Exposure Draft Bill on increasing penalties for anti-competitive conduct

Treasury has released exposure draft legislation (Treasury Laws Amendment (Competition and Consumer Reforms No. 1) Bill 2022: More competition, better prices) which proposes to increase maximum pecuniary penalties for competition law breaches. In particular, the legislation would increase the maximum penalties references as follows:

  • $10m would become $50m

  • 10% of annual turnover would increase to 30% of turnover over the period of the breach

  • for individuals maximum pecuniary penalty would increase from $500k to $2.5million

The submission timeline is tight - just a week - with submissions due by 25 August 2022.


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