Australia: Adopted Treasury Laws Amendment (More Competition, Better Prices) Bill 2022

On 27 October 2022, the Treasury Laws Amendment (More Competition, Better Prices) Bill 2022, amending the Competition and Consumer Act 2010 and the Securities and Investments Commission Act 2001 (SICA) to address anti-competitive behaviour, was adopted by the Australian Senate. The Bill increases the penalties for breaches of competition law and unfair contract terms and would apply to the News Media and Digital Platforms Mandatory Bargaining Code. In particular, the providers engaging in anti-competitive 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. Furthermore, the Bill makes unfair contract terms unlawful and introduces penalties for unfair contract terms, giving powers to courts to impose civil penalties. The Bill expands the scope of SICA by removing the financial thresholds for assessing relevant contracts and modifying the definition of "small business" to include entities with up to 100 employees. The financial threshold would be increased from AUD 3 million to AUD 5 million.