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New competition, consumer penalties ensure fines aren't cost of doing business, Australian regulator says

( November 1, 2022, 00:53 GMT | Official Statement) -- MLex Summary: Higher competition and consumer law penalties in Australia will deliver a strong deterrence message to companies that will no longer be able to see fines as the cost of doing business, the head of the country's competition and consumer regulator has said. In a statement today, Gina Cass-Gottlieb, the chair of the Australian Competition & Consumer Commission, welcomed new maximum penalties for certain conduct of the greater of A$50 million or three times the value derived from the relevant breach, or, if the value derived from the breach cannot be determined, 30 percent of the company’s turnover during the relevant period.The full statement from the Australian Competition & Consumer Commission follows: ...

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