A Bill has been introduced into the House of Representatives amending the penalties for anti-competitive practices under the Australian Consumer Law.
Due to take effect from July 2018, the new maximum penalty for a body corporate will be:
- $10 million;
- or if the court can determine the benefit from the offence, act or omission, three times the value of the benefit; or
- if the court cannot determine the benefit, 10% of the annual turnover of the body corporate.
The current maximum penalty for a body corporate under the ACL is $1.1 million
The maximum penalty for a person other than a body corporate will be $500,000. Currently the maximum penalty for a person other than a body corporate is $220,000.
For further information click on this link to the ACCC website.