A draft Treasury Laws Amendment (Competition and Consumer Reforms No. 1) Bill 2022 has been released for consultation.

If passed the Bill 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).

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.

If you found this article helpful, then subscribe to our news emails to keep up to date and look at our video courses for in-depth training. Use the search box at the top right of this page or the categories list on the right hand side of this page to check for other articles on the same or related matters.

Author: David Jacobson
Principal, Bright Corporate Law
Email:
About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.