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.

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