This proposal has 4 components, each starting from 1 July 2022.

• Component 1 would increase maximum penalties under the Competition and Consumer Act 2010 (the Act) from $10 million to $50 million. Alternatively, for anti-competitive conduct penalties, judges may adopt the European Union’s methodology, which is based on 30 per cent of the annual sales of the product or service relating to the infringement, multiplied by the number of years for which the infringement took place.
• Component 2 would triple the number of penalty units for infringement notice penalties that the Australian Competition and Consumer Commission (ACCC) can issue under the Act.
• Component 3 would change the definition of a small business eligible for protection under the Treasury Legislation Amendment (Small Business and Unfair Contract Terms) Act 2015 to a business entity with a turnover of up to $10 million.
• Component 4 would see unfair contract terms become illegal and incur civil penalties of up to a maximum of $50 million.