Increased pecuniary penalties on the horizon as reform bill passes

The Treasury Laws Amendment (More Competition, Better Prices) Bill 2022 has now passed both Houses of Parliament.

Key changes are to penalties and the unfair terms regime.

The changes in relation to penalties will come into force the day after Royal Assent. It will increase the base maximum for Part IV contraventions to $50m and change the method for calculating maximum based on turnover where applicable. For individuals the maximum penalty will increase from $500,000 to $2.5million.