Australia: Implemented Treasury Laws Amendment (More Competition, Better Prices) Bill 2022 increasing fines for anticompetitive conduct

On 10 November 2022, the provisions outlined in the Treasury Laws Amendment (More Competition, Better Prices) Bill 2022, increasing the fines for anticompetitive conduct, entered into force after receiving the Royal Assent on 9 November 2022. The Bill increases the penalties for breaches of competition law and unfair contract terms and will apply to the News Media and Digital Platforms Mandatory Bargaining Code. In particular, the providers engaging in anticompetitive behaviour will face a fine of AUD 50 million and 1 million per day for contraventions lasting up to and including 21 days, or AUD 71 million and 3 million for each day for contraventions lasting more than 21 days or three times the gain obtained thanks to the contravention or 30% of their turnover.