The Competition and Consumer Amendment (Misuse of Market Power) Bill 2017 has been passed by both Houses of Parliament and is awaiting Royal Assent.
UPDATE: Royal Assent given on 23 August 2017.
The Competition and Consumer Amendment (Misuse of Market Power) Act 2017 and the Competition and Consumer Amendment (Competition Policy Review) Act 2017 commenced on 6 November 2017.
The Act amends section 46 of the Competition and Consumer Act to prohibit a corporation with a substantial degree of market power engaging in conduct that has the purpose, effect or likely effect of substantially lessening competition in:
• that market; or
• any market in which the corporation itself, or a related body corporate, supplies or acquires goods or services or is likely to supply or acquire goods or services; or
• any market in which the corporation indirectly supplies or acquires goods or services or is likely to supply or acquire goods or services.
As passed, the pro-competitive and anti-competitive ‘mandatory factors’ to which the court must have regard in determining whether conduct had the purpose, effect or likely effect of substantially lessening competition have been removed from section 46.
The Act including the new section 46 commences at the same time as the Competition and Consumer Amendment (Competition Policy Review) Bill 2017. That Bill will contain amendments to the authorisation provisions to allow corporations to seek authorisation on the basis of public benefit for conduct which may otherwise contravene section 46. Background.
UPDATE: The Competition and Consumer Amendment (Competition Policy Review) Bill 2017 was given Royal Assent on 27 October 2017.
Treasury has released an Exposure Draft of consequential amendments to the Competition and Consumer Regulations following amendments that will be made to the Competition and Consumer Act 2010 by the Competition and Consumer Amendment (Misuse of Market Power) Bill 2017 and the Competition and Consumer Amendment (Competition Policy Review) Bill 2017.
