Treasury Laws Amendment (2021 Measures No. 6) Act 2021 (111 of 2021)

Schedule 2   Industry code penalties under Part IVB of the Competition and Consumer Act 2010

Competition and Consumer Act 2010

1   Subsection 51AE(2)

Repeal the subsection, substitute:

(2) If regulations prescribe an industry code (other than a code that relates to the industry of franchising), the industry code may prescribe a pecuniary penalty not exceeding 600 penalty units for a contravention of a civil penalty provision of the code.

(2A) If regulations prescribe an industry code that relates to the industry of franchising, the industry code may do the following:

(a) prescribe that the pecuniary penalty for a contravention of a civil penalty provision of the code by a body corporate is the greatest of the following:

(i) $10,000,000;

(ii) if the Court can determine the value of the benefit that the body corporate, and any body corporate related to the body corporate, has obtained directly or indirectly and that is reasonably attributable to the contravention - 3 times the value of that benefit;

(iii) if the Court cannot determine the value of that benefit - 10% of the annual turnover of the body corporate during the period of 12 months ending at the end of the month in which the contravention occurred;

(b) prescribe that the pecuniary penalty for a contravention of a civil penalty provision of the code by a person who is not a body corporate is $500,000;

(c) if the code does not prescribe a pecuniary penalty mentioned in paragraph (a) or (b) for a contravention of a civil penalty provision of the code - prescribe a pecuniary penalty not exceeding 600 penalty units for the contravention.

(2B) An expression used paragraph (2A)(a) has the same meaning as in paragraph 76(1A)(b).