes and you’re out’ policy, hosts or guests who commit two serious breaches of the Code within two years will be banned for five, and be listed on an exclusion register.

These are the toughest laws in the country and will make sure Heathcote residents are protected while ensuring that hosts who do the right thing are not penalised.

New state-wide planning rules will also come into force.

For more information on short-term holiday letting visit www.fairtrading.nsw.gov.au