PrivacyRules Australian law firm member Macpherson Kelley published an interesting article on the huge increases to maximum penalties for breaches of the Competition and Consumer Act 2010 (Cth) (CCA) including the Australian Consumer Law (ACL) that are now in force.
The penalty increase is significant and from a business perspective, cannot be ignored. Some of the penalties have increased five-fold, as of 10 November 2022.
This increase to the maximum penalties is to deter businesses from not complying with their obligations, to provide hip-pocket financial incentives to businesses to comply, and to ensure that businesses do not mislead or act unconscionably towards their consumers and trading partners.
Read Macpherson Kelley’s article to find about the detailed changes and what businesses need to do.