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Australian maximum competition-law penalties increase five-fold

By Laurel Henning ( November 1, 2022, 01:56 GMT | Insight) -- Increases to Australian antitrust and consumer-law penalties will see maximum penalties for companies increase five-fold to A$50 million, under proposals backed by both Houses of Australia’s parliament last week and welcomed today by the country’s competition and consumer watchdog. The penalty increase has faced criticism from major telecom companies and leading lawyers alike, who have argued that the measures, which are likely to enter into force in 2023, are unnecessary. But the Australian Competition & Consumer Commission says the increase ensures fines are not seen merely as a cost of doing business.Increases to Australian antitrust and consumer-law penalties will see maximum penalties for companies increase five-fold to A$50 million ($32 million), under proposals backed by both Houses of Australia’s parliament last week and welcomed today by the country’s competition and consumer watchdog....

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