The Act generally provides that in any action to which the Act applies a Y2K Statement shall not be interpreted or construed as amending or altering a contract or warranty unless the parties otherwise agree. Australian legislators are concerned that private industry is not providing customers, suppliers, etc with full and frank information about the problem and steps that are being taken to avoid difficulties. The Year 2000 computer problem is a large and complex issue for many businesses and government agencies. It has the potential to cause significant disruption to the economy and community at large. Statements made in good faith for the purpose of sharing information about Year 2000 compliance may later provide the basis of a cause of action under statute and common law.
Industry appears to be managing the risk of liability by refraining from issuing public statements.