Treasury Laws Amendment (More Competition, Better Prices) Bill 2022 introduced

The Government has introduced the Treasury Laws Amendment (More Competition, Better Prices) Bill 2022 was introduced into the House of Representatives today.

An exposure draft of the bill was released (briefly) for comment last month. Submissions on the exposure draft (around 20) have not been published.

The bill gives effect to the Government’s election commitment to increase penalties for anti-competitive behaviour. The proposed changes 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.