The Government is seeking stakeholder views on exposure draft legislation, which will increase penalties for engaging in anti-competitive conduct (for example, cartels, misuse of market power, and exclusive dealing) under Part IV of the Competition and Consumer Act 2010 (CCA) and the Australian Consumer Law (ACL).
This increase in maximum pecuniary penalties fulfils one part of the Government’s Better Competition election commitment.
The draft legislation will:
- update the maximum pecuniary penalty provision for corporations where relevant as follows:
- from $10 million to $50 million, and
- from 10 per cent of a corporation’s annual turnover to 30 per cent of turnover over the period the breach occurred
- increase the maximum pecuniary penalty for individuals from $500,000 to $2.5 million.
These changes will also apply to relevant provisions of Part IVBA (News Media and Digital Platforms Mandatory Bargaining Code); Part XIB (the Telecommunications industry); Part XICA (the Electricity Industry) of the CCA.
A draft bill, Treasury Laws Amendment (Competition and Consumer Reforms No. 1) Bill 2022: More competition, better prices and explanatory material have been released for public consultation.
Interested parties are invited to submit comments on the amendments to email@example.com before 11:59 pm 25 August 2022.